“Unlocking Employee Satisfaction: The Growing Demand for Personalised Rewards and Benefits”
Personalised rewards and benefits have emerged as a crucial aspect of financial support for employees, surpassing conventional salary increases, a recent study reveals. Conducted by World Privilege Plus, the research underscores a significant shift in employees’ preferences towards tailored perks.
The study, which surveyed over 4,000 workers, unveils a growing demand for personalised rewards among employees. A notable 35% of respondents express a desire for personalised reward and benefit schemes, emphasising the importance of catering to individual needs beyond monetary compensation. 44% of participants seek access to discount schemes, enabling them to save on everyday expenses, while 38% said flexible rewards that offer freedom in spending, such as indulging in leisure activities like watching a movie or ordering takeout was top of their list.
Alarmingly, nearly one-third (29%) of respondents contemplate leaving their current employer in pursuit of better financial support elsewhere. This trend reflects a pressing need for organisations to reassess their strategies in retaining talent by addressing employees’ financial concerns. A significant 32% feel a lack of motivation at work, attributing it to their employer’s perceived indifference towards rising living costs, with 34% expressing resentment towards inadequate support.
The financial stressors in the workplace manifest in various detrimental ways. A quarter (25%) of employees report difficulties in concentrating on work due to financial worries, while 30% admit to feeling envious of colleagues who appear financially unburdened, money-related conversations often breed feelings of animosity, as indicated by 23% of respondents. However, despite these challenges, a majority (51%) of employees welcome open discussions about financial matters within the workplace.
Interestingly, disparities in generational attitudes towards money conversations are evident. Thirty-one percent of Generation Z employees actively avoid discussing money to evade jealousy towards higher-earning colleagues, while 24% fear it may hinder their career progression. Conversely, only 18% of the entire workforce, and a mere 10% of baby boomers, share similar concerns.
Tailored rewards and benefits packages that accommodate diverse employee needs, fosters a sense of recognition and appreciation among the workforce. By prioritising meaningful support and actively listening to employee concerns, organisations can navigate the challenges posed by the cost-of-living crisis and cultivate a supportive workplace culture.
