By Kelsie Davis
Money matters. But how much? And when?
According to a survey conducted by BambooHR of more than 1,000 business professionals, most people prefer money to titles and other types of recognition.
Money talks, titles don’t. At least, that’s how most employees feel. And the raise doesn’t even have to be that much to matter more than a promotion: 82 percent of employees said they only needed a 3 percent raise to accept money over a title promotion.
Money isn’t the top reason people leave their companies—it comes in 3rd behind work/life balance and advancement. But this more recent study reveals that advancement has a more complicated definition than previously thought.
Specifically, employees say advancement means:
1. More money
2. A higher title
3. Expanded responsibility
So, offering employees “advancement” in title or responsibility without increasing their pay might not be the best plan. Employees want compensation for their increased ability. They also care about being recognized for their hard work (and they think money does a good job of that).
Money and recognition
Most employees—70 percent—prefer a cash bonus over recognition through a company-wide email from a company executive. That being said, to the 30 percent of employees who prefer the public recognition, it’s pretty valuable:
· 3 out of 4 said a bonus would have to be at least $2000 for them to accept it over a company-wide recognition email
· 1 out of 5 said a bonus would have to be at least $5000 for them to accept it over a company-wide recognition email
Find out what works for reward and recognition programs so HR and business leaders could navigate them more easily.
It’s no surprise that most employees prefer money as a reward or recognition for a job well done. What is a surprise is how many employees prefer a title promotion over a raise and how much an email from an executive is worth to a lot of employees. Check out the details here.
Pay and leadership aren’t the only gaps that exist between men and women in the workplace. We found that the gap affected things like frequency of recognition and even value of birthday gifts. See how men and women’s reward and recognition experiences differ here.