- Money is nice, but it's not always what motivates people. Instead, simple employee recognition, a higher title (no raise required) or employee perks can be just as effective, or even better in some cases, when rewarding/recognizing employees, according to a recent survey from BambooHR.
- The study, which polled more than 1,000 U.S.-based employees, reveals that 1 in 5 employees would prefer to receive a promotion (higher title included) without a 3% raise, rather than getting that raise without a promotion. Also, nearly one-third of employees would rather be recognized for their work accomplishments in a company-wide email from an executive than receive a bonus of $500 that isn’t openly publicized by a superior to coworkers.
- As for gender, when asked to rank what signified a career advancement to them, women ranked “more money” and “a higher title” higher than men, who ranked “more direct reports,” “expanded responsibility” and “more face time with company executives” higher than women, according to the survey.
"Our research showed that the most preferred method of recognition was simply an in-person expression from their boss," he says, noting that the second most preferred was a personal email from the boss, third was in-person recognition from a peer and fourth was a company-wide email from the boss. "The key takeaway here is that it doesn’t really have to be disruptive. Simply pulling them aside and saying thank you seems to be what matters most."