Annual leave and public recognition top the list of most loved work-related awards
When it comes to reward and recognition there is no perfect formula to please every employee, however according to a survey by Xexec annual leave and public recognition rewards are the work-related benefits most likely to make employees feel loved at work.
The Xexec study surveyed employees on a range of issues relating to employee reward and recognition. Annual leave and public recognition were the most popular work-related awards with 43% of respondents selecting annual leave as the work-related benefit that would make them feel most loved at work, compared with a range of other options which included public recognition (15%), team drinks (15%), training (10%), professional mentoring (7%), having a lie in every week (7%) and getting a parking space for a month (2%). J
Jamie King, Head of Global Reward, Xexec explains “Employee recognition is about motivating and engaging team members by recognising their day to day contributions, so it pays to know what rewards will be popular. Employees want things that are going to make a difference to their personal lives and interests, whether that be extra holiday or tickets to a concert of their choice. Indeed the monetary value of a reward is by no means the key concern for employees.”
It’s all about timing
Employees stated they want to receive rewards spontaneously and for good work (47% and 38% respectively) over traditional calendar events such as birthdays (10%) and Christmas (5%).
When it comes to sharing the rewards, more than half (52%) of employees would prefer to share them with their families rather than their colleagues (39%)
Employees were more likely to value bespoke, personalised awards over money: 66% of those surveyed said that receiving two tickets to a concert of their choice would make them feel loved, compared with 34% who favoured having three times the value of those tickets being paid into their paycheck over the course of a year. The opposite was true for small, non-personalised gifts such as cake, ice cream of chocolate. When asked their preference only 35% of employees favoured the token gift over being given 10 times the monetary value of that gift in additional salary (preferred by 65% of employees)
King adds “At the same time, it’s clear that employers need to go above and beyond things like annual bonuses and birthday treats if they really want to make their employees feel loved and appreciated! Regular and spontaneous recognition has a much greater impact on employee engagement.”