Reward Gateway | Edenred, a global leader in employee engagement and HR technology, released its report An EVP that drives engagement: The power of benefits, recognition and appreciation exploring how organizations can transform engagement through benefits, recognition, and appreciation.
The survey found that while it’s no secret employee needs are complex and vary from person to person, it’s critical for employers to nurture engagement and foster an environment of recognition and wellbeing. With only half (49%) of employees feeling regularly appreciated for being themselves at work, there’s a major opportunity for organizations to create a true culture of appreciation, which ultimately leads to increased employee attraction, engagement, retention, and productivity.
“Cultivating employee engagement is a delicate dance, and with our people as our greatest asset, this requires a collaborative strategy across leadership teams,” said Anthony Knierim, Managing Director, Americas of Reward Gateway | Edenred. “Our recent research shows us the importance of establishing a dynamic benefits program as one means of supporting employees, and how employees want to be recognized and appreciated as they grow in both their professional and personal lives.”
For HR leaders looking to create a culture of appreciation, additional findings from the report found:
- Recognition fosters appreciation – and also retention: With 84% of employees agreeing that they feel more appreciated as a person when they receive customized recognition for their performance at work (like a personalized gift certificate), 82% then agree that it makes them feel more connected to their workplace. Employees also agree that they are more likely to stay with their company longer (81%), have improved wellbeing (78%) and feel less stressed (73%) when they receive personalized recognition in the workplace.
- Levelling up benefits can impact employee’s productivity and sense of being appreciated: Employees say that receiving the classic three benefits would make them more productive at work: time off (46%), financial (e.g. 401k, stock options) (43%), and insurance-related benefits (42%). While these benefits address traditional needs, 57% also said they would like their workplace to show appreciation for them as a person by offering benefits that are important to them. This highlights the demand for unique offerings, such as the importance of flexibility; a little more than one-third of employees (35%) mentioned flexible start and end times to their workday as desirable benefits from a potential employer.
- Many benefits may top a 10% raise: More than half of employees share that insurance-related benefits (59%) and time off-related benefits (52%) are more important than a 10% pay raise. From training or mentorship programs (40%); health and wellness-related benefits (36%); to family-related benefits (35%), the more organizations customize their benefits for an employee’s needs, likes, personality or role, the more that employee will feel seen, understood and cherished.
- Gen Z and Millennials are progressing, and with that, what they’re looking for is too: With each generation looking for specific benefits that support the different areas and concerns of their lives, research found that Gen Z is more interested in student loan assistance (14%) compared to the average of 7%. With that, Millennials are slightly more interested in childcare reimbursement (10%) than the average of 6%.
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