IRF Report: Incentive Program Owners Define Success
WASHINGTON (PRWEB) May 21, 2019 -- The Incentive Research Foundation is pleased to release its signature study, 2019 Voice of the Market: The Use of Non-Cash Rewards & Recognition, a qualitative study of the professionals who manage reward and recognition programs. Based on a series of extensive interviews conducted by the IRF, the study details what front-line program owners prioritize when designing, implementing, and executing incentive, rewards, and recognition programs.
“2019 Voice of the Market provides valuable insights into what program owners think about their programs and what they need from suppliers, providers and associations,” said Melissa Van Dyke, IRF President. “Our researchers conducted extensive interviews to learn about the experiences and perspectives of program owners, and 2019 Voice of the Market summarizes these forty-five case studies from program owners in one comprehensive report.”
The IRF research team interviewed forty-five program owners representing a broad cross-section of the U.S. business market and a range of non-cash reward and recognition programs. Respondents 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.
2019 Voice of the Market: The Use of Non-Cash Rewards & Recognition reports that program owners are largely satisfied with the success and outlook of their programs. They continuously strive to keep programs fresh and effectively measure success. Key findings include:
· Many program owners reported they were not yet aware of the many services and deep expertise available in the industry
· Program owners broadly defined incentives and rewards, so they use a wide variety of tools in pursuit of people-driven results
· Across all types of reward and recognition program owners used the energy and enthusiasm of the participants as the primary success indicator
· Many businesses keep an eye on what their competitors offer when determining rewards
· Program owners said they did not have strong professional networks in the incentive industry and sources of information were hard to access
· Long-term initiatives, such as annual top performer programs or ongoing employee recognition programs, are often supplemented with shorter-term programs meant to drive immediate results on business priorities
2019 Voice of the Market: The Use of Non-Cash Rewards & Recognition was supported by IRF Research Advocacy Partner, Hinda.
To view or download a copy of 2019 Voice of the Market: The Use of Non-Cash Rewards & Recognition please visit: http://theirf.org/research/irf-signature-study---2019-voice-of-the-market-the-use-of-non-cash-rewards-recognition/2654/
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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