The way we reward employees has evolved significantly in the last decade. Despite a rise in pay across the UK, the average worker in Britain still earns less than they did a decade ago after inflation, according to a recent study.
The issue with pay means employers have had to find more innovative ways to build a strong Employee Value Proposition and set themselves apart as preferred employers. It is also because employee behaviours and expectations have evolved – instead of staying in an organisation for decades, the average length of tenure in the UK is between 2-5 years.
Read more to find out why reward is an important component of modern reward and recognition programmes.