Monetary rewards significantly increase employee belonging and engagement
Employees who are recognised with tangible, monetary rewards are significantly more motivated, engaged and likely to advocate for their workplace, Workhuman has said.
The unicorn's 'Workhuman Global Research Study: The Tangible Value of Appreciation' report shows that for employees whose work is recognised with monetary rewards, their feeling of belonging increases by 28% and engagement rises 21%.
Employees who have very positive recognition and reward experiences are twice as likely to feel motivated and 19 times more likely to recommend their company as a great place to work.
More than 2,500 people in the US, UK, Ireland, Canada and Australia were surveyed for the study.
Some 94% of those with a very positive recognition and reward experience say they feel motivated, and employees who are recognised with a tangible reward more than twice per year are 34% more likely to feel they belong in their organisation.
The report also finds that employees who frequently redeem rewards are 34% more likely to feel they belong, and more likely to recognise their colleagues in return.
Furthermore, 70% of employees report using rewards as gifts for colleagues, friends, or family, and 56% use rewards points for items that benefit loved ones’ wellbeing, making them 25% more likely to feel motivated and 16% more likely to feel connected to colleagues.
Positive reward experiences nearly double the likelihood that employees feel connected to coworkers (93% versus 48%).
In terms of what makes a reward points redemption experience enjoyable for respondents, 44% want a simple mobile experience, 40% mention clear guidance and 31% want a shopping experience comparable to a leading e-commerce sites.
“Rewards make appreciation concrete,” said Tom Libretto, president of Workhuman.
“They create stories people remember and a lasting reminder of their contributions. Our new research confirms that when organisations combine recognition done right with rewards that carry real value and real choice, business outcomes will follow.”
Sarah Whitman, SVP of eCommerce at Workhuman, said: "To be effective, a rewards experience must feel consumer‑grade: mobile, rich with choice, and personalised.
“This research shows just how significant it can be when employees are able to turn recognition awards into a high-quality, global reward experience that reflects their values, interests, and culture.”
Monetary recognition boosts employee belonging 28% and engagement 21%, according to new Workhuman research. (Pic: Getty Images)
She added: "In addition to providing gift cards, Workhuman operates a global e-commerce ecosystem chock full of rewards that resonate - including merchandise, experiences, and charitable donations that are personalised through curated shopping collections reflecting employees' values, interests, and culture.
"This personalised approach extends and amplifies the memorable experience of recognition, boosting the power of appreciation.”
(Pic: Getty Images)
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