More than a third (36%) of respondents do not have access to a reward and recognition scheme, according to research by employee benefits provider Xexec.
Its survey of 1,000 employees working at UK organisations with more than 500 staff also found that 55% of those in the education sector are able to utilise a reward and recognition scheme. Geographically, 43% of Welsh respondents can access a reward and recognition scheme, compared to 69% of UK employees living in the north.
Of those that do participate in a reward and recognition programme, 32% state that they receive vouchers as a reward, while 24% get a small cash reward and 22% attend meals with colleagues. One in 10 (10%) can take advantage of training as a reward and 8% are able to share experiences with family and friends.
Jamie King (pictured), head of global reward at Xexec, said: “Engaging and motivating staff should be a priority for any business, but particularly so for larger employers for whom employee retention is a major concern.
“What’s clear from these results is that big businesses need to do more to make their employees feel valued and recognised. [While] there’s a lot of interest in topics such as employee recognition and wellbeing, over a third of employers are falling short in this respect.”
Just under half (46%) feel that little interest is taken in their physical and mental wellbeing; 59% of UK staff who have worked at their organisation for a year believe their employer takes an interest in this, but this drops to 39% for those who have been with the same employer for 10 or more years.
The top factors that instil loyalty in employees are financial bonuses (58%), work-life balance opportunities (39%) and being recognised and valued in the workplace (38%). Other popular retention tools are flexible working, employee benefits and a career path, all valued by around 20% of respondents.
Jobseekers, on the other hand, view salary (74%), work-life balance (44%) and location (42%) as their most important considerations.
King added: “[While] annual bonuses and financial rewards are, unsurprisingly, very popular amongst employees, what’s clear is that employers need to go above and beyond these to really instil loyalty and genuine engagement amongst their staff.
“Factors such as work-life balance, flexible working, employee benefits and making employees feel recognised are hugely cost-effective when compared with financial rewards and, as we can see, are highly valued by employees.”