Why is Mentorship Important?
In times of increased globalization and rapid technological advancement, mentoring tightens the gap caused by skill shifts and empowers employees, making it an irreplaceable asset in career growth.
Employee rewards statistics show how companies can establish a strong talent pipeline and save millions in hiring and training expenditures by keeping high-potential employees.
General Employee Rewards Statistics
- One out of ten employees stated that their whole work experience far exceeded their expectations. (HR Dive, 2019)
- 38% of employees stated their work experience was “amazing” or “excellent.” (Business Wire, 2019)
- 54% of workers think their overall total incentives satisfy their or their family’s needs. (Research Gate, 2021)
- Almost 90% of businesses have a formal reward and recognition program in place. (BenefitsPRO, 2017)
- 37% of companies believe that their compensation schemes take into account several generations in the workforce. (PWC, 2020)
- 41% of employees believe their companies adequately compensate them for their hard work. (PRWeb, 2017)
- Only 14% of businesses give managers the tools they need for rewards and recognition. (Aberdeen Group, 2013)
- 94% of employees are more inclined to stay with a company if it invested in their development. (CNBC, 2019)
- Feeling undervaluation and underappreciation, according to 26% of employees, is the most significant obstacle to engagement. (Achievers, 2020)
- 39% of employees are dissatisfied with their pay, 26% are pleased, and 33% are neutral. (HR Dive, 2019)
- In a survey of 1,500 people, 63% of those who were “always” or “usually” recognized indicated they are “extremely unlikely” to look for work in the next 3–6 months. In comparison, just 11% of individuals who are “never” or “rarely” recognized agree. (SurveyMonkey, 2021)
- Positive feedback is most commonly received in one-on-one meetings with managers (38%), followed by team meetings (25%), yearly evaluations (16%), and public messaging platforms (11%). (SurveyMonkey, 2021)
- Recognition is essential to 82% of employees when it comes to job satisfaction. (SurveyMonkey, 2021)
- 57% of employees would not take a call from a headhunter if they felt more recognized. (Achievers, 2022)
- 64% of workers prefer more meaningful recognition rather than frequent recognition. (Achievers, 2022)
- 81% of executives say their organization doesn’t prioritize recognition programs. (Gallup, 2022)
- Almost two in three leaders report that their companies don’t have budgets for rewards programs. (Gallup, 2022)
- 73% of senior managers say that their company doesn’t offer best practices training for employee recognition to their managers or leaders. (Gallup, 2022)
- A culture of recognition can save a 10,000-employee organization up to $16.1 million annually in turnover costs. (Gallup, 2022)
- Only 23% of employees feel they get recognized enough for their work. (Gallup, 2022)
- Merely one-third agree that the rewards they get are authentic. (Gallup, 2022)
- Three-quarters believe that not everyone gets fairly recognized in their organization. (Gallup, 2022)
- Only 10% of workers are asked about their recognition and reward preferences. (Gallup, 2022)
- 67% of leaders and 61% of managers report giving recognition several times weekly and more, yet only 21% of workers agree with this. (Gallup, 2022)
- 40% of employees say they get acknowledged only a few times a year or less. (Gallup, 2022)
- Only 22% of project managers and 20% of people managers say they get recognized as much as other team members in their organization. (Gallup, 2022)
- People managers give three times more recognition than they receive it. (Gallup, 2022)
Types of Employee Recognition & Rewards
- 65% of employees prefer non-cash incentives. (LinkedIn, 2017)
- More than 65% of those polled strongly believe that travel incentives/rewards are remembered longer than cash payments. (LinkedIn, 2017)
- 47% of employees want to get a personalized incentive. (Northstar Meetings Group, 2018)
- 66% of employees indicated they’d rather have two tickets to a concert of their choosing than three times the value of those tickets paid into their salary over the course of a year; 34% picked the money. (Northstar Meetings Group, 2018)
- The reverse was true for modest, non-personalized presents like cake, ice cream, or chocolate; just 35% of employees picked the token gift, while 65% chose to receive ten times its monetary worth in additional compensation. (Northstar Meetings Group, 2018)
- Four in ten (43%) employees stated yearly leave is the job-related perk that would make them feel most appreciated at work, followed by public recognition (15%), team drinks (15%), training (10%), professional mentorship (7%), sleeping in once a week (7%), and obtaining a parking space for a month (2%). (Northstar Meetings Group, 2018)
- 52% of employees would prefer to celebrate prizes with their families than with coworkers. (Northstar Meetings Group, 2018)
- A simple expression of gratitude from someone in charge resulted in individuals being 50% more productive. (APA, 2010)
- 68% believe that public recognition affects their capacity to receive a raise or promotion. (SurveyMonkey, 2021)
- 32% believe that public recognition enhances the way their coworkers engage with them. (SurveyMonkey, 2021)
- 64% of employees prefer a mix of public and private recognition. (Gallup, 2022)
- 42% of workers want to get time off work as a reward, but only 15% get it. (Blackhawk Network, 2021)
- Prepaid or gift cards are the preferred reward for 41% of employees, yet only 15% receive them. (Blackhawk Network, 2021)
- 44% prefer digital prepaid and gift cards since the COVID-19 pandemic. (Blackhawk Network, 2021)
Generations & Employee Rewards Statistics
- An increase in recognition awards would make 79% of Gen Z and Millennial employees more loyal to their companies. (HR Dive, 2019)
- 70% of Gen Z and Millennial employees would stay at their current employment for another year if they were offered prizes totaling only $150 over the course of a year. (HR Dive, 2019)
- Younger workers are more likely to want frequent recognition. In fact, 78% of Millennials and 68% of older Millennials want to get acknowledged at least a few times a month, compared to 45% of Baby boomers. (Gallup, 2022)
- About four in ten younger workers prefer getting recognition several times weekly or more from their manager. (Gallup, 2022)
- 10% of Baby boomers say they never want recognition, compared to only 2% of Millennials. (Gallup, 2022)
Work Performance & Employee Rewards Statistics
- Employees who believe their incentives satisfy their needs are seven times more likely to be engaged at work than workers who don’t. (Glassdoor, 2021)
- 88% of employees believe it’s critical for companies to recognize and reward their staff for outstanding performance. (PRWeb, 2017)
- 41% of employees believe their employer effectively recognizes and rewards outstanding performance. (PRWeb, 2017)
- The phrase “my job makes a difference” was agreed upon by 90% of employees who work in organizations with successful incentives systems. (PRWeb, 2017)
- Employees who get recognized at work are less likely to feel burnt out (73%), unlikely to look for a new job (56%), and more likely to thrive in life (44%). (Gallup, 2022)
- Recognition and rewards practices make workers four times more likely to be engaged in their work and five times as likely to see how they can grow in their company. (Gallup, 2022)
- 80% of employees whose recognition needs are fulfilled are more engaged in their work. (Gallup, 2022)
Conclusion
The employee rewards statistics show how employee appreciation as a corporate priority can benefit everyone. Managers and HR teams should plan appropriately to make a positive impact and change in the company.
Written by SHORTLISTER EDITORIAL TEAM
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