Of the 1881 employees surveyed, 69% said they prefer financial rewards, with 16% preferring non-financial rewards and 15% preferring internal recognition.

 

Hays Resources & Mining regional director Ben Hiles said the figures should be taken into account by mining companies looking to reward and retain their workers during the industry-wide skills shortage.

 

“An effective reward strategy needs to incorporate cash components … the way in which staff are rewarded for hard work or successful results is an important part of employee engagement and a successful employment relationship,” Hiles said.

 

In a similar survey by Hays in April 2006, only 42% of employees surveyed said they preferred financial rewards, which shows a significant increase in the number of people preferring cash rewards.

 

“As this survey shows, financial rewards such as bonuses or an earlier salary review have become increasingly important to employees over the past 12 months,” Hiles said.

 

He said there are several reasons for this increased focus on financial rewards.

 

“Business activity has increased and people are generally busier in their jobs. Coupled with the knowledge that we are in a candidate short market and given higher grocery, petrol and mortgage costs, employees’ emphasis has moved to cash payments rather than non-cash benefits.”

 

But Hiles also reinforced the importance of non-financial benefits.

 

He said in addition to cash rewards, non-financial benefits like a weekend away or a gym membership allowed an employer to recognise a staff member’s efforts in a personal way.

 

“It’s critical these days for any employer looking at attracting and retaining staff to consider how they compete with similar organisations in the types of benefits they offer,” he said.

 

“Rewards are just one element of a good retention strategy and acknowledgement of an employee’s contribution, career opportunity, the provision of new challenges, the opportunity for training and development, salary reviews and the influences of strong management are all equally important elements.”