A new study has shown that employees are increasingly favoring virtual rewards over those which come with a specific dollar value, according to research by gamification platform Badgeville, and employee motivation company Make Their Day!
What are Virtual Rewards?
Virtual rewards are ways of providing employee recognition without using financial incentives, and they’re currently thriving in companies nationwide. Virtual rewards can come in many forms, including but not limited to:
- Praise and recognition from an immediate manager or peers
- Opportunities for growth – such as leading a team
- A better title/more responsibilities in the workplace
- Reward for achieving workplace goals
- Just plain fun!
Virtual rewards are often used through gamification; a process gaining popularity using the principles of game play in a non-game application. BunchBall provides a useful white paper on Gamification 101, if you are new to all this. Out of the employees surveyed, 88 percent said they find virtual recognition from their managers “extremely motivating”.
The report’s findings showed that 83 percent of employees felt that they got more satisfaction from recognition at work than particular rewards of monetary value. Not only that, but 71 percent claimed the most meaningful recognition they’d ever received cost nothing at all!
Cindy Ventrice, president of Make Their Day! and author of ‘Make Their Day! Employee Recognition That Works’ says: “The value of non-tangible recognition is clearly identified in our findings. Workplace technology today, such as gamification, provides many new opportunities for non-tangible recognition. With nearly one-fifth of meaningful recognition being delivered virtually, it is clear that these methods can be effective.”
According to Incentive Magazine, the research showed 70 percent of employees found rewards meaningful to them even though they did not come with a monetary price tag – that’s an increase of 57 percent from six years ago.
“It’s about status and employee recognition. They are giving meaningful virtual rewards for exceptional work. They deliver what employees and consumers actually want, which is emotional reward”, stated Gabe Zichermann, founder of Gamification Corp.
The study was conducted using responses from over 1,200 workers from a diverse range of industries to establish what drives and motivates them to perform well in the workplace.
Cryptocurrency for Employees
Perhaps you’ve heard of Bitcoin? It’s already been adopted by many merchants, and now companies are beginning to explore the possibility of using this cryptocurrency (digital currency) as a kind of reward system for employees.
One company, called Recognize, has already created a mobile app supporting Bitcoin as an alternative way to reward workers.
He went on to say: “Yet, there are a lot of scientific examples where giving people money rewards other than salary means that people are interested in going the last mile.”
That’s why Bitcoin seems to be one solution; it’s not really money, but it works well, if not better.
A Tool to Add to Your Recognition Program
Virtual rewards are proving a great way to yield satisfied and motivated employees in the workplace, so why not consider adding virtual rewards to your recognition program today?
Ken Comee, CEO of Badgeville said: “The results of the Make Their Day! study aligns to what we’ve seen across our customers deploying gamification solutions for workplace engagement, as well as numerous reports over the last few years on the changing face of what motivates employees today. Workers of all ages, especially the rising millennial population, are motivated by real-time feedback, fun, engaging work environments, and status-based recognition over tangible rewards.”
Remember, personal recognition by management should never be eliminated by virtual rewards. Instead, think of virtual rewards as an additional way to motivate and positively engage with employees within your company; and as a tool that’s particularly valuable for engaging millennials.
Does your company currently use virtual rewards? How do they work in your workplace?
Want to learn more about the role of employee recognition for engagement and the long-term health of your business? You’ll enjoy our FREE eBook below:
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