Seven in 10 (70%) employees would forego the traditional Christmas party in favour of more frequent rewards throughout the year, according to research from Reward Gateway.
The survey of 1,400 employees and senior managers across the UK, US and Australia, also found that 65% of staff thought their employers could do more to understand what was most important and helpful to them over the festive season. More than three-quarters of HR and business leaders agreed that they could do more to understand the wants and needs of staff over this time.
Almost two-thirds (65%) of HR managers surveyed stated that employees tend to have heightened levels of stress relating to financial health over this period; however, only 40% stated that their organisation offers support in this area.
Among recent graduates, 58% of respondents would prefer regular rewards throughout the year to a Christmas bonus. This drops to 42% of employees aged between 45 and 54.
Overall, 46% of employees would prefer access to savings on everyday purchases, rather than a holiday party.
Robert Hicks, group HR director at Reward Gateway, said: “Today, employees are challenging their employers to look at their benefits as well as reward and recognition programs more closely, getting them to understand that what has worked traditionally may not work for today’s modern workforce.
“What’s interesting from the findings is that employee preference is changing, and that managers agree [that organisations] could be doing more to better engage their workforces. Organisations that prioritise listening to their people and delivering continuous rewards and recognition can create an environment where employees are more engaged and excited about where they work all year, not just during the holidays.”
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