Recognition more important than pay for employees

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A survey by the Association of Accounting Technicians (AAT) has revealed the importance of recognition for employees, with many citing it as a more important factor than salary.

A large number of those surveyed – 8 in 10 – said they would turn down a higher paid role if they thought it would negatively affect their happiness, working conditions or stress levels. However, being recognised for doing a good job and feeling their job is worthwhile were also deemed vital factors.

The survey asked 2,000 British workers what they want in a job, with the top five results as follows:

  1. Responsibility
  2. Recognition
  3. A good relationship with colleagues
  4. Pay
  5. Feeling like they are making a difference

Meanwhile when asked why they are staying in their current job, the top five answers included a good relationship with colleagues, a good relationship with the boss, and a manageable commute – whereas salary came in sixth.

Recognition as part of reward

Recognition of course comes in many guises, one of which is financial – many reward manager jobs include responsibility for bonuses and salary reviews.

However, many companies now look to create Reward and Recognition positions, understanding that the two are interconnected.

The importance of recognition means that reward professionals should have a thorough understanding of what constitutes a good work-life balance, and have ideas for promoting it through company initiatives and benefits schemes. They will also be excellent communicators, enabling them to liaise with other HR staff to discuss how relationships and working conditions can be improved through operations and policies. Finally, they will have a methodical, detailed approach to verifying that reward is closely tied to performance.

For help finding a talented reward manager who appreciates the value of recognition, contact Portfolio CBR's recruitment specialists on 020 7650 3190.