Thirty-six percent of workers report that promotions and bonuses are most likely to keep them engaged; however, only 27 percent of respondents say their employers offer these incentives while 28 percent of respondents say their companies even practice formal systems to recognize and reward employees, according to a study by Randstad U.S.
Just 16 percent of respondents consider performance reviews to be an effective way to encourage engagement, and this is the most commonly practiced employee engagement activity as 46 percent of respondents report that their companies conduct performance reviews.
Despite this, respondents do report that their companies practice some of the most effective engagement tactics. These include encouraging employees to share their ideas and opinions at 45 percent and investing in employees' careers through training, professional development and continuing education at 38 percent.
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"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," says 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."
Approximately one-third of respondents also perceive having a comfortable and stimulating work environment as one of the most effective incentives. The study concludes that this could be due to the high number of workers remaining with their employers longer than they expected as the job market has yet to return to prerecession levels.
Still, respondents do not think finding new jobs should take long. In fact, 56 percent of respondents anticipate it taking at most three months to find new positions.
"It is important for employers to assess their employees' needs and create programs that stimulate and inspire their work forces," Link says. "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."
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