Can you imagine – US companies are spending more than a fifth of their budgets on wages, but research shows that still, more than 80% of American employees say they do not feel recognized or rewarded.

Why is that?

Because apparently, many companies still underestimate the importance of intangible rewards. What any employee wants is to feel appreciated and valued, to feel that his work was meaningful and had an impact on the whole company.

Assistant Professor Ashley V. Whillans from the Harvard Business School says that

Employees long for autonomy, with the freedom to choose how to do their work; they want to appear competent, armed with the skills needed to perform, and they want to feel a sense of belonging by socially connecting with colleagues in a meaningful way. When these needs are satisfied, employees feel more motivated, engaged, and committed to their workplace—and they report fewer intentions of leaving their jobs.