Employee experience better incentive than bonuses

Organisations such as Barclays, Lloyds Group, Virgin Money and British Airways have offered their staff one-off bonus payments to help with soaring living costs, yet bonuses might not be a quick fix for companies to incentivise their workers.

Jill Cotton, career trends expert at Glassdoor, said improving the employee experience would be more effective at retaining staff than money.

Speaking to HR magazine, she said: “A one-size-fits-all solution for wooing and retaining candidates does not meet the complex needs of the modern workforce. In the current fierce battle for talent, we are increasingly seeing companies offer a wider range of benefits and incentives to stand apart from the competition.

“While being paid a bonus may be attractive to some job seekers, others will be looking for a great work/life balance or close alignment with their core values.

“The key is for companies to lean into the employee experience to understand what really matters to workers. Bonuses are motivational but if there’s no history of paying out, the benefit becomes defunct.”

Nosa Omoigui – HR Magazine