Although employers offer a wide range of rewards, many employees still find a disconnect between pay and performance, says Laura Sejen, global practice leader, rewards of Towers Watson, a global professional services company.

In fact, only 36 percent of employees see a clear link between their performance and their pay while 37 percent of employees see no link at all, according to the survey. Base pay, bonuses, recognition programs, health care benefits and retirement plans are all part of an employer's rewards program because it is well-understood that these perks are necessary to attracting, retaining and engaging employees, Sejen says. Despite the many awards that most employers offer, the disconnect with employees continues to exist.

"There's this focus right now on core, basic forms of rewards, so perhaps there is an undervaluing on the part of employees of some of these other reward programs," Sejen says. "We are big advocates of taking the total rewards approach and making sure that employees are aware of the full set of rewards programs that are being delivered."