Vouchers and family-shared rewards the motivator for younger employees, reports Kimberley Dondo
Most millennials would rather receive experiences and vouchers such as cinema discounts or tickets as an employee reward, according to research from Sodexo Benefits and Rewards Services. With 84% admitting they would prefer these types of reward, one in four (25%) also revealed they would like to have the opportunity to share their rewards with family and friends and 17% would like to share them with their team.
Chris Baldwin, Director of Consumer Programmes, said: “This research shows how important it is to revise benefits and rewards programmes in line with changing employee demands. Rewarding millennial employees with something they can share with others has a number of clear benefits for the business, including team bonding, incentive to continue delivering quality work and greater loyalty.”
It seems providing experiential rewards does also contribute to productivity across a company as 63% of the higher performing organisations in the survey show a clear preference for non-cash rewards.
The rewards can range from spa trips to days out. They can also be instantaneous rewards such as free tickets to the cinema or theme parks, or as an ongoing benefit which gives employees access to savings of up to 40% on cinema tickets.
Baldwin adds: “It’s important for employers to show that they recognise and understand the need for a healthy work/life balance. Any experiential reward can be easily shared with others, but family-friendly perks, such as free or reduced price cinema tickets could provide a family day out for many employees.”