A 2013 Employee Recognition survey has found that employees are more motivated by recognition and virtual rewards compared to financial incentives. This number is on the rise. A similar survey was performed by Make Their Day, an employee motivation firm, in 2007, in which 57 percent of respondents reported that their meaningful recognition had no dollar value—today, that number has jumped to 70 percent.
The survey, released today by Make Their Day and Badgeville, a gamification platform, had over 1,200 participants.
Here are a few highlights from the Employee Recognition study:
- “Free” recognition and virtual rewards have become increasingly important in today’s workforce over tangible, high-cost rewards.
- 83% of employees said recognition for contributions is more fulfilling than any rewards and gifts.
- 71% said the most meaningful recognition they have received had no dollar value.
- Only 14% said their best recognition or reward was of a gift over $1,000.
As a complement to the study, Badgeville created the following infographic to illustrate employee motivation in today’s workforce.