Canadian employee rewards and incentive programs feel the pinch of economic uncertainty in 2015 despite importance to business success and employee engagement
TORONTO, ONTARIO--(Marketwired - Oct. 20, 2015) - Results from the 2015 Canadian Incentive and Rewards Trends Study released today by Berkeley Payment Solutions suggest that Canadian corporate employee rewards and incentive programs are feeling the effects of economic uncertainty in 2015, despite being ranked as important to business success and employee satisfaction. According to the report, the number of Canadian businesses that use rewards to motivate employees dropped to 61% in 2015, down from 69% in 2014; while more than half (55%) of Canadians surveyed say their employer doesn't offer rewards to recognize their performance.
The 2015 Canadian Incentive and Rewards Trends Study is in its sixth year, and now features research from 500 full-time Canadian employees and 1,125 HR professionals from across Canada. The new research reveals:
2015 challenges for corporate employee rewards programs
The 2015 Canadian Incentive and Rewards Trends Study shows Canadian organizations consider employee rewards as integral to their business success, but economic uncertainty and program management and measurement are obstacles in implementing employee rewards programs in 2015.
Program administration frustrations run high
More than half (55%) of those surveyed who manage corporate employee rewards are so frustrated with their organization's program that they feel "like pulling their hair out".
The Incentive Gap widens in 2015
The Incentive Gap, identified in last year's study, describes the inconsistency between the incentives companies use, and the incentives employees actually want. The results from the 2015 study find:
Canadians rank prepaid cards #1
According to Canadian HR managers surveyed, prepaid MasterCard and Visa cards are the easiest to administer and the most cost-effective, while Canadian employees rank these cards as the incentive they prefer to receive for a job well done.
"During times of economic uncertainty, reductions made to employee rewards and incentives programs might look good on the books but the ramifications of these cuts can do more harm than good in the long run," says Jonathon Hamburg, CEO of Berkeley Payment Solutions. "Prepaid MasterCard and Visa card solutions can help Canadian organizations of all sizes better manage their employee rewards budgets and overcome program administration challenges, to deliver flexible, cost-effective rewards that will motivate employees and benefit Canadian businesses in the long term."
Additional industry highlights from the 2015 Canadian Incentive and Rewards Trends Study include:
About the 2015 Canadian Incentive and Rewards Trends Study
Now in its sixth year, the Canadian Incentive and Rewards Trends Study is the only research of its kind. Berkeley Payment Solutions conducts the research to gain insights into the views and practices of Canadian companies with respect to their corporate incentive programs. This year's survey polled 500 Canadian full-time employees from across the country, in addition to 1,100 Canadian HR professionals from companies of all sizes and across numerous sectors including financial services, consumer packaged goods, telecommunications, retail, healthcare, media and advertising, manufacturing, and government. Survey results are accurate +/- 3%, 95% of the time. For the complete 2015 Canadian Incentive and Rewards Trends Study results, see: http://berkeleypayment.com/2015-canadian-incentives-and-rewards-trends-study.
About Berkeley Payment Solutions
Berkeley Payment Solutions delivers MasterCard and Visa prepaid card programs for corporations, governments, and financial institutions. Collaborating with more than 700 business-to-business and business-to-consumer clients, channel partners, non-profit organizations and marketing agencies in Canada and the United States, Berkeley creates custom prepaid incentive and payment solutions that can be used for a wide variety of programs. For more information, visit www.berkeleypayment.com.