Rewards card Among the top 10health-related perks granted to employees, aside from theabove-mentioned fitness trackers, are such wellness-relatedtrinkets as water bottles, but more is being spent on"experiential" rewards. (Photo: Shutterstock)

|

Stressed employees are on the receiving end of more spending bytheir employers on all sorts of perks aimed at lessening thatstress level.

|

That's according to a report from workforceperformance company CR Worldwide, which also says that as youngeremployees report increasing stress levels, bosses haul out thecheckbook to pay for employee "rewards"—everything from fitnesstrackers and luxury family vacations to increased time off, insteadof costly gadgets unrelated to wellness.

|

In fact, the report adds that average U.S. corporate spending onemployee rewards ballooned by 67 percent in 2019. And no wonder;it's getting pricey. U.S. spending on rewards for sales teams,according to the report, has also tripled just in the last year,from $103 per head to $353 per head.

|

Related: 2 trends that will transform employee rewardsprograms 

|

Since spending more time on the job isn't doing productivity anyfavors, bosses are instead lessening the hours workers have tospend on the job—with the three most frequently issued rewards forU.S. employees last year an extra full-day, half-day and 10-hourvacation.

|

And about those luxury family vacations? The three mostexpensive rewards for top-performing employees included Luxury FiveNight Cruise for Two, an Orlando Family Dream Vacation and a NapaValley Wine and Dine Mini Break.

|

Among the top 10 health-related perks granted to employees,aside from the above-mentioned fitness trackers, are suchwellness-related trinkets as water bottles, but more is being spenton "experiential" rewards than doodads as corporate higher-ups keepin mind OECD research that indicates, according to the report, "howlong working hours can lead to lower output by increasing stress,while those that offer better work-life balance enjoy higher ratesof productivity."

|

Companies are also increasingly using employee data  tocraft HR policies and programs that are more personalized. In fact,38 percent of enterprises now use automated real-time systems totrack and reward employee performance—resulting in suchemployer-provided perks as free life coaching and "nap rooms."

|

"Employers have been offering gyms or chill-out spaces in theworkplace for a few years now, but new data shows that corporationsare increasingly investing in employee well-being outside theworkplace by offering rewards from extra time off to luxurycruises," says David Gould, CEO at CR Worldwide.

|

Gould adds, "This reinforces recent evidence of the wideningscope of 'corporate wellness' initiatives, from employeecounselling services to international retreats. The main driversinclude a growing need to recruit a younger workforce that believescompanies should care about their overall well-being, as well asthe pressure to counter rising workplace stress, which has animpact on productivity."

|

Read more: 

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.