Miconex, the fintech behind the Downtown Gift Card concept transforming communities across Canada, has released research showing changing expectations of rewards and incentives for Canadian employees.
Miconex research conducted with over 1,000 organizations and employees in August 2023 found that 75% of Canadian employees place work-life balance/wellbeing as their main workplace concern. 81% of employees are worried about rising costs and 92% say that organizations should support their staff with the cost of living.
Interest in supporting local businesses is strong with 96% of people keen to support local for Christmas 2023. Employees believe organizations should be supporting local with their rewards and incentives, with participants calling it a ‘no-brainer’ for organizations whose staff work and live locally which has a positive effect on the community.
77% of Canadian employees believe that workplaces should offer Christmas rewards. 83% of employees would like to receive a gift card from work at Christmas with 76% saying a gift card would boost their motivation, for 1-3 months (52%), 4-6 months (29%) or 10-12 months (19%).
28% of Canadian employees expect their workplace to spend $26 – $50 on their Christmas reward. 56% have considered leaving their current job and 92% are more likely to want to work for an organization that offers a good benefit/reward package.
From an organizational perspective, 97% of organizations said their staff needs have changed post pandemic, and 71% said their main criteria when introducing a reward was that it meets staff needs.
Support for local is also key with organizations. 98% say it is a factor when planning rewards and incentives. 65% say supporting local contributes to their CSR efforts, 54% report that it allows them to take an active role in community success and 40% say support for local aligns with their values.
Downtown Gift Cards are closed-loop physical gift cards branded to specific downtown areas, uniting all types and sizes of local businesses behind one gift card. Alongside consumer sales, Downtown Gift Cards are used by organizations for rewards and incentives, locking spend in locally.
Colin Munro, managing director of Miconex, said: “Employee needs in Canada continue to evolve post pandemic with organizations adapting their rewards and incentives to the changing landscape, including wellbeing, cost of living and support for local. In Canada, there is an increased understanding of the role that organizations play in creating successful downtowns. Downtown Gift Cards offer organizations a means to make a tangible investment in their community whilst catering to diverse employee needs.”
https://mydowntowngiftcards.com
About Miconex
Miconex’s objective is simple: providing communities with a tangible means to retain spend in their local area, providing essential support for local businesses of all types and sizes through its Downtown Gift Cards, Town & City Gift Cards and Mi Rewards initiatives. With Miconex, local and loyal shopping becomes not only easy for customers, but desirable, contributing to the evolution of downtowns and high streets around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231019240974/en/