Over 40% of employees would leave a job due to lack of reward, recognition and wellbeing support
A new study from global employee engagement company Reward Gateway reveals the expectations of employees and goals of HR leaders as they adapt to a post-pandemic world and face record-high inflation rates. The survey of 3,799 employees and HR decision-makers across the UK, U.S. and Australia highlights that employees want support beyond a paycheck.
Half of employees (50%) would like to see increased investment in employee reward and recognition. Additionally, 49% of employees would like their employer to increase investment in mental, physical and financial wellbeing resources.
Responses further indicate that these investments are more than nice-to-haves. A significant number of employees would leave a job if there was a lack of reward and recognition for their efforts (40%) and a lack of financial, physical or mental wellbeing support (40%).
HR leaders are aware of changing employee expectations, with survey results highlighting HR’s efforts to improve the overall employee experience. In fact, their top three priorities are employee engagement (43%), employee retention (39%) and workplace wellbeing (38%).
Workplace wellbeing is coming into even more focus as inflation soars: 72% of HR leaders surveyed agree* stress resulting from cost of living increases is negatively impacting their employees’ work. And the majority (61%) of employees agree*.
“This survey reveals that there are elements of the employee experience—outside of pay—that can support employees’ willingness to stay with a company. Whether it’s reward and recognition or financial, mental or physical wellbeing resources, HR leaders need all these tools in their toolkit to best support their people right now, and help them retain their talent,” said Robert Hicks, Group HR Director, Reward Gateway.
About Reward Gateway:
Reward Gateway helps companies engage, motivate and retain people – every day, all over the world. Partnering with over 2,500 companies in 23 countries, we empower more than five million employees to connect, appreciate and support one another to make the world a better place to work. Our unified employee engagement hub provides the best of recognition, reward, wellbeing, surveys, benefits and discounts that support talent acquisition, retention and values-driven growth. Clients include American Express, Unilever, Samsung, IBM, McDonald's and more. Learn more at www.rewardgateway.com.