The majority of businesses are set to do something nice for their employees over Christmas, but is the office party the best choice?
Today, employees are challenging their employers to look at their benefits as well as reward and recognition programs more closely, getting them to understand that what has worked traditionally may not work for today’s modern workforce.
Employee recognition comes in a wealth of different forms. Recognition-focused events such as team building, supplemented gym memberships, discounts off purchases and flexible working hours contribute to the level of motivation and engagement people get at the office.
Under two-thirds of employees would happily forego an office Christmas party or a holiday bonus in favour of more consistent rewards and recognition throughout the year according to a new survey conducted by Reward Getaway*. The survey highlighted that 65% of employees would be happy to sacrifice their Christmas party and holiday bonus for rewards all year round.
The survey also discovered that 46% of employees would prefer savings on everyday purchases throughout the year rather than a standard Christmas party. We know that Christmas brings about a high level of stress to HR managers and senior team members along with the majority of people feeling the financial pinch at this time of year, so is it best to consider alternative rewards?
Finally, it was revealed that 76% of employees believe their business could do more to understand what would be most helpful to the employees during the holiday season. Organisations that prioritise listening to their people and delivering continuous rewards and recognition can create an environment where employees are more engaged and excited about where they work all year, not just during the holidays.
Do employees look forward to Christmas parties, or do they view it as another obligation? If your parties are a success, it will be obvious. There’s energy and excitement prior to and during the party, and employees will relive fun moments for weeks. If you’re worried employees don’t appreciate your parties, don’t be defensive. Do some investigating, and ask for feedback on what they would like to do this season.
A strong reward and recognition strategy are the starting point and a must for businesses who want to attract, engage and retain the very best. Whatever you do this Christmas, it should be part of a wider year-long strategy, and not stand on its own. A Christmas party is the cherry on top, rather than the foundation of the strategy. Having the right reward and recognition tools in place will result in happier, more productive employees.
*Reward Gateway surveyed 1,400 employees and senior decision-makers across the UK, US and Australia to obtain these results.