Do your employees want what you think they want?

Do your employees really want what you think they want, or is there something else that will make them more engaged, and retain them for longer?

American company Badgeville has recently released results from employee surveys in the workforce which show that employees are more interested in recognition than money.

The 1,200 workers came from across the board in terms of industry, from healthcare to retail to technology, and 70 per cent of them responded by saying that meaningful recognition had no dollar value.

This number is on the rise, as a similar survey from 2007 found that just 57 per cent of respondents considered recognition to be more valuable than a higher paycheck.

An article from HRmorning.com held similar sentiments, saying that there were several things that employees often considered of greater value than simply their salary, such as flexible hours, bonuses and perks.

So what does it mean for you?

If you were to run an employee satisfaction survey and find that your staff were more interested in recognition or perks than a salary increase, then that could mean a shift in your personnel spending and retainment schemes.

Rather than sinking more money into raises, you could be spending it more wisely, and potentially spending less of it, on recognition programs or things that could improve the workplace culture.

In fact, 71 per cent of respondents in the Badgeville survey said that the most meaningful recognition they have received had no dollar value.

So you could potentially save on your staffing costs by investing a little into a survey that can ascertain whether your staff really want what you think they might want.

Want to trial an Australian-built online survey tool?

Click here for a free custom-branded demonstration of PeoplePulse.