Insights

Working for a leading recognition & rewards company can bring plenty of benefits for its staff. After all, they preach the importance of recognizing employees.

It is important to consider the input you receive from your employees. Their feedback can play a large role in how you adapt your current incentive strategy. If you make changes to the incentive programme, you may be able to keep workers happy and likely to remain in their job position. Providing your employees with a salary doesn’t solely retain staff – Millennials and Gen Zs are seeking more!

We surveyed WOW employees: Millennials (born between 1980 – 2000) and Gen Z (born between 1995 – 2020) about their recognition and incentive preferences. We discovered their answers were surprisingly similar. These were some of the themes displayed in their responses:

Overall happiness at work

Happiness at work is a top priority for Millennials in the workplace. They want to work with individuals who’s enthusiastic about their work. According to our survey data, 90% of Millennials say team spirit contributes to their overall happiness at work, while 90% of Gen Z’s said learning new skills is vital for their growth.

Types of incentives

Respondents from the Millennial generation mentioned they would like monthly rewards, cash and prizes. Conversely, members of Gen Z would prefer personal incentives and be incentivized for attendance.

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Staff turnover is a continuous problem for every type of business. It is often a factor in a company’s failure rate. Companies are advised to treat their staff fair and invest in retention strategies that will make them feel valued.

Covid-19 has had a devastating effect on the daily lives of people but also their jobs and careers. While the pandemic took millions of lives, the economic crisis was responsible for the decreasing number of jobs available. Employees have had trouble finding new jobs and, in many cases, had to settle for unsatisfying jobs.

Many employees feel unappreciated in their current jobs, and as a result, they search for new positions that are more promising in terms of career growth.
According to Mail & Guardian, there were 2,2 million people who lost their jobs in the first hard down lockdown in 2020. The fear of unemployment and the seemingly unending economic slump led individuals to believe that leaving a job would have been more harmful than beneficial.

Now in 2022, employees are taking a ‘leap of faith’ by resigning with immediate effect. Could it be that their working environment has worsened? Due to an increase in employee turnover, businesses need to consider taking actionable steps to retain staff.

Staff turnover is a continuous problem for every type of business. It is often a factor in a company’s failure rate. Companies are advised to treat their staff fair and invest in retention strategies that will make them feel valued.
Although salary increases do not always lead to employee retention, top management should resolve the underlying issues through looking at implementing a recognition and rewards programme.
Recognition is a key factor in staff retention. According to Vantage circle, 90% of HR respondents say an effective recognition program drives business results. 91% of HR respondents agree a rewards programme contributes positively towards staff retention.

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