THE BENEFIT & REWARDS SPREE: DIFFERENT STRATEGIES, ONE DELIVERY
What if there was a product on the market that stretches salaries further, provides household support for your employees through cashback earnings and acts as the mechanism for issuing cash rewards and bonuses?
Well… there is!
It’s called our prepaid Spree card. It’s powered by Visa and allows you and your people to earn up to 15% cashback at participating retailers. Accepted for payments in the UK and abroad, and with an app compatible with iOS and Android, your people can check their balance and top up whenever and wherever they are.
Spree is so versatile that you can use it in many ways, such as:
With over 80 retailers on board, our Spree prepaid card will earn your people cashback on their essential everyday shop and with their favourite luxury brands.
Better still, our Spree card ticks those all-important green credentials when you choose our 100% recycled plastic option.
Versatile & Unique to You
Since Spree is such a flexible solution, it shouldn’t be surprising that you can brand it with your company’s logo. Whether you use it as an employee benefit, as part of your reward strategy, or to incentivise sales and customers, it’s your name people will see when they use it.
Spree is an impactful way to stretch salaries further, which is particularly important during the cost of living crisis, so there’s no better way to say ‘thank you’ and ‘well done.’
The beauty of Spree is that even if you incorporate it into your business for one reason, such as issuing rewards as part of your recognition strategy, you can go on to embed it as an employee benefit further down the line, adding a corporate load each month or on an ad hoc basis.
It's also an option to issue a Spree card to your employees, leaving them to add their own funds and top up as they go. Even if a business doesn’t add any money to the card, the cashback earning potential makes your people’s wages go further, so the financial support is still there.
Household Support Card
7.8 million Brits are struggling to keep up with the rising cost of their household bills.
The cost of living is at an all-time high, and notably, the price of feeding a family of four for a week is estimated to be £129.
When your people choose to shop with a retailer enrolled in our Spree scheme, they’ll accumulate a pot of cashback earnings that they can use towards the next weekly shop or other essential or high-end purchases, alleviating their financial burden.
With over 80 retailers to earn cashback with, there’s something for everyone. Your employees can spend their Spree balance (whether made up of cash top-ups or cashback earnings) wherever Visa prepaid is accepted, online and in-store.
Recognition Prepaid Card
There is no one-fits-all approach, and the best strategies start by finding out what means the most to your people – after all, we can never underestimate the importance of social connection and experiences.
As a recognition prepaid card, you can use Spree as a reward mechanism only without utilising the cashback option. However, in the current climate, many employees need assistance making their monthly wage stretch further. Businesses need to get creative, using their reward and recognition strategy to boost employees’ financial wellbeing by making cash bonuses work even harder.
Say an employee receives a £100 bonus added to their recognition prepaid card (Spree). If they spend that £100 with a retailer offering 15% cashback, that £100 becomes worth £115.
Take the scenario above, and apply the same cashback earning potential of 15%, but with a bonus and spend of £500. That £500 is actually worth £575!
This is the difference cashback earnings can make.
Even if the spend amounts and cashback earning potential are less, when your employees embed their Spree card into their daily lives, the cashback will accumulate.
Incentive Prepaid Card
Rewards are ultimately used to incentivise your employees, but businesses aren’t just limited to offering Spree to their workforce. As such, we’ll step away from the world of employee experience for a moment.
According to Forbes, a 5% rise in customer retention can lead to a 75% increase in company profitability.
British consumers are cutting back on essential items and ensuring they get the best value for money by shopping around.
Membership organisations need to retain their members, especially those that could fall into the non-essential category. Their offering needs to be cutback-proof. People need to see the added value they’ll get by continuing to pay for their membership, which you can achieve through incentivisation.
Last year, when fuel prices peaked, we embarked on an incentivisation journey with an automotive client. Recognising that drivers were struggling to keep their cars on the road, our client embedded Spree into their sales offering as an incentive prepaid card and added a monthly amount to each card issued.
The participation rate was a massive 96%.
Once again, when you personalise and add your brand to your Spree card, your name and generosity are at the forefront of your customer's minds.
A Hassle-Spree Solution
As we’ve discovered, our Spree card wears many hats, which may seem a little complicated. However, it’s the flexibility and simplicity of our market-leading prepaid card that makes it so adaptable.
With Sodexo Engage, you receive dedicated account management from start to finish, whether you’re embedding Spree as an employee benefit or to reward and incentivise employee or consumer behaviour.
The cost of doing business is also high. Whether you need to motivate employees or retain members and customers, the incentivisation tool must be cost-effective and sustainable in the long term. The key is to give and get more for less by embedding an offering that will lead to high engagement and participation.
To learn more about Sodexo Engage, Spree, and how your business and your people can benefit, contact our employee and consumer engagement experts today.