It shows that overall, corporate spending on rewards and incentives is rising year-on-year, with the Asia Pacific region doubling its investment in rewards programmes.
UK enterprises have doubled their average spend on employee rewards over the past three years, while US companies are now spending an average of US$292,000 on employee rewards in 2019.
Gadgets such as fitness trackers, wearable tech and tablets are among the most popular rewards chosen by employees.
“Individuals are choosing corporate rewards that similarly demonstrate an increased awareness of mental health and wellbeing such as extra leisure time or health-related gadgets,” the report says.
“Wearable fitness aids, such as Fitbits, were among the ten most popular corporate rewards across EMEA (including the UK) and the US in 2019.”
According to David Gould, CEO of CR Worldwide, the increase in companies investing in rewards is a result of an evolving employment landscape.
“Large enterprises across the world are transforming their workplace benefits and brands in response to major changes in workforce demographics that are affecting recruitment, retention and productivity,” he said.
“Rising stress, ill-health and skills shortages among a new generation of workers are stunting productivity, growth, wages and living standards.
“Younger workers are also more likely than previous generations to prioritise prospective employers’ values and their individual ability to make an impact over salary and status. This is causing big brands to lose out to start-ups in the talent race.
“The evolving profile of the modern employee is driving a parallel transformation in business travel, culture, benefits and workspaces.
“Evidence indicates that young workers are less financially oriented and more likely to distrust big businesses than previous generations. CR data reveals this is mirrored in a ‘transformation in workplace’ culture, with companies increasingly creating millennial-friendly ‘employer brands’ promoted through sustainable, healthy workplace wellbeing initiatives increasingly promoted through social media channels.
“Also, individuals are choosing more corporate rewards that benefit their personal wellbeing.”
• To read the full report, click here.
This content was originally published here.