With 84% all U.S. businesses now using non-cash awards, it is critical to understand how to create effective programs.
WASHINGTON (PRWEB) October 27, 2017
The Incentive Research Foundation is pleased to announce the release of "Designing for Successes: Effective Design Patterns for Employee and Sales Programs." Based on analysis of several years of relevant research, "Designing for Successes" presents noteworthy design elements for effective non-cash recognition and reward programs.
“With 84% all U.S. businesses now using non-cash awards, it is critical to understand how to create effective programs,” said Melissa Van Dyke, IRF President. “'Designing for Successes: Effective Design Patterns for Employee and Sales Programs' details patterns in effective program design used by top-performing companies.”
Top trends and strategies employed by successful employee recognition and reward programs include:
- Top performing companies are two times more likely to have a consolidated program or single employee program across the company.
- Non-cash rewards are an effective motivator for engaging employees who take on non-core job roles.
- The top objectives of employee programs are improving morale (84%), improving productivity (58%), and improving customer satisfaction (48%).
- The most prevalent types of awards in employee programs are gift cards (71% of businesses), merchandise (38%), award points (36%), and travel (30%).
With 60% of all U.S. businesses using non-cash sales rewards, spending conservatively $23 billion annually on these awards, effective design of sales incentive programs includes:
- The top objectives for sales rewards and incentive programs are increasing overall sales (80%), improving morale (76%), and improving productivity (58%).
- Individualized sales quotas are used by 80% of top performing organizations.
- Incentive programs are most successful when they are designed to reflect and enhance the organization’s corporate culture.
- Over 80% of U.S. firms use more than one award type. On average, businesses use more than seven types of awards for sales incentives.
- The three performance metrics most often used to evaluate the success of sales incentive programs are product sales in dollars (66%), net new customers (49%), and product sales in units (37%).
To download a copy of "Designing for Successes: Effective Design Patterns for Employee and Sales Programs," please visit http://theirf.org/research/designing-for-successes-effective-design-patterns-for-employee-and-sales-programs/2304/
About the IRF:
The Incentive Research Foundation (TheIRF.org) funds and promotes research to advance the science and enhance the awareness and appropriate application of motivation and incentives in business and industry globally. The goal is to increase the understanding, effective use, and resultant benefits of incentives to businesses that currently use incentives and others interested in improved performance.