ICT employees want their employers to show them the money according to recruiters, Hays Information Technology.
In a recent study, the company found that financial rewards or a combination of financial and non-financial rewards were preferred over straight non-cash benefits.
In surveying 2299 employees, some 41.7 percent of employees said they preferred financial rewards, with just 9.5 percent valuing non-financial rewards. A mixture of both was preferred by 48.8 percent.
While rewards could help attract, retain and motivate high-quality employees, the way in which staffs were rewarded was at the heart of the employment relationship, regional director, Peter Noblet said in a statement.
“As this survey shows, it is clear employees value financial rewards, from bonuses to an earlier salary review, and that consequently an effective reward strategy needs to incorporate cash components,” he said.
“However non-financial benefits, from additional training through to sporting or movie tickets or a weekend away for two, can also be utilised in addition to cash rewards and allow an employer to recognise a staff member’s efforts and successes in a personal way.”
So long as reward systems were fair and equitable they can be used as part of a successful retention program, Noblet said. However retention schemes should not only focus on rewards.
“Rewarding successful or high performing staff is certainly a factor, but career progression, training and development, strong management and the provision of new challenges should also be addressed in any retention program,” he said.
ICT workers want cold, hard cash
By Staff Writers on Apr 6, 2006 4:27PM