A 2012 survey shows that people are five times more likely to stay if they work for a company that recognises them. Yet three quarters of the 4000 people surveyed are starved of praise and only get it monthly, quarterly or annually.
Amelia Jones, director of Adrenalin, says the impact of the GFC and the realisation that some schemes are ineffective has changed the face of rewards and recognition initiatives.
“Corporations have pulled back on budgets. Some have terminated their rewards program because it is not relevant and are starting to run programs in-house again,” says Jones, who has worked at customising offerings to clients to ensure they include what employees want as well as giving value for money.
“We don’t want to sell vouchers to companies whose staff never use them. It doesn’t help the corporation, it doesn’t drive people’s performance and we don’t get repeat business,” says Jones.
Since revamping Adrenalin’s offerings, Jones says the company emails voucher- holders to ensure they use their experience before it expires and sends out weekly newsletters to keep staff up to date with new and exciting experiences. She adds that communication is key in ensuring staff make the most of such schemes.
- Has a more than 90 per cent employee engagement rate and has been regularly named as one of BRW magazine’s best places to work.
- Stress the importance of knowing what staff want before installing a rewards and recognition program.
- Its research has shown that only 10 per cent like receiving praise publicly, while 51 per cent would prefer it privately.
- “If you don’t know your people you might demotivate them,” says Megan Bromley, RedBalloon’s employee experience manager.
- “One of the tools we have in HR allows team leaders to view a list of favourite things noted by each employee or they can ask 10 simple questions to find out what members of their team like to do,” says Bromley.
- According to a 2013 Gallup survey in the United States, engaged employees with a lot of flexi-time had 44 per cent higher wellbeing than disengaged employees with little to no flexi-time.
- As for holidays, engaged employees who took less than one week off from work a year had 25 per cent higher overall wellbeing than actively disengaged associates – even those who took six weeks or more time off.
- On the other hand, Chicago-based events company Red Frog Events offers staff unlimited holidays and says the freedom is not abused and has attracted more job applications.
Is money the biggest motivator?
- RedBalloon research shows that people feel monetary incentives get lost in bills and expenses, forgotten in a bank account or blurred with compensation.
- Others feel they cannot brag about their reward, as they do not like to discuss financial issues with colleagues.
- Meanwhile, psychologists have conducted social experiments that prove that financial rewards do not always incentivise.
- Associate Professor Peter Heslin, course leader of managerial skills in the Australian Graduate School of Management’s Executive MBA, has been studying the science behind what motivates people at work and believes employers need to focus more on day-to-day coaching than cash.
- “Two things that most people are motivated by are doing meaningful work and having a sense of progress in getting things done.
- Large, exciting rewards are not necessarily as motivating as a regular, genuine sense of progress in achieving one’s objectives.
- Recently named in BRW’s annual Best Places To Work in Australia, Dutch-owned algorithmic trader Optiver, which has an office of 203 at its Sydney Asia Pacific headquarters.
- Managing director Paul Hilgers says the company has an open-door policy and a philosophy that “working with brilliant minds attracts brilliant minds”.
- New recruits are teamed with a buddy and given ethics training, and the company aims to cut red tape and bureaucracy.