A virtual card is more than just a payment method to pay your vendors. It can also help you invest in your company’s greatest asset, your employees. Assigning virtual corporate cards to employees shows that you care about them and are ready to go the extra mile to provide what they need.
Evidently, higher employee satisfaction leads to a better retention rate. Employees appreciate it when their company trusts them and prioritizes their comfort, even if they are working from home. And, satisfied employees work productively and attract a lot of business.
A virtual card benefits you in multiple ways. Implement the following strategies using virtual cards and reap the benefits of employee satisfaction.
Show your token of appreciation with a little gift or treat along with your company broadcast email. Let’s say you have the best performer in a department. Pamper them with a gift card that you can share through a virtual corporate card. Virtual cards have a one-time payment facility too. So, that makes it easier for the accounting team to process.
To take the financial stress off it, utilize the virtual card program and use them to make reservations, pay for food, recreational activities you engage in, etc. Virtual cards can pre-plan and do all the financial transactions through it. A good environment, food, music, and a lively group are all it takes to get a bunch of remote workforces to mingle.
Today’s workforce spends more time and money on upskilling themselves to become better at their jobs. Financial support from employers can keep your employees motivated and pumped up as they can brush up and update their skills. Virtual cards are the best way to go about this, as you can create this individually for whoever wants it. Since this is an unconventional expense, doing it through a virtual card will lend a hand in labeling and recording it.
From the top management staff to the bottom level clerk, everyone in your company deserves to have a home office. Helping employees get cozy furniture proves that you take charge of them to work comfortably. You can assign every employee a virtual credit card with a ‘furniture’ tag on it along with their name and allocate the budget. Give them the freedom to choose their furniture while you can remain stress-free.
Productivity increase is one of the noticeable benefits of employee appreciation. We all crave positive feedback and appreciative words, be it workplace or anywhere else. It impulsively drives us to deliver more. Employee appreciation is the key to making your workers hustle better. The outcome favors both their progress and your company’s overall success. And you can achieve that by taking notice of even their tiniest effort and giving them a pat.
A harmonious team can achieve more remarkable results than a highly energetic solo performer. In the end, your company’s success depends on the outcome of each unit and not on individuals. It's tough to get a team working together when they all are at different places. When your employees are well appreciated and motivated, they look after each other and pass the drive and energy around. That’s enough to make good progress and lift overall productivity.
A substantial amount of money goes down the drain for hiring and onboarding activities. The new employee has to be trained and given knowledge transfer too. So when an employee quits, it put stress over the hiring team and impact the business continuity. That’s why companies hammer away to keep their employee retention rate up. A higher employee retention rate is a sign that your employees are satisfied, and working along well.
Keep your employee satisfaction level always up. Volopay realizes the importance of employee appreciation and satisfaction and offers you the ability to issue an n-number of cards based on your needs. If you decide to enhance the employee appreciation rate, one big challenge is to keep track of categories and budgets, especially if you are a big company.
You have an open view of every card issued and owned, and you can categorize and label them to differentiate. The admin has the right to set how many times one can use a card. So, one-time payments with the right budgets fit your employee satisfaction improvement strategies perfectly.
Set approvals, if more credit has to be added to any card. If you are flexible with the budget assigned, you can grant this benefit to your employees to get more credits. There is a mobile application too. Setting budgets, requesting credits and approvals are a breeze now.
These virtual cards are like normal credit cards, which will have a card number, CVV, and expiration date. They can use it while online shopping and get their home office setup. Once the budget is set, and credit is added, employees can use it directly without any approval unless they need more credits.