KEY POINTS:
Most employees prefer the money to other sorts of rewards, up sharply from a year ago partly because of rising household costs, according to a survey today.
Sixty-nine per cent of employees surveyed by Hays preferred financial rewards, with 16 per cent favouring non-financial rewards and 15 per cent preferring internal recognition.
That was up from 42 per cent of employees preferring financial rewards a year earlier.
"Business activity has increased and people are generally busier in their jobs," said Jason Walker, regional director of Hays in New Zealand.
"Coupled with the knowledge that we are in a candidate short market, and given higher grocery, petrol and mortgage costs, employees' emphasis has moved to cash payments rather than non-cash benefits," he said.
Non-financial benefits such as gym memberships or movie vouchers were still important rewards.
"It's also not just about the obvious rewards, financial or otherwise.
"Rewards are just one element of a good retention strategy and acknowledgement of an employee's contribution, career opportunity, the provision of new challenges, the opportunity for training and development, salary reviews and the influences of strong management are all equally important elements," Mr Jason said.
The online survey was completed by 1881 people.
- NZPA
