Senior Business Development Representative, One4all Rewards
Demonstrating your appreciation through rewards and recognition plays a pivotal role in maintaining employees’ job satisfaction, motivation and productivity in the ever-changing landscape of business ownership.
As we approach the year-end and embrace the winter season, taking time to enhance your employee engagement strategy is important. Your team has consistently gone the extra mile throughout the year.
You can now gift an employee up to €1,000 tax-free
Nicola Roche, Senior Business Development Representative at One4all Rewards, explains: “A significant development for business owners came into effect at the end of last year through benefit-in-kind (BIK), which might just be the answer to bolstering employee morale and loyalty.”
This change allows businesses to reward their employees with up to €1,000 per annum in gift cards, exempt from tax, PRSI and USC charges. This potentially saves up to €1,313.54* per employee. The maximum reward of €1,000 can be split across two payments in one financial year.
Fundamental sense of belonging
Investing in your employees not only acknowledges their dedication but also fosters a sense of belonging within your organisation. It enhances employee loyalty, which, in turn, can have a positive impact on retention rates. Ultimately, this saves money and effort in recruitment and training.
Roche adds: “Appreciating and acknowledging your staff isn’t just a nice gesture; it’s fundamental. In the dynamic world of business, nurturing a motivated and engaged workforce is key. Take a moment to celebrate your employees, as they are the heart of your accomplishments.”
Customisable gift card option
The popular One4all Gift Card is a perfect reward and can be loaded from €15 to €15. Its digital counterpart can be tailored with a personalised video message from you on behalf of your business or customised with a photo of your company logo — easily sent by text or email.
For higher-value loads over €150, the One4all Chip & PIN Gift Card option is available in physical or digital reloadable format. EU Directives to protect Irish consumers mean anonymous gift cards with a load value of over €150 currently require a simple photo verification process to help protect Irish consumers against online fraud. Employees who received a Chip & PIN Gift Card last year benefit from previous photo verification; meaning, the ID process is still valid for up to four years from initial verification.
Benefits of the BIK limit increase
The recent increase in the BIK limit is a game-changer for business owners seeking to boost employee morale while reducing costs. As we approach year-end, seize this opportunity to show your employees that their hard work has not gone unnoticed, and watch as your workforce continues to go above and beyond to achieve your business objectives. It’s an investment that pays dividends in the form of a happier, more engaged and motivated team.
*Figure of €1,313.54 is based on giving €1,000 net to an employee on the 40% tax band paying full PRSI and USC. The maximum reward of €1,000 can be split across two payments in one financial year.