When it comes to appreciating and rewarding employees, cash has long been the go-to option. But is cash really the king it’s made out to be? At Virgin Incentives, we believe there’s something far more impactful that can motivate, engage, and truly delight your team: experiential rewards for employees.
Let’s dive into why experiences are the way to go, why cash might not be as effective as you think, and how to incorporate unforgettable experiences into your employee reward program.
What Are Experiential Rewards?
Experiential rewards are just what they sound like – rewarding employees with memorable experiences rather than material gifts or cash bonuses. These can range from thrilling adventures like supercar drives and helicopter flights to more relaxing escapes like spa retreats and hotel getaways. Whether it’s enjoying a gourmet meal, taking a hot air balloon ride, or even going on a wildlife encounter, experiential rewards offer something unique and exciting for everyone.
Why Experience Rewards Make Great Employee Rewards
In today’s generation, people are craving experiences over items! Your employees want meaningful and regular rewards that align with their values and interests, not just cash or company branded merch.
Creating Lasting Memories
Cash can easily blend into the background of daily expenses, but experiences create lasting memories. When you reward your employees with an experience, you’re giving them something they’ll remember for years to come. Imagine the excitement of receiving a voucher for a wine-tasting tour or a private flying lesson. It’s not just a reward, it’s a story they’ll tell their friends and family about, and it builds a positive association with your company.
Strengthening Employee Engagement
Experiences can give your employee engagement efforts a huge boost which your business can benefit from. Employees who feel valued are more likely to stay engaged, and rewarding experiences can help you achieve that. When employees are given a chance to do something out of the ordinary, it shows that their hard work is appreciated in a meaningful way. This kind of recognition can boost morale, increase job satisfaction, and even enhance productivity.
Tailoring Rewards to Individual Preferences
One of the greatest things about experiential rewards is their versatility. No two employees are the same, so why should their rewards be? With experiences, you can cater to a wide range of interests and preferences. One of your employees could be an adrenaline junkie so a heart-pumping bungee jump would be perfect for them, whereas someone else could be more of a creative mind so a pottery making lesson or cooking class might be more their thing.
Why Cash is Not King
Now, let’s talk about why cash might not be the best option for rewarding your employees.
Cash is Easily Forgotten
While a cash bonus might seem generous at the moment, it often gets absorbed into everyday expenses—paying bills, buying groceries, or filling up the car. Before you know it, that reward is forgotten, and its impact is diminished. In contrast, experiences stand out because they’re distinct from the usual routine, offering something special and memorable. Rewarding an experience means your employees can get out there to enjoy the good things in life that maybe they’ve been reluctant to spend money on, but now they can tick something off their bucket list and have their employer to thank for it.
Lack of Emotional Impact
Cash doesn’t carry the same emotional weight as an experience. Experiences evoke feelings of joy, excitement, and adventure, while cash is more transactional. By rewarding employees with experiences, you’re not just giving them something – they’re gaining something that enriches their lives, making them feel genuinely valued. Plus we offer so many experiences for two or more people which means they can share these memories with the people that mean the most to them.
Millennials and Experiences: A Perfect Match
It’s no secret that millennials, who now make up a significant portion of the workforce, prefer experiences over material goods. In fact, a recent study found that 78% of Gen Y respondents would rather spend money on an experience than a material thing. They value opportunities to explore, learn, and make memories. By offering experience rewards for employees, you’re tapping into what really motivates this generation. It’s not just about receiving a reward; it’s about enjoying life, trying new things, and creating stories they can share. This trend is not just exclusive to Millennials however. Experiential travel and events have become more and more popular among American consumers overall, with a 70% increase in spending on them since 1987.
Tips for Implementing Experiential Rewards in Your Business
Now that you know the benefits of experiential rewards for employees, here are some tips on how to incorporate them into your employee recognition program:
1. Offer a Variety of Experiences
Diversity is key. Make sure to offer a broad range of experiences to cater to different tastes. Whether it’s a private golf lesson, a high-energy escape room challenge, or a scenic river cruise, having options ensures that every employee can choose something they’ll love. Or you can take advantage of our gift cards which allows your people to choose their own experience online from our full range.
2. Make it Personal
If you know your employees well, tailor the experience to their preferences. A carefully selected experience shows that you’ve put thought into the reward, making it even more meaningful.
3. Communicate the Value
When rewarding experiences, highlight the benefits. Make it clear that this is an opportunity to enjoy something special – something beyond the ordinary. Encourage employees to share their stories afterward to build excitement and a sense of community.
4. Incorporate Experiences into Milestone Celebrations
Milestones like work anniversaries, project completions, or even personal achievements are perfect opportunities to reward people with experiences. This not only marks the occasion but also makes the moment memorable.
5. Make It Part of Your Company Culture
Experiential rewards for employees can become a central part of your company culture. Regularly offering these types of rewards reinforces a culture of appreciation, where employees know their contributions are acknowledged in a meaningful and enjoyable way.
In Conclusion
When it comes to rewarding your employees, cash isn’t always the best option. Experiential rewards for employees offer something far more valuable – memories, excitement, and a true sense of appreciation. By incorporating experiences & activities into your employee recognition program, you’re not just giving them something to enjoy, you’re giving them memories they’ll never forget.
So, the next time you’re thinking about how to reward your hard working team, consider the lasting impact of experiences over cash. To find out more about our experiences, simply get in touch with us below:
