Wondering how to keep your employees happy? A new survey says Cash is King!

According to a survey conducted by BambooHR of more than 1,000 business professionals, most people prefer money to titles and other types of recognition.  Finally, people I can relate to! I’ve read an unending amount of articles over the last few years describing how transparency, recognition, a fancy title, extra perks, paid days off, etc. are the important things that keep employees happy. I’d scratch my head thinking transparency and recognition won’t pay my mortgage and the last time I checked, the dentist wouldn’t accept my fancy title as payment for my son’s braces.  While those other benefits are definitely nice, a new survey shows that cash is king!

According to BambooHR’s survey:

• 82 percent of employees said they only needed a 3 percent raise to accept money over a title promotion.
• While most prefer money, one in five prefer the title change.
• Employees are not interested in being offered “advancement” in title or responsibility without increasing their pay.
• 70 percent of employees prefer a cash bonus over recognition through a company-wide email from a company executive.
• 3 out of 4 said a bonus would have to be at least $2000 for them to accept it over a company-wide recognition email.
• 1 out of 5 said a bonus would have to be at least $5000 for them to accept it over a company-wide recognition email.
• 70 percent would prefer a gift card while 30 percent would opt for cash added to their next paycheck – probably because the paycheck cash is taxed.
• 30 percent of employees prefer an email recognizing their contributions. Employees also say they’d much rather be recognized by an executive in a company-wide email than receive a prestigious industry award.

So, according to this new survey, it is important to know your employees and what it takes to keep them happy and engaged. Most people work for monetary reasons so it’s no surprise that monetary recognition is the No.1 choice.

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