According to new survey, 48% of people say they want to be thanked with cash.
According to a survey conducted by Reward Gateway, the global leader in enterprise employee engagement software, 48 percent of 1,104 respondents said they would like their company to recognise them by giving them cash.
Reward Gateway conducted this survey by taking to the streets of London and Birmingham, as well as going out on social media to ask people how they wanted their employer to thank them. The findings revealed that 48 percent of people preferred cash; 33 per cent an experience; 15 percent a shopping voucher; and four percent a Kindle. This differed slightly by gender with a slightly higher percentage of males preferring cash than women, and a slightly higher percentage of women preferring shopping vouchers.
Speaking at an Engagement Excellence Live event in London, Debra Corey, author and Group Reward Director at Reward Gateway, commented on the findings saying: “I’m not surprised by these findings. They clearly demonstrate that a one size fits all approach to recognition will not work. Employees want to be recognised in a way where they feel valued by their company, and so there is not one option which will work for everyone. Businesses need to sit up and take notice of this by using not one, but a variety of tools and methods to recognise their staff.”
Debra went on to say that “Although cash was the most popular choice, in the long run it isn’t something which has a lasting memory or impact. This is the reason that experiences were the second most popular choice, with 33 per cent saying that an experience would be something they would value more as it’s remembered, and is something they could share with a friend or family member. The key is creating recognition awards which will ultimately deliver this personal value to each and every one of your employees. At Reward Gateway we call these ‘wow moments’, which create memorable and last engagement.”