Blackhawk Network: decline in employee satisfaction and engagement in Singapore

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Leveraging employee recognition, rewards, and incentives to foster engagement and increase loyalty in an evolving workplace environment, according to Blackhawk Network (BHN).

BHN's latest research highlights how leaders can help guide their organisations through these transitions:

Employee satisfaction and engagement

Employee satisfaction and engagement in Singapore has recently declined. Amid fears surrounding job security and pay, productivity has begun to suffer. According to BHN research, 93% of employees expressed concerns about their current employment situation.

The two top concerns were “pay increases that won’t cover the cost of living” (41%) and “being asked to do more without a pay increase” (36%).

The current uncertainty is clear, with one in four employees actively seeking new opportunities. They often prioritising pay and benefits when considering potential employers, said BHN.

However, the desire for higher pay alone is not enough. More than half (51%) of the respondents stated that they want more frequent recognition and rewards as part of a broader engagement strategy.

BHN VP of Incentives in APAC, Peter Malycon said: “Companies are encouraged to consider their recognition and incentives programmes, and ensure that they are aligned with the evolving needs of their workforce. Our research clearly highlights that employees are increasingly seeking not just higher pay, but more frequent acknowledgement for their contributions.”

The role of AI and technology in the workplace

BHN’s survey showed that 66% of employees are using AI in their roles, with 83% reporting an increase in productivity as a result. However, there is a delicate balance to be struck between leveraging AI’s benefits and maintaining human-centred recognition programmes, BHN noted. Employees continued to value personalised, timely recognition and rewards that reinforce their sense of value within the company.

The hidden significance of employee engagement and wellbeing

As AI continues to redefine the traditional workplace, re-engaging and rebuilding employee commitment will become more critical in the coming years, BHN suggested. Meaningful engagement, alongside efforts to support employee wellbeing, will play a key role in driving and enhancing business outcomes.

This is reflected in the fact that 81% of respondents indicated that receiving recognition and rewards from their company helps to keep them energised and boosts their loyalty. Moreover, 61% emphasised that the timeliness of these rewards is key. Digital or prepaid cards are a great solution to this and are loved across a range of ages and work environments.

“As we approach Employee Appreciation Day, Singaporean employers should consider how they can integrate both small and large-scale recognition tactics; it’s not just about the big bonuses, but about creating a culture where employees feel consistently valued and rewarded for their contributions”, Malycon emphasised.

Employee Appreciation Day, celebrated annually on the first Friday in March - 7 March this year - offers an ideal opportunity for employers to show their gratitude and celebrate employees’ achievements and contributions, BHN said. 

Employees prefer recognition to money

Source: ACCA report. Tone at the top influences corporate behaviour the most, according to 61% of respondents.

A new report, Culture and channelling corporate behaviour: ACCA member survey, published by ACCA (the Association of Chartered Certified Accountants) has found that recognition at work is the highest motivator, regardless of age, industry or location – even outstripping monetary reward.

The survey, which was co-funded by the ESRC (Economic and Social Research Council), harnessed the views of almost 2,000 ACCA finance professionals from across the globe. 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 having a more challenging role was most important for employees in the Americas.

Jo Iwasaki, ACCA Head of Corporate Governance, said: “The survey highlighted some clear distinctions between employee views in Europe and America and Africa and Asia. For example in Africa and Asia rules and procedures play a larger role than for respondents in Europe. However, the tone of corporate leadership is vitally important in channelling the overall culture of an organisation in any region.”

The issue of performance management will be of particular interest to business leaders. Although half of the respondents conceded that performance-related pay schemes could help foster best performance, nearly two-third thought that such systems may invite people to exaggerate or otherwise falsify their measures. This shows the fine line employers need to tread when putting in place performance related targets and the need for careful consideration when linking them to pay.

Konstantinos Stathopoulos, Professor of Accounting and Finance at Manchester Business School and co-author of the report, said: “The survey results reveal there is no 'one size fits all' strategy when it comes to building corporate culture and behaviour. Even though the role of leadership in setting the tone is highlighted in most responses, the survey uncovers significant differences in attitudes and perceptions regarding effective channels of corporate behaviour. These disparities are also intensified by differences in respondents’ geographic location, industry and characteristics.”

Interested?

Read the report