FINANCE BUSINESSES MISSING THE MARK WITH GAMIFIED REWARDS

75% of finances businesses currently offer a gamified rewards system

But only a minority of these are utilising the most effective kind of gamified reward

Research reveals which types of gamified rewards have the biggest impact on motivation and productivity of financial industry workers.

A survey of 1,219 UK workers, carried out by workplace incentives and rewards provider, One4all Rewards, and published in The Gamification Report surveyed employees from different age groups, genders and industries revealing which type of gamified rewards systems would motivate them the most or for the longest period of time. The research found that 35% of finance workers were most likely to cite fixed action rewards as being the biggest motivator.

But the research shows just a third (33%) of finance businesses are utilising this type of gamified reward.

30% of finance industry workers stated that they would work harder or for longer to unlock social treasure style rewards, which are awarded by peers.

Surprise or unexpected rewards came in third place (27%), with finance workers stating they would be motivated to work harder if their employer offered them.

Meanwhile, rolling or lottery style rewards where workers hit their targets are then entered into a lottery or raffle to win a reward or bonus, would work for almost 1 in 4 (24%) finance industry workers.

Random rewards in return for completing a certain task or action would work for 19% of finance workers.

The research found that a large number (75%) of finance businesses currently offer a gamified rewards and bonus system.

But the study shows that they could be utilising this type of system in a slightly different way, to have a bigger impact.

The research found that majority (43%) of finance businesses offering gamified rewards systems are relying on surprise or unexpected rewards – which award workers for a job well done – but in fact, it is actually fixed action rewards which workers say would motivate them the most.

Michael Dawson managing director of One4all said: “It’s fantastic that such a large number of finance businesses have already adopted a gamified reward and bonus system for their staff – but the research shows that some could be using them to greater impact employee productivity.

“It’s definitely worth bosses considering which style of rewards and bonuses will have the biggest impact on productivity and effort amongst their workforce.

“Given that these types of rewards truly embody the spirit of gamified rewards – which recognise and praise good behaviour, to encourage workers to repeat this in the hope of receiving another reward – this makes sense.”

One4all Rewards are industry experts in benefits and rewards. Working with over 6,000 businesses of all sizes nationwide, One4all Rewards helps to transform customer and employee relationships through successful rewards and incentive schemes.

For more information and to read The Gamification Report, visit https://www.one4allrewards.co.uk/blog/blog/research-reports/gamification-report-2019

The most popular types of gamified rewards most likely to improve productivity and motivation levels for finance workers:

  1. Fixed Action Rewards – 35%
  2. Social Treasures – 33%
  3. Surprise Rewards – 27%
  4. Rolling/ Lottery Rewards – 24%
  5. Random Rewards – 19%

Posted by Mohammed Junaid