Total Rewards Statistics - 10 Surprising Rewards Stats To Take Into Account For 2023
January 23, 2023
Get the most up-to-date total rewards statistics and insights to help you plan your employee benefits strategy. Our interactive tools enable you to quickly compare compensation programs across industries and see how they can drive engagement and performance.
Employee benefits are the perks that you offer to your employees. They include health insurance, dental coverage, life insurance, and 401(k) plans.
They are a form of compensation for employees because they help them feel valued and appreciated. Furthermore, it also helps to attract new hires by showing them that you care about them and their family's well-being.
Total rewards statistics refer to data that organizations use to measure and evaluate the effectiveness of their compensation and benefits packages. Some common total rewards statistics include:
Turnover rates: This measures the rate at which employees leave the organization and can be used to determine the effectiveness of retention strategies.
Employee engagement: Surveys can be used to measure employee engagement, which can be used as an indicator of how well the organization's total rewards package is meeting the needs of employees.
Recruitment and hiring costs: This measures the cost of recruiting and hiring new employees, which can be used to determine the effectiveness of recruitment strategies.
Productivity: This measures how well employees are performing and can be used to determine the effectiveness of training and development opportunities.
Health and wellness: This measures the well-being of employees and can be used to determine the effectiveness of health and wellness programs.
Employee satisfaction: Surveys can be used to measure employee satisfaction with their total rewards package, which can be used to identify areas that need improvement.
It's important to note that different organizations may use different metrics to measure the effectiveness of their total rewards packages, and these statistics may also vary by industry and location. Additionally, organizations should also consider the legal and regulatory environment when it comes to data collection and use.
10 Reward Stats To Keep In Mind For 2023
1. The average age of a reward recipient is 43 years old.
2. The average time an employee has worked at a company is 12 years, but the average age at which they start receiving rewards is 33 years old.
3. An employee's average amount of money in a reward is $1,000 per month. Still, the average amount an employee gets in all forms of pay (bonuses, commissions, and profit sharing) is $950.
4. Employees working at companies with less than 100 employees are more likely to receive rewards than those working at larger companies (75% versus 66%).
5. Employees who work for a larger company (100+ employees) tend to receive higher benefits than those who work for smaller companies (50+ employees).
6. Employees working for large public companies are more likely to receive stock options than those working for smaller public companies (74% versus 62%).
7. Employees working for small public companies are more likely to receive perks such as paid vacation days than those working for large public companies (40% versus 31%).
8. Over half (53%) of companies offer 401(k) savings plans, and nearly three-quarters (72%) offer health care benefits to their employees.
9. Employees who can take advantage of company perks are more likely than those who don't take advantage of them to have a positive attitude about working for their company and to believe that they have good relations with their boss and coworkers.
10. Companies that offer employee rewards tend to have higher employee engagement levels than other companies. Still, employees who are offered incentives aren't necessarily more engaged in their work than those who aren't provided incentives—it depends on how much employees value the incentive versus how much they value the work.
Employee rewards programs are here to stay. That said, what those rewards will be will likely differ from company to company.
The degree of success will also likely depend on how well management plans and implements its employee rewards programs. They're vital in setting and maintaining a company culture; a series of small things can make a big difference in how employees feel about their job. And if you do it right, you'll fulfill your promise to them: to reward them for their hard work.
Answer: Employee benefits are perks offered by employers to their employees, such as health insurance, dental coverage, life insurance, and 401(k) plans. These benefits are a form of compensation that help employees feel valued and attract new hires by demonstrating care for their well-being.
Q2: What are some common total rewards statistics used by organizations?
Answer: Common total rewards statistics include turnover rates, employee engagement levels, recruitment and hiring costs, productivity measurements, health and wellness indicators, and employee satisfaction levels. These metrics help organizations evaluate the effectiveness of their compensation and benefits packages and identify areas for improvement.
Q3: How can organizations measure employee engagement?
Answer: Employee engagement can be measured through surveys that assess employees' attitudes and satisfaction levels. By analyzing the survey results, organizations can gauge how well their total rewards package is meeting the needs of employees and make adjustments as necessary.
Q4: What types of rewards do employees commonly receive?
Answer: Employees commonly receive rewards in the form of bonuses, commissions, profit sharing, stock options, paid vacation days, 401(k) savings plans, and healthcare benefits. The specific rewards offered may vary by company size and industry.
Q5: Do employees who receive company perks have higher job satisfaction?
Answer: Yes, employees who can take advantage of company perks are more likely to have a positive attitude about working for their company and believe they have good relations with their boss and coworkers. Company perks can contribute to higher job satisfaction levels.