New research from Sodexo Benefits and Rewards Services reveals that nearly 1 in 5 of these employees would like to share an experience with their team, and an even greater number (25%) said they would like to share their rewards with family or friends.
The study of over 1000 people in employment also revealed that 84% of millennials are keen to receive experiences and vouchers, such as cinema discounts or tickets, as an employee reward.
Experiences are clearly of great interest – and experiential rewards can range from spa trips to days out, either for ‘on the spot’ rewarding, such as free tickets, or as an ongoing benefit which gives employees access to savings of up to 40% on cinema tickets. For years, anecdotal evidence has suggested that millennials prefer these rewards over material or financial benefits, but this attitude towards sharing these experiences has been difficult to evidence, until now.
This latest research, conducted by tlf Panel shows that experiential rewarding not only incentivises individuals, but can also drive productivity across the business. In fact, 63% of higher performing organisations show a clear preference for these non-cash rewards, suggesting that this rewarding technique does increase productivity.
Chris Baldwin, Director of Consumer Programmes, said: “This research shows how important it is to revise benefits and rewards programmes in line with changing employee demands. Rewarding millennial employees with something they can share with others has a number of clear benefits for the business, including team bonding, incentive to continue delivering quality work and greater loyalty.
“Moreover, businesses can often underestimate the impact that work can have on an individual’s loved ones. It’s important for employers to show that they recognise and understand the need for a healthy work/life balance. Any experiential reward can be easily shared with others, but family-friendly perks, such as free or reduced price cinema tickets could provide a family day out for many employees.”