Experiential Rewards Have Nearly 4x More Impact On Employee Experience According to New Blueboard Report
SAN DIEGO (PRWEB) July 19, 2023 -- Blueboard, an innovator in the employee recognition and rewards space, today announced a new U.S. study conducted in partnership with The Starr Conspiracy on the transformative impact of experiential rewards on the employee experience. The data provides a lens through which employers can understand the reason experiential rewards have a significant impact on the employee experience, which include: giving time back to your people, rewarding employees with something personal, and creating space for employees to grow.
“Leading companies know that a great employee experience goes far beyond competitive pay and benefits, which are non-negotiables,” said Taylor Smith, CEO and Co-Founder of Blueboard. “If executed correctly, rewards absolutely play a role in employees’ sentiment towards their employer. We’re excited to share that our research found that experiential rewards have 3.8x more impact on the employee experience than any other type of reward, including cash and gift cards.”
Investment in employee experience leads to increased employee engagement.
Strategic employee rewards and recognition are consistently shown to be a necessary pillar of strong employee experience and the new data shows that companies that lead in employee experience are giving 31% more rewards.
Existing research from Gallup shows that companies that invest in employee experience cultivate stronger employee-employer relationships and see significantly higher engagement. Reciprocity drives engagement, for example, with over 40% of employees who are currently “quietly quitting” saying that greater employee-employer reciprocity is an area of opportunity for their workplace. In addition, employees who feel their organization embodies their values are 27% more likely to have higher engagement scores. According to previous research from Wakefield Research and Blueboard, employees who feel appreciated at work are 7x more likely than their less appreciated counterparts to feel completely secure in their jobs.
“The goal of a leader goes beyond engaging employees,” said Megan Barbier, Chief Human Resources Officer of Boomi. “The true objective is to inspire discretionary effort on the part of your team members. Only emotion can fuel that kind of energy and commitment to a company and experiential rewards are proven to create a level of emotional capital that cash rewards just can't generate.”
Employers that invest in experiential rewards see more than 3x the impact per dollar spent.
Research shows that the most effective employee rewards express thoughtfulness on the part of the giver, and evoke meaning, surprise, and delight on the part of the recipient. “Experiential rewards elevate critical moments in the employee experience—not only are they more memorable than gift cards and merchandise, but people are able to celebrate their achievements *outside of the office* with friends and family,” adds Smith.
The research also indicates that Employee Experience Leaders are giving out a high volume and variety of rewards to balance building an always-on culture of appreciation and driving high performance. When it comes to rewarding employees for important milestones and/or triumphs, higher-value, higher-impact rewards, like experiences, are better suited to driving key outcomes such as:
- Increased loyalty: Celebrate a particular milestone, like a work anniversary or major life event to show employees how much you value their long-term commitment
- Increased performance: Reward instances of high performance to encourage desired behaviors (ex: values-aligned behaviors, revenue-driving behaviors)
- Build a culture of high engagement and performance: Celebrate consistent top performers to drive continued motivation and encourage others to elevate performance
To learn more about what this study revealed, check out the full report here.
Methodology
The study was conducted within the United States by The Starr Conspiracy in partnership with Blueboard during May and June of 2023. More than 1000 individuals were surveyed through a mixed-method approach combining a quantitative survey, qualitative interviews, and secondary research on existing industry trends. Standard employee experience key performance indicators were identified as employee satisfaction, performance, retention, wellness, recruitment, engagement, eNPS, and customer satisfaction. Traditional rewards were defined as cash incentives, gift cards, company swag, and consumer goods.
About Blueboard
Blueboard is the experiential rewards platform of choice for the world's most loved employers. We make it easy for companies to give experiential employee rewards, incentives, and gifts—from one-of-a-kind to once-in-a-lifetime experiences (think skydiving, Michelin star dinners, glassblowing lessons, or chasing the Northern Lights in Iceland). We support enterprise workforces across 70 countries and partner with hundreds of Best Places to Work including Abbott's Diabetes Care, Mixpanel, Segment, Glassdoor, Shake Shack, GoPro, and Ubisoft to help them celebrate their people in a more meaningful way. Learn more at Blueboard.com.
About The Starr Conspiracy
The Starr Conspiracy is a full-service digital agency that helps HCM industry innovators propel brand awareness, drive leads, and eat market share like nobody's business. We're not your typical marketing and advertising agency — we meld digital advertising, brand innovation, and industry insights to change categories, industries, and — yes — even the entire notion of B2B marketing as we know it. Revolutionaries hell-bent on shaking things up are welcome. Conformists, please stay home (you'll hate working with us, anyway).
BAM for Blueboard, BAM, 1 919-449-6098, [email protected]
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