One issue we have seen as of late is the difficulty businesses are having when it comes to attracting new hires. We are finally starting to see the sun behind the clouds as restrictions are being lifted with Covid-19. While we are all itching to go back to normal, it won’t be an easy transition for everyone. Covid-19 hit small businesses especially hard this past year.
According to the Proceedings of the National Academy of Sciences of the United States of America, 43% of businesses have temporarily closed, and nearly all of these closures were due to COVID-19. On average, businesses reported that their overall employment was reduced by 39%.
Why Are Businesses struggling to Hire?
While there are several components as to why small businesses have been struggling, all of them have equally played a part in why businesses are having trouble finding new employees. Some people have to stay home and watch their kids and help with school due to virtual learning.
Not to mention, other people may have moved to a new area or found a different way to make money with side hustles. Businesses such as Uber Eats and Instacart have thrived due to the fact that employees can choose their own hours and decide what they are and are not comfortable with.
There has also been an extra, weekly monetary unemployment benefit given to those not currently working full-time, which may hold people back from going back to work.
What is GiftBit and How Can It Help?
Giftbit is a free-to-use reward platform that offers a suite of solutions to make it easy to send digital gift cards; all while providing savings on unclaimed gift offers and insights on program growth. Giftbit is growing quickly and continues to lead the charge to modernize the rewards industry with more than 1,500,000 gift cards given as rewards.
So, how can GiftBit help with attracting new hires as long-term employees?
Introducing an incentive during an interview can be a great way to begin the process. By presenting an opportunity to receive rewards right off the bat, you are more likely to get individuals applying for positions and staying as employees longer.
Companies also offer incentives to employers who stay with them after an extended amount of time. Think about offering a gift card to employees after their first 60 days, 90 days, 6 months, etc. By using GiftBit, you can let your employees pick the particular gift card brand reward they would like to receive. Allowing employees to choose may seem like a small detail, but people will be sure to appreciate it. With this in mind, let’s talk about the most popular options for gift card rewards.
5 Most Popular Gift Cards For Rewards
According to a recent USA Today article, these are some of the most popular gift cards amongst people in America.
- Amazon Gift Card: This option is probably the most popular with all age groups. Having an Amazon card, there are no limits to what you can buy!
- Target Gift Card: Similar to the Amazon card, Target offers so many products that are useful to everyone. Whether you need groceries or a new throw pillow, Target has you covered.
- Starbucks Gift Card: Let's be honest, most of us crave coffee or a refresher in the morning while we drive to work. Thank your employees by treating them to Starbucks!
- GrubHub Gift Card: It can be hard coming home from work and then going straight to the kitchen to make dinner. Give your employees an opportunity to sit back and relax while their food comes to them. Uber Eats is also a GREAT option if you are looking for a meal delivery reward for employees.
- Sephora Gift Card: Who doesn’t like splurging a little money on makeup? Sephora is one of the first stores to see the new makeup pallets, so treat your makeup lovers!
How Much Should I give?
Well, that’s honestly up to you! GiftBit has an option for each card and what it can hold. In general, cards can hold anywhere from $5 to $500. As time progresses, you can always offer your employees a bigger benefit the longer they stay.
While the interview process may only offer a $10 gift card, an employee who has stayed for 90 days could get a $50 gift card.
What Else Can GiftBit Do?
Buy and send your employers gift cards in bulk. This is a great idea for the holidays to show your appreciation to the team. Save time and simplify your reward process by sending thousands of digital gift cards with a few clicks.
Instead of manually sending gift cards out each time, utilize Giftbit’s gift card API that triggers your backend code to automatically email employees their gift cards. This works if you are already using platforms that can integrate with Giftbit.
Reporting and Tracking
Get stats on everything you need to monitor the success of your reward program including insights on delivery and user behavior.