As consumers begin buying in droves this holiday season, many employers are considering ways in which they can reward their employees during shopping's busiest time of year.
One of the most popular employee rewards that businesses give out during this of year are gift cards. This holiday season alone, shoppers are expected to spend more than $24 billion on gift cards – both plastic and electronic – according to a recent survey by the National Retail Federation.
However, there a few considerations businesses and consumer should make before buying or spending a gift card.
"New federal gift card laws offer limited consumer protections when it comes to expiration dates and hidden fees," writes Daniel Vasquez for the Sun Sentinel. "After that, you're best bet is reading fine print, checking store policies and asking questions. Golden rule: Use it before you lose it."
Last year, roughly $7 billion in gift cards went unclaimed last year – which adds up to a lot of consumer waste.
For employers considering gift card purchases for their employee rewards, make sure that the service offered will go to use and, more importantly, that the workers will appreciate it.
