A new study, ‘Beyond the Salary Slip’*, examined the opinions of over 3,000 HR professionals, C-suite, and employee respondents. The research, carried out by Opinion Matters, highlights a significant disconnect between employee desires and the challenges for HR professionals in delivering fulfilling benefit programmes, including reward, recognition and well-being programmes.

With 97% of C-suite execs wanting better rewards programmes and a reported utilisation rate of only 40% by employees, HR professionals are being handed a mandate to evolve rewards programmes. Yet one fifth of HR respondents state a lack of C-suite support as the biggest obstacle to progress, highlighting challenging times ahead for organisation’s wanting to keep pace with modern employees’ demands.

The research highlights that 47% of employees feeling undervalued, believing leaders are out of touch with their reward preferences, also revealing that a concerning 54% of employees are rarely, if ever, consulted about benefits schemes that directly impact their work-life satisfaction. With 91% seeking more personalised communication regarding rewards and recognition it appears that HR professionals and business leaders across the UK face a pivotal challenge: evolving benefit, reward, and recognition strategies to meet the nuanced needs of today’s employees.

“These findings offer a candid look at how strategic delivery of rewards can satisfy the dual demands of both employee satisfaction and commercial success,” commented Boostworks CEO, Andy Caldicott. “The desire to implement a compelling Employee Value Proposition (EVP) is clear, with 87% of HR leaders poised to strategically enhance their programmes. The time has come for HR and business leaders to work closely together and transform these plans into action, recognising that a well-executed EVP can significantly shift the needle from employees feeling underappreciated to those that are thoroughly engaged and inspired.”

Key findings: 

• Attraction and Alignment: 63% of employees were attracted to their current job due to the company’s reward, recognition, and benefits programs. However, over two fifths (44%) of employees feel they do not get rewarded by their organisation at all for their accomplishments.
• Recognition Deficiency: 65% of employees believe improvements are needed to their organisation’s current reward and recognition programme. Furthermore, a concerning 44% of employees feel that they do not receive any recognition from their organisation for their accomplishments, contributing to a sense of unacknowledged efforts for 52% of employees (over the past 12 months).
• Lack of Understanding: Just under a quarter (21%) of employees admit to not fully understanding the reward, recognition, and benefits available to them through their employer.
• Top Priorities for Recognition: Work anniversaries, birthdays, and significant life events such as births or adoptions of a child top the list of events employees believe should be recognised and rewarded.
• Desire for Tailored Benefits: While 54% of employees currently have tailored benefits, the majority desire more personalised rewards, with 90% expressing a preference for immediate rewards that offer real-life benefits, such as extra days off or flexible working hours. Wellbeing and Development priorities are also considered priorities for employees: with a strong desire for non-monetary recognition supporting wellbeing (82%), career development opportunities (86%), and peer-to-peer recognition initiatives (83%).
• Next generation wants and desires: Millennials and Gen Z employees want to see student loan repayment assistance and mental health benefits prioritised alongside traditional offerings.

“Promisingly, 72% of companies are actively planning to customise their benefits offerings, highlighting the strategic importance placed on attracting and retaining talent,” Caldicott concluded. “The learnings from this research are clear – now is the time to reflect, recalibrate, and reinvigorate the strategies and programmes that will define your success in recognising and valuing your most important asset: your people.”

Research from Boostworks