By Joseph Staples // SWNS
Money talks, but gratitude goes further: a new study has found many find pay raises to be the ‘most meaningful’ form of appreciation in the workplace, but not as meaningful as hearing a simple ‘thank you.’
The poll of 2,000 employed Americans found 55% of people prefer having personalized forms of gratitude given to them in the workplace — more than the 52% who prefer raises or the 28% who prefer promotions.
Among those personal forms of appreciation, people like receiving commendations in one-on-one conversations (15%), receiving “employee of the month” awards (10%), being given a handshake (9%) earning a team-based award (5%) or being given a shout out via messaging apps (5%) or email (4%).
Commissioned by Motivosity and conducted by OnePoll, the study revealed two in five working people don't feel appreciated by their bosses for the work they do and 61% wish they were recognized more for their work.
In fact, 69% feel so unappreciated, that they would consider leaving their job within the next three months unless their bosses don’t make changes to make them feel more appreciated.
When asked what it would take for them to work for a different company, 64% of respondents said they’d jump ship for as little as a 10% pay increase. Similarly, 47% would leave for a different company for a mere 5% pay increase.
A third (32%) wouldn’t even need another company to offer them any more money to leave.
Some shared what it would take for some to leave their companies to work somewhere else: a 20% raise, a defined pension plan, remote work opportunities, better work-life balance and a set working schedule.
“It’s no surprise that people are looking for raises in our current economy, but that’s not possible for many companies right now,” said Logan Mallory, Vice President of Marketing at Motivosity. “Still, it’s a mistake for employers to ignore other powerful ways they can show appreciation to the people doing the work! A personal recognition has a massive impact”
The study found two in three employed Americans (65%) said they feel motivated to go to work every day. Yet 81% agree they would feel more motivated if they also felt more appreciated for their work.
Four in 10 said it would be meaningful to feel recognized and appreciated for the work they do.
Many shared what they would like to see their employer offer to make them feel more appreciated and want to work: more paid time off (37%), hearing “thank you” (21%) and company-provided lunches (17%).
Other forms of appreciation included having an internet stipend (17%), gratitude from executive team members (15%), free company merch (14%) and public recognition (12%).
For many, having a good group of peers matters — 48% said they expect to have a few good friends in the workplace. Fifteen percent said they’d even expect to find their best friend in the workplace.
“It’s not necessarily an employee’s market, but the pendulum will shift again in the future,” Mallory continued. “Employers should use this opportunity to create great cultures where their people are excited to come to work and contribute.
“This survey data helps companies understand that raises matter, but their team members are also asking for individual recognition and celebration for the hard work they’re doing.”
MOST MEANINGFUL FORMS OF APPRECIATION
- Raises - 52%
- Promotions - 28%
- An annual/quarterly/monthly bonus - 22%
- Being given extra paid time off - 18%
- A one-on-one conversation - 15%
- Receiving an “employee of the year/quarter/month” award - 10%
- A handshake/pat on the back - 9%
Survey methodology:
This random double-opt-in survey of 2,000 employed Americans was commissioned by Motivosity between Feb 12 and Feb 19, 2024. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).