Competition is the essence of business. If a company is not constantly seeking to offer superior products and services, then the likelihood of its sustained success is low.

According to a new survey of 1,096 UK workers by One4all, known as the ‘Workers on Top of Their Game Report,’ competition should exist internally as well as externally. The data found 52% of bosses are losing out on employee productivity by not taking advantage of gamified rewards.

Gamified rewards are distinguished as those which have a tangible, meaningful purpose beyond pride or honour. They consist of setting small rewards for desired actions and then inviting workers to repeat that behaviour, which they do in anticipation of the same result. Data from Gartner, a global research and advisory firm, shows 40% of Global 1,000 organisations are building upon this premise to introduce their own gamified rewards to motivate and encourage positive behaviours.

Five significant potential rewards for implementing gamified rewards were uncovered through the One4all survey. Nearly half of employees reported gamified rewards would increase their motivation at work, and 32% believe they would work more diligently with gamified rewards. Furthermore, 36% of respondents think the rewards would heighten their morale, and by extension, increase their happiness. Finally, 38% of employees would have more fun in the workplace with the presence of gamified rewards, which is important because a fun environment can lead to improved levels of stress, mental health and chemistry throughout a workforce.

Though the numbers provide a substantial amount of evidence in favour of gamified rewards, many businesses are still hesitant to engage with them because of both the cost of implementation and unfamiliarity. However, Alan Smith, UK managing director at One4all Rewards, says “As we can see from the survey data, and the sheer number of workers who said that the implementation of a gamified reward system would make them work harder, the cost of implementing this kind of rewards could soon be recouped by the increased productivity employers would benefit from.”