‘To be effective, a rewards experience must feel consumer‑grade: mobile, rich with choice, and personalised’
While rewards and recognition are crucial tools in HR’s toolbox, the structure and experience of employee rewards – not just recognition itself – have a direct, measurable impact on engagement, belonging and retention, according to a recent report.
Specifically, when people have a very positive rewards experience, they’re 2x more likely to feel motivated and 19x more likely to recommend their organisation as a great place to work, reports Workhuman.
When rewards carry real monetary value, engagement rises by 21 per cent and belonging by 28 per cent.
Employees are more motivated when they can use rewards for indulgences rather than everyday spending, says the report. Specifically, employees who use rewards for splurges are 25 per cent more likely to feel motivated to perform than those who use rewards for routine purchases.
And the vast majority (95 per cent) of employees who used rewards for “splurge” items they wouldn’t buy otherwise say they’re motivated to perform.
“Tangible value signals fairness and substance,” says the report. “Workers were more likely to say they love their program when they have the opportunity to choose splurges or items they wouldn’t otherwise buy with their own cash. To make rewards as sticky and meaningful as possible, ensure they have some tangible value.”
The study also links reward design to...
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