More than half of workers say that a company that rewards their workforce with a gift card or cash bonus at regular intervals is a more desirable place to work and that they are more likely to apply for a job at such a company.
This was discovered by One4all Rewards, a workplace and incentives provider, report, The Magic World for Business Growth Report, which found that 61 per cent of employees would be more likely to apply for a job and wish to work at a company who gift staff an annual cash bonus or gift card.
A majority of 56 per cent feel non-cash rewards such as treats, gift cards would entice them to work at such a company. As well as 65 per cent saying they would work harder if they received such benefits as extra money or gift cards.
It was also found that business leaders who thank their employees witness a reduced staff turnover, improved staff relations and more successful talent acquisition.
What was found to demotivate staff was when an employer does not thank them for their work or show gratitude for doing a good job.
Just under half (48 per cent) said if they were to receive no thanks from their employer it would want to make them leave the company.
Michael Dawson, CEO of One4all Rewards, said:
Recruitment issues are something that affect all UK businesses regardless of size, industry, or stage of business they may be. A simple thank you from business leaders can create a butterfly effect retaining existing staff, attracting new talent and motivating employees to be more productive. High staff turnovers can be costly when considering the recruitment fees and training costs and reducing these costs can ultimately result in business growth and success.
It’s important that business leaders understand the accumulating effect two simple, yet effective words can have on their overall business success. Not only do employers need to make sure they express thanks to their staff for a job well done but the timing and delivery of that gratitude is also key.
In order to collate this research, One4all Reward asked 1,253 UK workers how they felt regarding rewards.