Employee Merchandising: An Innovative Approach to Rewards and Recognition
Emily Blunt
11 Mar, 2020 ยท 3 min read
11 Mar, 2020 ยท 3 min read
In today's competitive business landscape, retaining top talent has become more challenging than ever. Companies need to keep their employees motivated, engaged, and happy to boost productivity and drive business success. In this regard, rewards and recognition programs have long been considered a powerful tool to achieve these objectives. But simply providing cash or gift cards as incentives doesn't cut it anymore. In fact, research shows that 70% of employees would prefer non-cash incentives, such as merchandise, over cash rewards. This is where employee merchandising comes into the picture.
As the world of business evolves, companies are constantly seeking new and innovative ways to motivate and engage their employees. Often, this means thinking outside the box when it comes to rewards and recognition. One approach that has gained popularity among organizations is employee merchandising. This refers to the practice of offering branded products and merchandise as rewards and incentives for employees, as opposed to more traditional rewards such as cash bonuses or gift cards.
Employee merchandising can offer a number of benefits to both employers and employees:
By offering branded products and merchandise as rewards, companies can increase brand awareness among employees and foster a sense of loyalty to the organization. Employees who feel a sense of ownership and pride in the company they work for are often more motivated and engaged in their work.
With employee merchandising, companies can offer a wide range of products that can be customized to fit individual preferences and tastes. This can help to make rewards more meaningful to employees, as well as foster a sense of individuality and personalization.
Unlike cash bonuses or gift cards, which may be quickly spent and forgotten, branded merchandise can provide a tangible and long-lasting reminder of an employee's achievements and contributions. This can help to reinforce the value of their work and foster a sense of pride and accomplishment.
Employee merchandising can also be a cost-effective way to reward and recognize employees. While cash bonuses and gift cards are often expensive, branded merchandise can often be purchased at a lower cost per unit, while still providing a meaningful reward to employees.
Employee merchandising involves offering branded products, also known as swag, as rewards and recognition to employees for their hard work and dedication. Swag items can range from t-shirts, hats, and bags to high-quality tech gadgets and personalized gifts. These branded products not only serve as a tangible reminder of their accomplishments and contributions but also help to create a sense of loyalty and belonging among employees.
The primary objective of any rewards and recognition program is to motivate employees to perform at their best and improve productivity. However, traditional reward programs often fail to achieve these objectives because they lack personalization and excitement. Cash rewards, although always appreciated, can quickly lose their novelty and fade into obscurity.
According to research conducted by Globoforce's WorkHuman Research Institute, only 41% of employees felt appreciated and recognized at work. This highlights the need for more creative and innovative approaches to employee recognition. Employee merchandising has become an increasingly popular way to provide employees with a unique and personalized rewards and recognition experience. Here's why it works:
By offering branded products, companies can create a sense of unity, pride and belonging amongst their employees. Employees who identify with the company's branding and culture are more likely to feel motivated, engaged, and loyal to the company.
With employee merchandising, employees can choose rewards that reflect their personal preferences and style. It allows them to feel valued and appreciated, encouraging them to go above and beyond in their duties.
Branded products have a higher perceived value than cash rewards. Employees may not remember how they spent their monetary rewards, but they will remember the personalized swag that commemorates their contributions to the company.
Branding is a critical component of merchandising and employee recognition. When your employees wear or use branded products, they become walking billboards, and brand awareness increases tenfold. In addition, word of mouth can create positive brand recognition in the market, and the company will experience a boost in their bottom line.
With merchandise recognition, organizations can control the quality of their brand by ensuring that all products are up to their standard. They can ensure that quality products are given to the employees, and any designs or promotional materials align with your brand values, ensuring that all stakeholders receive a high-quality product.
Merchandise rewards provide a unique and personalized experience that employees remember for a long time. It helps create a positive culture and enhances motivation and satisfaction among employees.
To effectively implement an employee merchandising program, companies should consider the following:
To ensure that rewards are meaningful to employees, it's important to offer a wide range of products that can be customized to fit individual preferences. This can include everything from clothing and accessories to tech gadgets and home goods.
To avoid confusion or misunderstandings, it's important to provide clear guidelines and expectations around the use of branded products and merchandise. This can include guidelines around how products can be used, when they can be redeemed, and what criteria must be met to receive rewards.
To ensure that the program is successful and worth the investment, it's important to regularly monitor and evaluate its effectiveness. This can include using metrics like employee engagement, retention rates, and productivity levels to track the impact of the program over time.
Overall, employee merchandising can be a valuable tool for companies looking to motivate and engage their employees in new and innovative ways. By offering branded products and merchandise as rewards and incentives, companies can foster a sense of ownership and pride among employees, while also providing tangible and long-lasting rewards that reinforce the value of their work.
Employee merchandising provides an innovative and unique approach to employee recognition that has proven effective in boosting motivation, engagement, and loyalty among employees. It helps create a positive corporate culture that drives business success. Moreover, with the right designs and branding, you can enhance visibility for your brand and enhance recognition in the market.
By using employee merchandising as a part of your rewards and recognition program, you can transform your employees into brand ambassadors and motivate them to achieve their best. So, if you're looking for an effective way to retain top talent and boost your business success, employee merchandising might be just what you need.
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