With all of the recent focus on income equality, a recent survey found that four of every five employees would prefer a 3 percent salary raise without a promotion than to get a promotion or increase in title without a raise.
Additionally, according to a study conducted on April 20 by the online HR services company BambooHR of workers both in the U.S. and the UK, 2 out of 3 workers said they would rather get a $500 bonus than be recognized for their accomplishments in a companywide e-mail from company executive.
More than 1,000 U.S.-based employees took part in the survey by BambooHR. While Amberly Asay, publicist for BambooHR said that money is still the main motivator for most workers, that isn’t always the motivator for workers. “While money is still the No. 1 choice for many, it is not always the right reward for every type of employee,” Asay said.
“What the study is encouraging employers to do is to recognize and appreciate employees for their contributions, but consider the options and learn what types of rewards or recognition work the best,” Asay said.
In the U.K., according to another recent poll of 1,000 job candidates, money was the most important thing to 78 percent of respondents, while location was in second place and benefits came in at third place.
Not all employees are the same and not all employers are alike in terms of what they can offer to employees in terms of tangible and intangible rewards. It’s important to have flexibility and take all factors into consideration when it comes to compensating employees in terms of salary and benefits.
At NetPEO, we are a network of companies that can help you find the right fit for your employees and the benefits that your organization offers according to your needs. We feature HR outsourcing, employee benefit management and employee leasing services. Contact us today to learn how we can help with guaranteed results.