Would you rather your boss praised your successes or offered you unwanted perks? According to recruiting experts Hays, most employees prefer the former, which is why organisations could forgo headline-grabbing perks in favour of a simple ‘thank you’ and recognition for a job well done.
“Headline-grabbing perks have been a trend for many organisations in recent years,” says Nick Deligiannis, managing director of Hays in Australia & New Zealand.
“However, when it comes to attracting and retaining the top talent, improving staff recognition is usually a lot more beneficial.”
In recent years, unusual perks and rewards have increasingly been used as differentiators for many organisations. From taking 6,400 staff on holiday, as Chinese conglomerate Tiens Group did in 2015, to offering egg freezing to female employees as Apple and Facebook have done, businesses have looked for new ways to attract and retain staff.
But, according to Hays, the answer is much simpler.
The 2017 Global State of Employee Engagement study by Officevibe, which surveyed 1,000 organisations in 157 countries, found that 63 per cent of employees feel they don’t get enough praise, with eight per cent never receiving it.
“The fact that so many workplaces are foregoing recognition is concerning, given the impact doing so can have on a business, including its culture,” added Deligiannis.
As O.C. Tanner’s Alexander Lovell, manager of institute research and assessment, explains in the recent Hays Journal, “Workplace culture comprises six elements: purpose, opportunity, success, appreciation, wellbeing and leadership.
“Recognition has a tangible impact on each one of them. When it is used to improve culture, we have seen a significant impact on an organisation’s ability to retain, engage and attract talent. For example, we saw engagement increase 129 per cent in organisations that move from weak to strong recognition practices. Additionally, people stay with an organisation two to four years longer when best practice service recognition is implemented.”