Around two-thirds of HR bosses are set to review and develop their reward schemes in an attempt to improve morale in the workplace, it has been found.

Research by WorldatWork and the Hay Group revealed 64 per cent of businesses questioned will evaluate the motivational value of bonuses and recognition schemes, according to Thomsons Online Benefits.

Colin Evans, UK head of reward services at the Hay Group, said the current economic climate makes motivation and morale a key concern for business.

Mr Evans added: "The global downturn has prompted organisations worldwide to shift to an increased focus on how to engage and motivate employees."

"However, during times when budgets are tight, maintaining an engaged workforce is more difficult than ever."

Brian Capon, a spokesperson for the British Bankers’ Association, believes that bonuses and rewards should be governed by proper controls – and allied with long-term performance, rather than reward short-term goals.