{"id":715,"date":"2023-07-15T08:00:22","date_gmt":"2023-07-15T08:00:22","guid":{"rendered":"https:\/\/www.biworldwide.com\/en-au\/?p=715"},"modified":"2025-04-03T14:46:33","modified_gmt":"2025-04-03T03:46:33","slug":"culture-of-recognition-and-rewards","status":"publish","type":"post","link":"https:\/\/www.biworldwide.com\/en-au\/our-work\/blog\/culture-of-recognition-and-rewards\/","title":{"rendered":"Culture of Recognition and Rewards"},"content":{"rendered":"<div class=\" has-content-align-left has-overlay has-overlay--dark alignwide wp-block-biw-block-theme-hero\">\n\t<div class=\"biw-hero__grid\">\n\t\t\t\t\t<div class=\"biw-hero__breadcrumbs\">\n\t\t\t\t<div id=\"breadcrumbs\" class=\"breadcrumb-nav__wrapper\"><span class=\"breadcrumb-nav\"><span><a href=\"https:\/\/www.biworldwide.com\/en-au\/\">Home<\/a><\/span><\/span><\/div>\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"biw-hero__media has-dynamic-border-radius\">\n\t\t\t\t\t\t\t\t\t<div class=\"biw-hero__overlay overlay-dark\"><\/div>\n\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"630\" src=\"https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/reward_recognition.jpg\" class=\"biw-hero__bg-image\" alt=\"employees celebrating\" style=\"object-position: 46% 39%;\" srcset=\"https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/reward_recognition.jpg 720w, https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/reward_recognition-300x263.jpg 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/>\t\t\t<\/div>\n\t\t\t\t<div class=\"biw-hero__content\">\n\t\t\t\t\t\t<h1 class=\"biw-hero__title\" style=\"line-height: 1.2\">\n\t\t\t\tCulture of Recognition and Rewards\t\t\t<\/h1>\n\t\t\t\t\t\t\t\t\t\t<div class=\"biw-hero__text\">\n\t\t\t\t\t\n\n<p>In today&#8217;s volatile economic landscape, where inflation and cost of living are soaring, employee retention has never been more critical. This blog dives into the compelling data behind the power of meaningful rewards in not only reducing turnover but also enhancing overall employee well-being.<\/p>\n\n\n\n<p>Drawing from BI WORLDWIDE&#8217;s own extensive global meta-analysis and insights from PwC Australia&#8217;s Future of Work Outlook, we explore how a culture of recognition is the cornerstone for a happier, more engaged, and more productive workforce.<\/p>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"biw-hero__experts\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"biw-hero__expert\">\n\t\t\t\t\t\t\tTom Nash\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"biw-hero__expert-title\">, Account Director, BI WORLDWIDE Australia<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<a href=\"#related-experts\" class=\"biw-hero__experts-link\">More about the author<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p>Rewarding and Motivating People in Today\u2019s Workplace\u202f&nbsp;<\/p>\n\n\n\n<p>More than ever employees are feeling the&nbsp;financial pinch due to inflation, cost of living pressures and the uncertainty around interest rates.\u202f\u202f&nbsp;<\/p>\n\n\n\n<p>Combining this environment with being in an employee market, signifies the need to focus on retainment of talent.\u202f\u202f&nbsp;<\/p>\n\n\n\n<p><strong>Related article:&nbsp;<\/strong><a href=\"https:\/\/www.biworldwide.com.au\/research\/blog\/2023\/rewarding-and-motivating-people-in-todays-workplace\/\">Rewarding and Motivating People in Today\u2019s Workplace<\/a>&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-video is-provider-vimeo wp-block-embed-vimeo\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"_23_BIW_Culture_of_Recognition_and_Rewards_video_Website_Final_\" src=\"https:\/\/player.vimeo.com\/video\/827106823?h=ebddcd24a8&amp;dnt=1&amp;app_id=122963\" width=\"500\" height=\"281\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write; encrypted-media\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">The Link between Rewards and Turnover\u202f&nbsp;<\/h3>\n\n\n\n<p>There is much research out there demonstrating the impact meaningful rewards have on lifting engagement and reducing turnover. BI WORLDWIDE\u2019s own global meta-analysis study, involving 30,000 employees, shows a clear link between the frequency of rewards and low turnover.\u202f&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"463\" height=\"330\" src=\"https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/Culture-of-Recognition-and-Rewards-1.png\" alt=\"effect of recognition on reducing turnover\" class=\"wp-image-716\" srcset=\"https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/Culture-of-Recognition-and-Rewards-1.png 463w, https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/Culture-of-Recognition-and-Rewards-1-300x214.png 300w\" sizes=\"auto, (max-width: 463px) 100vw, 463px\" \/><\/figure>\n\n\n\n<p>The finding found that turnover is&nbsp;<strong>4x&nbsp;<\/strong><strong>higher<\/strong>&nbsp;among employees with the lowest recognition with awards, compared to the highest rate of recognition with awards.\u202f&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">PwC Australia\u2019s Future of Work Outlook\u202f&nbsp;<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.pwc.com.au\/future-of-work-design-for-the-future\/2023-future-of-work-outlook.html\">PwC Australia\u2019s Future of Work Outlook<\/a>&nbsp;looks to highlight the complex problems facing organisations and identify key trends that will require attention in the coming years. Findings suggest organisations should avoid cutting learning and development budgets to continue to nurture and grow the talent they\u2019ve attracted in the past 12 months.\u202f\u202f\u202f&nbsp;<\/p>\n\n\n\n<p>Providing sufficient rewards and recognition to employees is highlighted as a key factor in reducing the risk of psychosocial hazards outlined in the Work Health and Safety legislation. Doing so will only support an organisation\u2019s ability to attract and retain talent in the shifting job landscape.\u202f\u202f&nbsp;<\/p>\n\n\n\n<p>BI WORLDWIDE\u2019s own research backs this up:\u202f\u202f&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"486\" height=\"380\" src=\"https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/Culture-of-Recognition-and-Rewards-2.png\" alt=\"graph for receiving multiple types of recognition\n\" class=\"wp-image-717\" srcset=\"https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/Culture-of-Recognition-and-Rewards-2.png 486w, https:\/\/www.biworldwide.com\/en-au\/wp-content\/uploads\/sites\/6\/2025\/01\/Culture-of-Recognition-and-Rewards-2-300x235.png 300w\" sizes=\"auto, (max-width: 486px) 100vw, 486px\" \/><\/figure>\n\n\n\n<p>Creating a culture of recognition where meaningful rewards are frequent, results in employees being happier, more engaged, committed, and productive.\u202f\u202f&nbsp;<\/p>\n\n\n\n<p>It is clear building a culture of recognition not only plays a key role in achieving strong employee engagement but also directly impacts mental health and overall happiness.\u202f&nbsp;<\/p>\n\n\n\n<p><strong>Related Article:<\/strong>&nbsp;<a href=\"https:\/\/www.biworldwide.com.au\/research\/blog\/supporting-employee-health-and-wellbeing\/\"><strong>Supporting Employee Health and Wellbeing<\/strong>\u202f<\/a>&nbsp;<\/p>\n\n\n\n<p>We recently gathered feedback from many human-centric business leaders at the Serenity Collective&#8217;s Deep Dive Day.\u202f\u202f&nbsp;<\/p>\n\n\n\n<p>The feedback was clear and concluded that, As meaningful rewards produce a positive emotional outcome, taking rewards away has a negative emotional outcome, flowing through the organisation\u2019s culture.\u202f\u202f&nbsp;<a href=\"https:\/\/www.biworldwide.com.au\/research\/case-studies\/getting-an-engaged-tone\/#below-hero\"><\/a><\/p>\n\n\n\n<div style=\"height:0\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In today&#8217;s volatile economic landscape, where inflation and cost of living are soaring, employee retention has never been more critical. This blog dives into the compelling data behind the power of meaningful rewards in not only reducing turnover but also enhancing overall employee well-being.<\/p>\n","protected":false},"author":27,"featured_media":718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"associated_experts":[{"id":407,"title":"Tom Nash","type":"industry-expert","slug":"tom-nash"}],"featured_image_focal_point":{"x":0.5,"y":0.5},"footnotes":""},"content-topic":[28,22,11],"problem-space":[6],"class_list":["post-715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","content-topic-behavioural-economics","content-topic-employee-recognition","content-topic-employee-rewards","problem-space-employee-engagement"],"featured_media_global":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Culture of Recognition and Rewards - Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biworldwide.com\/en-au\/our-work\/blog\/culture-of-recognition-and-rewards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Culture of Recognition and Rewards - Australia\" \/>\n<meta property=\"og:description\" content=\"In today&#039;s volatile economic landscape, where inflation and cost of living are soaring, employee retention has never been more critical. 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