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Reasons Why Experiential Rewards Have a Bigger Impact

Hey there! Let’s talk about rewards, shall we? You know, those little (or big) tokens of appreciation we give our hardworking employees to let them know they’re valued and cherished members of the team. Now, there’s the traditional route – cash bonuses, a bottle of wine, maybe even a pat on the back – and then there’s the exhilarating world of experiential rewards. And trust me when I say, the latter is where the real magic happens.

The Psychology of Experiences: Better than cash?

Picture this: You hand Sarah from Sales a bonus for exceeding her targets. Sure, she might smile and say thanks, but what happens next? That money gets deposited into her bank account, merges into the sea of her finances, probably spent on bills, and poof it’s gone. Now, let’s rewind and imagine you gift her with a thrilling hot air balloon ride over the countryside. The experience is etched into her memory, a story she’ll excitedly recount to friends and family for weeks to come. Why the stark contrast? It’s all about the psychology, my friends.

Studies have shown that experiences have a longer-lasting impact on happiness and well-being compared to material possessions or cash. When we receive an experience, we’re not just getting a fleeting moment of joy – we’re gaining memories, personal growth, and a sense of fulfillment. Plus, experiences are unique, tailored to individual preferences, making them feel more personal and meaningful.

Forging Emotional Connections: The Bucket List Effect

Now, let’s delve into the realm of bucket list experiences. You know, those once-in-a-lifetime adventures that people dream about but rarely get the chance to pursue. Imagine being the catalyst that turns an employee’s dream into reality. Whether it’s soaring through the sky in a tandem skydive or experiencing the beauty of nature during a fabulous dolphin watching tour, these experiences create deep emotional connections.

By fulfilling someone’s bucket list, you’re not just rewarding them – you’re showing them that you see them as individuals with dreams and aspirations beyond the workplace. This fosters loyalty, boosts morale, and creates a bond that transcends the nine-to-five grind.

Beyond Checking the Box: Why Rewards and Recognition Should Be Personal

Let’s face it: nobody likes feeling like a checkbox on a to-do list. Yet, all too often, rewards and recognition schemes fall into this trap of impersonality. A generic ‘company-branded’ gift here, a standard certificate there – it all starts to feel a bit robotic, doesn’t it?

But fear not, for there’s a better way. Experiential rewards bring employee engagement to a whole new level and allow you to break free from the monotony of checkbox culture by injecting a healthy dose of personality into your recognition efforts. Take the time to understand your employees’ interests, passions, and aspirations. Whether it’s a cooking class for the foodie in finance or a luxury spa day for the stressed-out manager, tailor the experience to fit the individual. Trust me, the extra effort won’t go unnoticed.
Customer engagement & Loyalty Programmes –

Standing Out in a Sea of Rewards: How Experiential Rewards Set Your Company Apart

In a world where every company seems to offer some form of rewards scheme, standing out from the crowd can feel like an uphill battle. Experiential rewards have the power to elevate your company from “just another employer” to a coveted destination for top talent. By demonstrating a commitment to employee happiness and well-being beyond the confines of the office, you showcase your company as one that values its people as individuals, not just cogs in the corporate machine.

But the benefits of experiential rewards don’t stop at recruitment – they also fuel employee advocacy in ways traditional reward schemes simply can’t match. Imagine your employees, fresh off their adventures, telling tales to their networks of their amazing experience and how their company went above and beyond to make it happen. Suddenly, your company isn’t just a place to work – it’s a community, a family, a place where dreams come true. And that kind of positive buzz is worth its weight in gold.

“The experience was truly amazing. My instructor, Doug, was friendly, funny, and extremely knowledgeable. Right from the start I could tell that he was very passionate about teaching. He kept me engaged and allowed me to really get a good feel for flying. I highly recommend this experience to anyone who has ever thought about exploring flying. It gives you a great overview and taste to get you hooked!”

Review by Mitch H- Learn to Fly Experience

Tips and Tricks for Rewarding Experiences

Now that we’ve covered the why, let’s dive into the how. Here are a few tips to help you make the most of experiential rewards:

1.Get to Know Your Team: Take the time to understand what makes each employee tick. What are their hobbies? Their interests? Their wildest dreams? Use this knowledge to curate experiences that resonate on a personal level.

2.Mix It Up: Variety is the spice of life, they say. Don’t limit yourself to one type of experience. Mix it up with a range of options – from adrenaline-pumping adventures to relaxing retreats – to cater to diverse tastes. This is where our useful gift cards come in handy, giving your recipients the flexibility to choose their own experience. Take a look at our Virgin Experience Days Gift Card (UK) and also our Virgin Experience Gift eGift Card (USA)

3.Make It Memorable: The devil’s in the details, as they say. Pay attention to the little things that can turn a good experience into a great one. Whether it’s a handwritten note or a surprise upgrade, it’s the small gestures that leave a lasting impression.

4.Collect Feedback: Don’t forget to gather feedback from employees post-experience. What did they love? What could be improved? Use this valuable insight to refine your future reward offerings and ensure maximum impact.

So there you have it, folks – the lowdown on why experiential rewards are the secret sauce to employee happiness and engagement. Ready to take your rewards strategy to new heights? Let’s make some memories together, get in touch with us below to find out how we can help you:

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