Only 40 per cent of employees are actively engaged with enhanced rewards programs, despite 97 per cent advocacy from C-suite executives, as 65 per cent of employees believe that the current recognition programs need improvement, according to a recent study by Boostworks
The employee benefits company Boostworks released findings from its “Beyond the Salary Slip” study, which surveyed 3,000 HR specialists, C-suite executives, and workers. The study, carried out by Opinion Matters, indicates a significant gap between the expectations of employees and HR’s ability to provide comprehensive benefit plans.
According to the survey, 20 per cent of HR professionals cite a major obstacle as the absence of C-suite support, warning firms that trying to keep up with the needs of the modern workforce may face difficulties.
About 47 per cent of workers say they feel underappreciated, and 54 per cent say that their job satisfaction is negatively impacted by infrequent benefit discussions. T
According to the report, 91 per cent of respondents express a strong need for individualised awards and recognition. As a result, corporate executives and HR specialists in the UK are faced with honing plans to meet the changing needs of their workforce.
The results show that although 63 per cent of workers were drawn to their current positions by the company’s incentive, recognition, and benefits programmes, 44 per cent of them are concerned that they don’t get credit for their accomplishments.
Furthermore, 44 per cent indicate that their successes have not been acknowledged, which has left many feeling underappreciated.
The survey also reveals that employees don’t fully comprehend the benefits that are offered to them; almost 25 per cent of respondents admitted to being confused.
Birthdays, important life events, and job anniversaries rank high on the priority list for recognition.
Furthermore, the survey indicates a significant need for customised perks, with 90 per cent of respondents favouring instant rewards that have practical applications.
Boostworks CEO Andy Caldicott. “These findings offer a candid look at how strategic delivery of rewards can satisfy the dual demands of both employee satisfaction and commercial success. The desire to implement a compelling Employee Value Proposition (EVP) is clear, with 87 per cent of HR leaders poised to strategically enhance their programmes.
“The time has come for HR and business leaders to work closely together and transform these plans into action, recognising that a well-executed EVP can significantly shift the needle from employees feeling underappreciated to those that are thoroughly engaged and inspired.”
“Promisingly, 72 per cent of companies are actively planning to customise their benefits offerings, highlighting the strategic importance placed on attracting and retaining talent.
“The learnings from this research are clear – now is the time to reflect, recalibrate, and reinvigorate the strategies and programmes that will define your success in recognising and valuing your most important asset: your people.”