The Reward Navigator 2024
In Europe’s biggest survey of its kind, we asked over 5000 HRDs and 18,000 employees to tell us about their company’s reward and benefits strategy. The responses shed new light on what employees want from their remuneration package—and where employers are still missing the mark. Explore below to discover the biggest insights from the research, along with four milestones to reach on your journey to reward success.
What employee benefits should you offer?
When it comes to the rewards employers currently offer, we see a mix of both classic and trending benefit types. Key employee benefits include fixed salaries (received by 80.6% of employees), flexible working hours (50.3%), and study/training days (39.4%). Additionally, benefits like gifts for special occasions (34.8%), meal vouchers or allowances (31.7%), and health and wellness programs (30.8 %) are also commonplace.
Why focus your reward strategy on employee retention?
An effective rewards strategy should be centrally aligned to the goals and ambitions of your wider organization, through happy, considered, dedicated employees. So, it's alarming that only 45% of employers believe their current reward policy positively impacts employee retention and motivation - because an effective reward strategy can actually be crucial to ensuring that you attract (and hold on to!) the very best people for the job.