Rewarding employees is not just about financial incentivisation, according to the Chartered Institute of Personnel and Development (CIPD).

A spokesperson for the organisation said gratifying staff in a fiduciary manner may not be possible in the current economic climate, but there are other efficient ways of keeping workers happy and motivated – because money is not everything.

"Giving people the recognition and praise when they are doing things well – thanking them, appreciating them – are things that we can do quite easily," the representative explained.

They added that many workers just want a bit of openness and honesty and wish to feel like they are in the loop.

Such comments come after a recent study by Badenoch & Clark found that 38 per cent of workers feel undervalued in their current role.

This increases to almost half (48 per cent) among 16 to 24 year-olds, while the most disillusioned employees can be found in the banking and financial services sector.