Workers’ bonuses falling short of being motivating, finds research
Bonuses being handed out to workers are falling significantly short of the amount workers say they would need to be, in order to encourage them to work harder.
This amount is 53% - or £321 - short of the amount that workers say a bonus or reward would need to be worth, in order to encourage them to increase their efforts at work and feel more motivated.
The research also revealed that the majority of British workers (69%) are most motivated by rewards and bonuses with a clear cash value, such as cash or a gift card.
One in three (32%) workers admitted that mid-December was the optimum time of year to receive a bonus from their employer, claiming that receiving it at that time of year would have a bigger impact on their motivation levels and happiness at work, than if it arrived at any other time.
Declan Byrne, UK managing director at One4all Rewards, commented, “While offering some form of tangible thanks to employees - be it a bonus or simply a token gift - is a great start and will go a long way to improving employee morale, there are ways to really maximise the impact these types of rewards can have on workers.
“As we’ve seen in this research, getting the value and type of reward you are handing out right is absolutely key. And unfortunately it seems that many businesses are getting this wrong.”
According to the research, 14% of UK workers are set to receive Christmas bonuses this year - down 2% on 2015, but still considerably higher than the 7% that received them in 2014.
Byrne added, “If you’re investing in a bonus or a rewards scheme for staff, you want it to have a positive impact on morale and future productivity and to provide good value for money. This is why we’d encourage employers to consider not only the amount of money they are investing into this type of incentive, but also the form and delivery of it to ensure that it isn’t falling short of motivating, Personalised incentives both in format, amount and personally awarded will motivate better than blanket impersonal ones.”
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