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New Study Reveals Reward and Recognition Strategies of Top Performing Companies

August 28, 2017 Statistics & Trends No Comments Email Email

The Incentive Research Foundation is pleased to announce the release of the IRF Incentive Benchmarking Survey and its accompanying white paper Ten Things Top Performing Companies Do Differently. The study examines what truly successful companies are doing differently regarding non-cash rewards and recognition.

http://www.granmoante.com/The Incentive Benchmarking Survey revealed a wealth of best practices for human capital investments from truly exceptional companies,” said Melissa Van Dyke, IRF President. “To be considered a top performer for this study, companies met benchmarks in revenue, growth, customer ratings and employee ratings. Of the 900 companies reviewed, only 300 organizations made the cut.”

“In today’s war for talent, organizations need to embrace incentives and recognition more than ever, both internally and within the channel,” said Christina Zurek, Incentives and Recognition Solution Manager at ITA Group. “These benchmarks help them ensure their strategies are best in class, making them more relevant to talent and ultimately putting them ahead of the competition.”

The research revealed that top performing companies are more likely than average-performing businesses to use non-cash rewards and recognition programs to reward their sales people (90%), employees (88%) and channel partners (81%). Top performing companies also think about, design, and support their programs differently.

Insights from the IRF Incentive Benchmarking Survey that are examined in detail in the white paper Ten Things Top Performing Companies Do Differently include:

  • Top Performing Companies Have Higher Payouts. The typical sales person in a top performing company can expect to earn $3,916 in non-cash rewards versus $2,749 in average companies, and employees earn $170 versus $147, respectively.
  • Top Performing Companies Have a Stronger Belief in Non-Cash Rewards and Recognition. Top performing companies were over 20% more likely to assert that their non-cash reward programs were effective recruitment, retention, and engagement tools.
  • Top Performing Companies Have Strong Executive Buy In for Non-Cash Rewards and Recognition. The vast majority of top performing companies (93%) reported their executives are strong supporters of non-cash rewards and recognition as a competitive advantage for the organization.
  • Top Performing Companies Focus on Reach … Not Exclusivity. While 56% of top performing companies said they prioritize reach for both employee and sales programs, only 36% and 28% of average companies said so respectively.

The Incentive Benchmarking Survey was supported by IRF Research Advocacy Partner ITA Group.

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