Korn Ferry study: 63% of employees want promotions, not raises

Dive Brief:

A Korn Ferry survey of 1,200 employees showed a majority (63%) of respondents would rather get a promotion than a raise, Employee Benefits News reports.
A greater number of participants (73%) said they’re driven by the believe that their work has meaning and purpose, reports EBN. About one-fifth (21%) said they wanted to be a leader among employees in their companies.
Peter Keseric, a managing consultant at Korn Ferry Futurestep, said employees value recognition and want to feel that their work is making a difference.

Dive Insight:

Korn Ferry found what other studies have also shown; recognition is a key motivator. Employees want to be paid fairly for their work, but money isn’t always the main driver of engagement and productivity in the workplace.

Employers can use studies like Korn Ferry’s in their strategies for making the employee experience more rewarding. In general, gratitude goes a long way. Some HR observers have advocated for "social recognition," or the use of social media platforms to recognize important individual milestones and accomplishments.