Does your company offer rewards? If you do, will they lead to glowing reviews on employee engagement surveys? More so than pay raises?
It’s an interesting question. What’s the best way to help employees feel engaged? Money or perks?
In August 2013, over 1000 employed Americans (ranging in age from Boomers, Generation X and Generation Y) were surveyed on their perceptions of job rewards and recognition, performance reviews, and career satisfaction.
The results may surprise you:
- One in two (47%) of respondents rank job rewards first, above job recognition (42%) and job motivation (11%)
- Sixty-four per cent of respondents would like to see their company offer non-monetary rewards, especially Generation Y (70%)
- Sixty per cent of companies are currently offering non-monetary rewards to their employees
Free personal days off, free food/meals and event tickets (shows, sporting events, concerts etc.) are the most popular non-monetary rewards.
"A robust rewards program is an important engagement tool for employers," said Dave MacKay, president of Ceridian HCM.
"If employees feel that their pay is fair, then additional rewards such as time off in lieu, providing state-of-the art technology or free meals can help solidify an organization's reputation as a great place to work.”
This may, or may not, be the answer to engaging your employees. The best way to discover what motivates/ connects your employees is an employee engagement survey. This helps you see how engaged your employees feel right now, which can help you learn how you can improve.
If you have any questions on what an employee engagement survey can do for your organization, please don’t hesitate to contact us any time.
