IRF's New Study Reveals Reward and Recognition Strategies of Top Performing Companies

WASHINGTON, March 26, 2020 /PRNewswire-PRWeb/ -- The Incentive Research Foundation is pleased to announce the release of The IRF 2020 Top Performer Study: What Top Performing Companies Do Differently in Incentives and Rewards. The study identifies the non-cash rewards strategies and tactics used by top performing companies. The IRF 2020 Top Performer Study also provides benchmarks and best practices non-cash rewards program design.

"As businesses face unprecedented economic challenges resulting from covid-19, employee engagement and motivation remain critical components of short-term survival and long-term recovery," said Stephanie Harris, IRF President. "The IRF 2020 Top Performer Study presents best practices employed by top performing companies to use incentives and rewards to boost performance of employees and partners."

The IRF 2020 Top Performer Study summarizes findings from data collected in August and September of 2019. The study included participants in the technology, financial services, and manufacturing / automotive sectors. To be considered a top performer for this study, companies met benchmarks in revenue, growth, customer ratings and employee ratings. Of the 400 companies reviewed, 38% of participating firms qualified as top performing companies.

The IRF 2020 Top Performer Study examines what top performing companies do differently in incentive program support, design, and implementation. The 2020 study also highlights trends and changes since the 2019 study. Insights from The IRF 2020 Top Performer Study include:

• Participant Flexibility is the Priority for Top Performing Companies: For merchandise, gift cards, and incentive trips, allowing for participant flexibility was the top priority for top performers.
• Top Performing Companies Focus on Program Reach … Not Exclusivity: Reaching each participant was the top focus for top performing companies (54%), while rewarding exceptional performers what the top focus for comparator companies (40%).
• Use of Gift Cards is on the Rise: Companies offering gift cards rose 38% year over year for top performers and 19% for comparators.
• More Incentive Trips Are Being Awarded Based on Objective Qualifications: Firms that automatically award salespeople an incentive trip based on predefined goal increased by 15% since 2019 report for top performers, and by 20% for comparators.

To download a copy of the full study, infographic, and white paper, please visit https://theirf.org/research/the-irf-2020-top-performer-study-what-top-performing-companies-do-differently-in-incentives-and-rewards/2759/

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.

SOURCE Incentive Research Foundation