In recent years, businesses have spent more on employee reward and recognition programs to attract top talent and retain good employees. However, a recent Maritz Motivation Solutions study shows more than half of employees do not feel meaningfully rewarded and recognized by those programs. In fact, only 45.3% of employees feel rewarded and recognized in meaningful ways.
To identify opportunities for creating better employee programs, the study focused on distinguishing the specific drives and values of employees relating to reward and recognition programs. Four distinct employee value segments emerged – Altruists, Drivers, Pioneers and Stabilizers.
The national study indicated a relationship between how effectively employees felt rewarded and recognized, and several factors that can be improved with good program design. These factors include leadership support, reward and recognition efforts of direct managers, appropriate reward options and communications, support of personal goals, alignment with company strategy, reinforcement of consumer-focused actions, and alignment with corporate culture and values.
“Businesses tend to create employee programs in a vacuum, adopting a one-size-fits all approach,” said Michelle Pokorny, solution vice president of employee engagement and recognition for Maritz Motivation Solutions.
“To engage employees in a manner that is meaningful and motivating, businesses need to understand what drives and motivates individuals, and then design a program to fit those needs. In all cases, we have to consider that employees are people first.” The study also indicated a relationship between feeling meaningfully recognized and levels of engagement. For example, of employees who stated they were not meaningfully recognized: “With these specific employee values segments, companies can better understand the uniqueness of employees, as well as their different needs in employee programs,” added Jennifer Kallery, division vice president for Insight Services at Maritz Motivation Solutions. “This understanding will help companies design more effective and efficient reward and recognition programs, leading to happier, more engaged employees.”
For more information on the Employee Values study, please check out their really cool infographic below or visit www.maritz/Employee-Values-Study.
For more information on the Employee Values study, please visit www.maritz.