Study reveals money is not the driver of employee engagement.A recent study by BambooHR reveals what drives employee engagement and job satisfaction, and its not what you think.
The study, which polled more than 1,000 employees nationwide, revealed that money is not the driver of employee engagement.
Instead, employee recognition, a promotion without a raise, and employee perks can be just as, if not more, effective at boosting employee engagement than a small raise or bonus.
Vice President of HCM strategy and intellectual property at BambooHR, Rusty Lindquist, said:
“Recognition needs to feel personal. If you strip away the personal nature of the recognition, you can also lose impact. So some of the most effective recognition approaches are also the easiest… simply pull someone aside and say thank you”.
The survey has also found that a fifth of employees would rather receive a promotion to a higher position without a 3% raise in salary instead of a pay raise without a promotion to a higher position.
Even something as simple as employee recognition can boost engagement within your company.
According to the survey, a third of employees would rather receive a company-wide email from an executive recognizing their accomplishments than receive a $500 bonus that isn’t openly publicized by a superior to their colleagues.
One interesting find from the survey shows some discrepancies between male and female workers when it comes to what signifies a career advancement. Female employees ranked “more money” and “a higher title” higher than men.
In comparison, male employees ranked “more direct reports,” “expanded responsibility,” and “more face time with company executives” higher than women.
The survey definitely shines a light on other ways we can recognize and reward employees other than monetary incentives. We encourage you to get creative and let us know how you recognize and reward employees at your organization. Let us know in the comments below!