Do the incentives and rewards that you offer your employees actually motivate them?

Berkeley Payment Solutions reveals in its latest study on Canadian employee recognition programs that there is a real gap between the rewards offered by companies and what employees really expect.

 

Popular with businesses, employee recognition programs could reap more success and acceptance if they aligned themselves more with employees wishes. In its study titled “2014 Canadian Incentive Trends”, Berkeley Payment Solutions noted the differences between what businesses offer in their recognition programs and what employees want. Although most businesses offer this type of program (69%), they are struggling to adapt their offering. When 669 Canadian HR professionals were asked what type of rewards their company gives to their employees, they answered gift cards and cheques first (73%), then merchandise with the company’s brand (53%) and prepaid credit cards (38%). However, when asked what their employees would like, their choice relates to prepaid credit cards (44%), then gift cards and cheques (19%) and travel rewards (17%).

 

Satisfying every generation

 

Whether rewarding the success of a project or the longevity of a career, employees expect their company to offer them a choice and flexibility in the rewards that they may receive. It is a factor to take into account when management is redefining recognition programs. But HR professionals have another problem: keeping several age groups happy at once. 52% of those interviewed are finding it difficult to motivate employees from different generations. 38% of people think that Generation Y is the hardest to satisfy, compared to the baby boomers (25%), seniors (21%) and Generation X (14%).

 

Aligning several factors

 

A balance remains to be found in implementing such programs, since at the time when rewards are selected, HR professionals must align several factors. In the top 3 factors the most important in their eyes are employee satisfaction (63%), costs (55%) and the ease of implementation both in terms of time and resources (44%).

 

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