If you thought cash is the most important driver of employee engagement, think again.
While money continues to be a driving force in feeling appreciated at work, other types of recognition can be just as—or more—important, especially among the changing workforce.
According to a survey of more than 1,000 U.S.-based employees conducted by BambooHR, employees are often likely to prefer status or recognition above money.
The survey highlighted 30% of employees would rather be recognised for their work accomplishments in a company-wide email from a company executive than receive a monetary bonus of $500 that isn’t openly publicised by a superior to their coworkers.
Among that 30%, the monetary value of public recognition was found to be much steeper.
Three out of four (78%) respondents said that the minimum amount of money that would make them choose to receive a monetary bonus (that isn’t openly publicised to their coworkers) instead is $2,000 or more.
One in five (22%), in fact, said that the minimum amount would be a staggering $5,000 or more.
Females however, were found to care more about the money than the recognition: 36% of males preferred to be highlighted in the email, compared to 24% of females.
Here’s an infographic of the survey findings: