Recognition more important than pay for employees: Survey

For employees, getting better recognition for their work is the best motivating factor followed by job security and earnings, says a report.

Recognition is the highest motivator (for employees) regardless of age, industry or location -- even outstripping monetary reward -- the Culture and Channelling Corporate Behaviour report published by the Association of Chartered Certified Accountants (ACCA) has found.

The survey that harnessed views of almost 2,000 ACCA finance professionals across the globe, analyses the corporate culture and several drivers of corporate behaviour in an organisation.

The results also highlighted geographical variations, including the desire to reach a more senior position as being a stronger motivator in Africa and Asia while for employees in America, having a more challenging role was most important.

"It has been found that 'tone at the top' describes the attitude of an organisation's board of directors and senior management towards setting and promoting guiding values and an ethical culture," Head of International Development with ACCA, Mohammed Sajid Khan said.

"While personal agendas were stronger drivers of behaviour in America, India and Dubai emphasised the importance of regulation in driving functional behaviour and contributing to the long-term pursuit of the organisation's objectives," he added.

Regarding performance management, the report said while performance-related pay schemes could help foster best performance, nearly two-thirds thought such systems may invite people to exaggerate or otherwise falsify their measures.

"The survey results reveal there is no 'one size fits all' strategy when it comes to building corporate culture and behaviour," Konstantinos Stathopoulos, the co-author of the report said.