A new Randstad study has found that most U.S workers identify the most effective ways to keep them engaged include promotions and financial bonuses. The Randstad Engagement Index revealed that 36 percent of employees find financial motivations as the primary way to keep them engaged. But just 27 percent say their employers offer such incentives, while 28 percent agree that their employers formally recognize and reward employees. Only 16 percent of employees think performance reviews are an effective incentive to remain engaged but 46 percent of respondents identified reviews as the most common engagement activity.
“One of the most challenging obstacles for employers is finding what works for their culture and employees when it comes to keeping workers engaged and invested in their work and the company,” said Jim Link, managing director of Human Resources for Randstad U.S. “Compensation usually ranks at the top of the list, however our research shows it is important to offer a full package of motivating tactics that not only provide benefits but also promote leadership and professional development. This study tells us that employers are doing some things right, but when it comes to finding ways to help boost morale and decrease turnover, relying on annual performance reviews as the only engagement tool is far from sufficient.”
On the upside for employers, many employees agree that their companies use effective engagement tactics such as soliciting their ideas and input (45 percent) and offering professional development and training (38 percent). Almost one-third of employees identify a stimulating and comfortable workplace as an effective incentive. But many workers feel that they have stayed at their current employers longer than they expected due to the poor job market. Over half of employees believe that they could find a new job within three months.
“It is important for employers to assess their employees’ needs and create programs that stimulate and inspire their workforces,” said Link. “An investment now in promotions or bonuses, along with impactful programs aimed at motivating, recognizing and rewarding employees, will help with retention efforts, increase productivity, and boost employee confidence in their companies.”