Understanding Gift Certificates

Gift certificates are popular devices employers award employees, or give to show appreciation for some achievement. Understanding it is easier and more cost-effective to retain a high-performing employee than spend time and money hiring a new one; the smart employer makes corporate gift-giving part of their retention strategy.

The corporate gift certificate is a win-win for everyone. The employer can adapt their gift-giving programs to the segmented employee workforce, according to lifestyle preferences. And employees can feel valued for their unique contributions to the company.

Gift certificates can perform a variety of functions for the employer. It can signify an outstanding performance, hours of overtime, goals exceeded, or highest sales figures. It can be used as a holiday bonus, employee-of-the-month award, and more.

Gift certificates have a time limit of normally a year and a half before they expire. They may only be used at participating merchant stores and cannot be converted into cash, or redeemed for a cash refund. Unused balances on a gift certificate will not extend beyond the original date of expiration.

Although paper gift certificates have long been in use, the e-gift certificate is a newcomer to gift-incentive programs. Its benefit is speedy, one-business day delivery.

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