A recent survey has revealed just how influential non-monetary rewards can be over an employer’s rates of retention - those who offer non-monetary rewards to employees have higher rates than those who don’t.

Reported by Nicola Sullivan of Employee Benefits Magazine, the survey by market research organisation GfK NOP polled 1000 and found that of those respondents who were planning to leave their jobs within the year, 44% worked under line managers who didn’t employ non-monetary rewards to motivate their staff and only 25% worked for line managers who did.

Confirming the influence non-monetary rewards have over rates of retention, the survey also found that over half (51%) of those employees who were the recipients on non-monetary rewards intended to stay in their job indefinitely. Just 24% of staff who do not receive non-monetary rewards claim to be satisfied in their job with 49% stating they would not be in their current role if given the choice.

Speaking of the survey’s finding, Sukhi Ghatore, associate director of GfK NOP stated “It is well documented that non-monetary reward is an important motivator for staff, but the effect on employee retention of failing to embrace such recognition is quite startling.”

It seems clear that for improved employee retention, a Peoplevalue-powered reward solution could have a definite influence. Excellence Awards are an innovative non-cash reward solution that lets an organisation take a proactive role in maximising employee retention and avoiding the hassles of high employee churn.