Given the importance of recruitment and retention in today’s labor market, incentive programs may be more important than ever. Of course, not everyone earns the incentive travel program, so what other carrots appeal to the workforce?
According to the Incentive Research Foundation’s 2022 Trends Report, experiential rewards (such as tickets to sporting events or cooking classes) and merchandise that appeals to employees who spend more time at home are both strong motivators. But whatever the enticement, IRF says companies get the most impact when rewards are built around employee preferences.
St. Paul, Minn.-based loyalty and engagement company Augeo is betting that today’s preferences include the fast-moving world of cryptocurrencies. It has just launched a platform called Heaps that allows reward-program participants to redeem their points for Bitcoin, Ethereum, and other cryptocurrencies.
In addition to buying the crypto, Heaps provides a secure wallet to store digital assets, as well as educational materials helping users to better understand the market and a dashboard to track their portfolio performance.
“Heaps can be incorporated into a corporate sales incentive program in a number of ways,” says David Kristal, Augeo’s founder and CEO. “Crypto can be introduced as a new redemption category in points-based programs. Similar to the way sales reps can redeem points for gift cards, merchandise, or travel, they can now redeem points for a fractional share of leading cryptocurrencies. In addition, organizations can leverage Heaps to enhance special awards for sales promotions, granting the ability to offer prizes in cryptocurrency in place of traditional awards such as gift cards.”
Kristal expects Augeo’s first programs with crypto rewards to go live in September.
Heaps is a standalone platform that can be used by any consumer, but Kristal sees a natural fit for incentives. “We believe that rewards represent a compelling, easy entry for individuals and brands to gain exposure to crypto. As a result, we are focused on delivering a seamless B2B solution that introduces a comprehensive crypto ecosystem to customers, employees, members, and channel partners.”
While Augeo clients will be the first to incorporate Heaps into reward programs, Kristal hopes other organizations will use it. “We view Heaps as an innovation for the loyalty industry as a whole, and we are eager to make this innovative platform available to both Augeo clients and any other organization around the globe that is interested.”
Augeo built Heaps in partnership with Las Vegas-based Prime Trust, a financial services company that provides the bank-level encryption to ensure a secure experience.