More evidence that prepaid cards are a cost-effective way to reward employees. A survey from Scotiabank and Berkeley Payment Solutions found that it's harder than ever to design an incentive plan that will appeal to most workers. And, in our new era of thrift, ostentatious displays of wealth are taboo; 75 percent of survey respondents changed their incentive plan because they didn't want to appear too extravagant.
"Our analysis shows that it is now more difficult than ever to anticipate the type of incentives that will successfully motivate individuals," explains David Eason, President of Berkeley Payment Solutions. "Further, as economic conditions worsen, spending migrates towards day-to-day necessities such as groceries or clothes instead of non-essential items such as luxury vacations or big screen televisions. What's more, of the millions of dollars analyzed, no single merchant category accounted for more than 8% of the total incentive spend -- underscoring the fact that it is impossible to anticipate each individual's choice of rewards."
