Rewarding and recognising the people, who work hard for you, has long been a key element for encouraging them to do even better. This is in practice since ages with many leaders using it to inspire their workers. Even Napoleon once said: "A soldier will fight long and hard for a bit of coloured ribbon."

It means that people can be motivated to endure great struggle and make significant sacrifice for recognition, such as medals or rewards for soldiers, which may seem small or insignificant in the broader context. 

Therefore, rewards and recognition do motivate employees, increase productivity, and inculcate a positive working environment, which benefits both employees and employers. By acknowledging and celebrating their achievements, companies encourage continued success and create an environment where they feel valued and motivated. This has also been pointed out by many studies. 

Over 80% employees feel rewards affect their motivation level

According to a survey done by Nectar, more than 80% of employees feel that rewards and recognition affect their motivation level to succeed at the workplace.

While employees above 35 years of age appeared less affected by rewards and recognition, employees below 30 years got highly motivated after being recognised for their work, it said.

The survey also showed that three in four employees would be more productive if they receive recognition more frequently. The survey mentioned that employees in the age group of 20-25 years were 85% more productive when they got rewarded for their work.

Nectar has consulted around 1,800 full-time employees in the US for the survey.

‍However, rewards can have different meanings and significance depending on a person's age or life stage. Here's a breakdown of how rewards might vary across different age groups and life stages.

Between the age group of 20 and 35 years: For people falling in this category, rewards are often associated with achieving personal milestones, such as graduating, getting degrees, landing the first job, or enrolling for higher studies. These rewards can be linked to financial independence, social recognition, confidence, self-sufficiency, and finding a purpose in life.

Rewards here means career advancement like enrolling for higher studies; financial rewards in the form of salary, incentives, and bonuses; social experiences like travel, dinner, parties; personal achievements like getting engaged or married.

Between the age group of 35 and 50 years: Rewards at this stage are often associated with long-term goals, such as career success, promotions, buying a house or a plot of land, investment in insurance policies, family well-being, or personal fulfilment. Rewards at this point may be associated with maintaining work-life balance and achieving stability in personal, as well as professional lives.

It also means financial rewards in the form of salary increment, bonus, homeownership, promotions, personal growth, finding time for hobbies or travel, and family-focused rewards like vacations, or family gatherings.

Between the age group of 50 and 65 years: At this stage, people don’t want to experiment much with their lives and rewards for this age group may revolve around leaving a legacy, preparing for retirement, planning for future with respect to health and financial stability, and enjoying the hard work done in the past. The focus shifts from striving for achievement to finding balance and stability in life.

Rewards here means peace and contentment, retirement planning, secured future, travel experience, finding time for family, especially for grandchildren.

For senior citizens above 65 years: Rewards at this stage are primarily associated with health, social connections, and leaving a legacy for future generations. It is the moment to enjoy and cherish one’s achievements.

People at this age look for tranquillity and good health as life slows down. For them rewards mean spending quality time with family, and friends; recognition for life achievements; feeling of being valued and respected; opportunities for social engagement for example joining clubs, or volunteer for social work, or travel.

Youth often respond to tangible rewards, while older employees value intangible awards

Young individuals often respond to tangible rewards, such as money, gifts, or privileges, as these things satisfy them instantly. They have more often immediate desires and are motivated by external and visible rewards. 

While older individuals value intangible rewards, such as recognition, personal growth, respect, a sense of accomplishment, or fulfilment of long-term goals. These rewards may not provide instant gratification, but they are often long lasting and have deeper impact.