Why experiential rewards are more valuable than tangible rewards for employees
Say goodbye to thoughtless gifts and say hello to a whole new way of rewarding your employees. It’s no argument that experiential rewards are the way forward when it comes to employee benefits, long service awards and employee loyalty – here, we’ll uncover why.
In a world full of consumerism, it’s more important than ever to think outside the box and reward your employees with something that’s both meaningful and valuable. That’s where we come in.
So, what is a gift experience and why are they so special? An experiential gift is unlike a material gift, it offers your recipient the chance to try something new and create lasting memories. What’s life without memories to make and share? There’s nothing quite as rewarding than a gift you can live.
Whether they’ve always wanted to do a skydive, drive their dream car or fly a plane, with over 5,000 experiences we offer something for everyone and that’s the beauty behind it. For those who don’t live life on the edge of their seat, we also provide more low-key experiences that aren’t so adrenaline-inducing. From spa days and short breaks to glitzy nights out in London and more, discover why we’re the best in the business.
Why should you gift experiences to your staff?
Monetary rewards are quickly becoming a thing of the past. Your employees don’t want to have a couple of extra digits added to their payslip anymore. They want something out of the ordinary. Something that adds a little sparkle into everyday – the chance to ‘live a little’. Bonuses just get swallowed up into household bills, food and other mundane necessities. Think about it, will your employees remember the time they were given £100 to celebrate their two-year anniversary? Or will they remember fulfilling their wildest dreams with a once-in-a-lifetime experience?
Experience gifts are meaningful
Experiences do something that shopping vouchers, bonuses and material gifts can’t. They evoke a strong sense of excitement and emotion. In a study conducted by Shaffer and Arks, most employees would choose non-cash rewards over cash. They called this the ‘hedonic’ choice – “a pleasurable thing or experience you may want but don’t need1 .” Going that extra mile to reward your employees with something that has genuine thought behind it is more likely to have a lasting effect. Not only are experiences a unique way to reward your staff but they are also meaningful. This is supported in a study by Scott Jeffrey, who found that tangible non-cash rewards “create lasting memories and positive associations with the organization that provided the reward2 .” Experience days are something that your employees may not have thought to do or something they have not been able to afford themselves3 – that’s what makes them an extraordinary employee reward.
Experiences create a social buzz
Not only do experiences get people out and about, they also create a massive social buzz that’s beneficial for your employees and your company. Let’s face it, we’re in an age of social media where people are constantly sharing snaps and videos of what they get up to, whether that’s on Facebook, Instagram, Snapchat or even LinkedIn. ITA Group points out, that compared to cash rewards, experiential rewards are things that people will be more naturally inclined to publicise. It would be much less socially acceptable for someone to post a picture showing off their bonus4 . When your employees share their experiences with friends, family and colleagues, it reflects positively on your company and your workforce values. So, if you’re looking to create a strong workforce culture and stand out from your competitors, experiential rewards are the way forward.
Millennials love experiences, so you know it’s time to jump on board
If you want to be down with the kids, you’ve got to move with the times. A study by Sodexo revealed that 84 per cent of millennials would rather receive experience vouchers as employee rewards5 . It’s important that when you choose a rewards and incentive scheme in the workplace that you meet your employee demands for these to be effective. There’s no time like the present to inject something new into your rewards and employee recognition programme, transform your HR processes, stand out from your competitors and inspire your employees.
1 - Incentive Research Foundation, 2018
2 - Incentive Research Foundation, 2018
3 - Sodexo, 2018
4 - ITA Group,
5 - Sodexo, 2018