Employee rewards statistics show how companies can establish a strong talent pipeline and save millions in hiring and training expenditures by keeping high-potential employees.
General Employee
Rewards Statistics
- One out of ten employees stated that their whole work experience far exceeded their expectations. (Sciemce, 2019)
- 38% of employees stated their work experience was “amazing” or “excellent.” (Businesswire, 2019)
- 54% of workers think their overall total incentives satisfy their or their family’s needs. (Researchgate, 2021)
- Almost 90% of businesses have a formal reward and recognition program in place. (Benefitspro, 2017)
- 37% of companies believe that their compensation schemes take into account several generations in the workforce. (Pwc, 2020)
- 41% of employees believe their companies adequately compensate them for their hard work. (Accessperks, 2020)
- Only 14% of businesses give managers the tools they need for rewards and recognition. (Aberdeen Group, The Power of Employee Recognition, 2013)
- 93% of employees are more inclined to stay with a company that cares about them. (Businessolver, 2021)
- Feeling undervaluation and underappreciation, according to 26% of employees, is the most significant obstacle to engagement. (Achievers, 2020)
- 39% of employees are dissatisfied with their pay, 26% are pleased, and 33% are neutral. (Hrdive, 2019)
- In a survey of 1,500 people, 63% of those who were “always” or “usually” recognized indicated they are “extremely unlikely” to look for work in the next 3–6 months. In comparison, just 11% of individuals who are “never” or “rarely” recognized agree. (SurveyMonkey, 2021)
- Positive feedback is most commonly received in one-on-one meetings with managers (38%), followed by team meetings (25%), yearly evaluations (16%), and public messaging platforms (11%). (SurveyMonkey, 2021)
- Recognition is essential to 82% of employees when it comes to job satisfaction. (SurveyMonkey, 2021)
Types of Employee Recognition & Rewards
- 65% of employees prefer non-cash incentives. (Linked in, 2017)
- More than 65% of those polled strongly believe that travel incentives/rewards are remembered longer than cash payments. (Linked in, 2017)
- 47% of employees want to get a personalized incentive. (Northstarmeetingsgroup, 2018)
- 66% of employees indicated they’d rather have two tickets to a concert of their choosing than three times the value of those tickets paid into their salary over the course of a year; 34% picked the money. (Northstarmeetingsgroup, 2018)
- The reverse was true for modest, non-personalized presents like cake, ice cream, or chocolate; just 35% of employees picked the token gift, while 65% chose to receive ten times its monetary worth in additional compensation. (Northstarmeetingsgroup, 2018)
- Four in ten (43%) employees stated yearly leave is the job-related perk that would make them feel most appreciated at work, followed by public recognition (15%), team drinks (15%), training (10%), professional mentorship (7%), sleeping in once a week (7%), and obtaining a parking space for a month (2%). (Northstarmeetingsgroup, 2018)
- 52% of employees would prefer to celebrate prizes with their families than with coworkers. (Northstarmeetingsgroup, 2018)
- A simple expression of gratitude from someone in charge resulted in individuals being 50% more productive. (Businessolver, 2021)
- 68% believe that public recognition affects their capacity to receive a raise or promotion. (SurveyMonkey, 2021)
- 32% believe that public recognition enhances the way their coworkers engage with them. (SurveyMonkey, 2021)
Preview Employee
Rewards Platforms
Generations & Employee
Rewards Statistics
- An increase in recognition awards would make 79% of Gen Z and Millennial employees more loyal to their companies. (Hrdive, 2019)
- 70% of Gen Z and Millennial employees would stay at their current employment for another year if they were offered prizes totaling only $150 over the course of a year. (Hrdive, 2019)
Work Performance &
Employee Rewards Statistics
- Employees who believe their incentives satisfy their needs are seven times more likely to be engaged at work than workers who don’t. (Glassdoor, 2021)
- 88% of employees believe it’s critical for companies to recognize and reward their staff for outstanding performance. (Prweb, 2017)
- 41% of employees believe their employer effectively recognizes and rewards outstanding performance. (Prweb, 2017)
- The phrase “my job makes a difference” was agreed upon by 90% of employees who work in organizations with successful incentives systems. (Prweb, 2017)
Conclusion
The employee rewards statistics show how employee appreciation as a corporate priority can benefit everyone. Managers and HR teams should plan appropriately to make a positive impact and change in the company.
