IRF Releases Signature Study of Corporate Program Owners of Incentive, Reward and Recognition Programs
WASHINGTON (PRWEB) June 19, 2018 -- The Incentive Research Foundation is pleased to release Voice of the Market, Part 1: The Use of Non-Cash Rewards & Recognition, a qualitative study of incentive program owners and end-users. Based on a series of extensive interviews conducted by the IRF, the study details the elements of a successful incentive program according to the professionals who manage their company’s reward programs.
“The great news is that end-users are strong believers in the merits of non-cash rewards, and just as important, they report this positive sentiment is broadly shared among their executive teams,” said Melissa Van Dyke, IRF President. “We gathered so much insightful information from this series of interviews with end-users, and Voice of the Market summaries these fifty case studies in one comprehensive report.”
The IRF research team interviewed fifty end-users representing a wide range of non-cash rewards programs. These end-users spent anywhere from $25,000 to millions of dollars annually on programs that included one or more of the following types of rewards: travel, award points, merchandise, gift cards, and branded items. There was a broad range of program complexity, industry awareness, vendor reliance, and experience managing incentives.
Voice of the Market, Part 1: The Use of Non-Cash Rewards & Recognition reports that owners and managers of non-cash reward and recognition programs are strong advocates for the work they do. They speak confidently and absolutely about what their organization needs, what is meaningful to their participants, and the overall impact of their programs. Additional insights from incentive program owners include:
• Investments in non-cash rewards are seen as complementary to cash-based rewards, and often serve a completely different purpose.
• Non-cash rewards are viewed as vehicles of celebration – fun, memorable, and more easily discussed socially than cash.
• Incentive spending is often decentralized across office branches or facilities, with little coordination, sharing of best practices, or corporate guidelines.
• Gift cards can be easily targeted to specific audiences. Restaurant cards are popular for employees with families, while grocery and gas cards are powerful rewards for a minimum wage workforce.
• Incentive travel is highly appreciated by employees, their families, and executives for the attention and energy generated from offering the reward.
• Program owners report their biggest challenge is keeping programs fresh and energized year over year.
Voice of the Market, Part 1: The Use of Non-Cash Rewards & Recognition was supported by IRF Research Advocacy Partner, MCI USA.
To view or download a copy of Voice of the Market, Part 1: The Use of Non-Cash Rewards & Recognition please visit: http://theirf.org/research/irf-signature-study---voice-of-the-market-part-1-the-use-of-non-cash-rewards-recognition/2492/
Voice of the Market, Part 2: Engaging Program Owners in the Incentives Marketplace will be released July, 2018.
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.
Andy Schwarz, The Incentive Research Foundation, http://www.TheIRF.org, +1 703.651.8189, [email protected]
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