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"Promotion? No thanks, give me an iPod"
Added: 2009-12-23 11:30:14.0Recent research from PricewaterhouseCoopers reveals that most employees would rather be given a free MP3 player, camera or a similar gadget than to be fast-tracked for promotion. 950 employees were asked what reward they would value the most in the absence of a pay rise and 80% commented that a piece of technology would go down well. This is compared to 67% who said that they would value the knowledge that they are being fast-tracked for promotion.
Interestingly, only 6% of respondents said that they would not value any kind of small reward in the absence of a pay-rise.
Amongst the other popular rewards were £100 cash ‘bonuses’, gift vouchers and a couple of days extra annual leave. However employees were not so keen on the idea of being given time off to carry out charity work or a promotion without a pay increase.
The research also showed that rewards outside of work were seen as being more valuable than rewards inside, e.g. training or experience within another department.
The research creates compelling reading for employers who may be trying to come up with alternatives to the usual pay rise/bonus in the New Year.
Jon Terry, partner and head of reward, PricewaterhouseCoopers LLP, commented:
“The way UK businesses allocate the millions of pounds they spend on rewarding their employees is largely discretionary and, while not everyone would opt for a MP3 player over getting closer to promotion, the employers that get the best value from their spend are those that align reward with individuals’ wants and needs and the behaviours they want to encourage. With bonus pools shrinking and many workers’ wages frozen, employers need to find lower-cost, tailored ways of showing their staff that good performance is always appreciated. One-off gifts in reward for particularly successful projects work very well if a pay rise is not an option, particularly if employers are flexible in terms of what they offer the recipients.
“Many workers are showing admirable focus on the long-term in their willingness to accept more responsibilities without a pay rise – and while covering their work may be challenging, giving employees time to gain different experiences and access to internal training is mutually beneficial and clearly valued by employees.”
The following are the full set of results with the percentage figure in brackets representing how many employees said they would value the option as a reward in the absence of a pay rise:
£100 cash bonus for work on a particular project (90%)
£100 gift vouchers to a shop of your choice (89%)
A couple of days of extra annual leave (89%)
Technology gift of individual’s choice with a value of approximately £100; e.g. MP3 player, digital camera (80%)
Lunch with family or friends paid for by employer (68%)
Being 'fast-tracked' for promotion (67%)
Lunch or drinks with colleagues paid for by employer (62%)
Access to internal training courses (62%)
Tickets to leisure or sporting activities for use with family/ friends (61%)
Option to gain experience in a different department within the organisation (58%)
Option to gain experience in a similar department in a different organisation (52%)
A couple of extra days off to do charity/ volunteer work (49%)
A promotion without pay rise (37%)
Pre-Christmas sale continues
Don’t forget, our special offers are still on with massive reductions of up to 65% on our contracts and staff handbooks. These prices come after a great year for us and as a thank you to our customers’ support since we began trading in the UK in June 2008.
Don’t wait around for too long though, the prices won’t last forever!
If you have any questions about how Cleardocs can help with your employment document requirements, don’t hesitate to call us on 0845 474 0372.
The content of this blog is not legal advice and should not be relied on as such, or used instead of seeking legal advice.
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