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One of the ways we stay relevant to our clients is by keeping ourselves informed of the latest incentive industry research, market trends, surveys and studies. We’re glad to give you access to the same data that informs our business decisions—data that, time and time again, validates the fact that incentive programs can improve employee engagement, increase sales and secure customer loyalty.
Reaching a level of good understanding is the first means to performing well at anything you do. It’s for that reason alone that we’ve spent years in the business incentives performance market and trend research in order for us to stay ahead of the curve just for you. We’ve compiled our research here, as well as research from other incentive industry leaders, for your own self education. Let us know if there is any other research you would like to see. We will do our best to get it to you.
Determining the most prominent incentive reward and recognition trends for 2012, the Incentive Research Foundation took a close look at their own trends data, a multitude of leading sources as well as the changes taking hold in the business world. The 2012 Trends in Rewards and Recognition paper delineates that personalization, participation and convenience are and will continue shaping the way incentive programs are designed and delivered. Non-cash incentive programs continue to be favored as they encourage participation and have a lucrative ROI as well as allow for “discounted” shopping during the redemption process. Non-cash wellness programs are showing high ROI rates, returning $3 for every $1 invested. In addition, companies are increasingly integrating mobile applications into their communications strategy.
Continuing its efforts to advance the incentive industry the Incentive Research Foundation (IRF) surveyed industry professionals about their opinions about the most prominent trends affecting the industry in 2011.
In general, participants expect the business to continue improving throughout 2011 and 2012. Respondents have remained optimistic and believe the economy will have a positive impact on their ability to plan and implement incentive travel programs. While some believe that budgets will slightly increase, the majority anticipate their budgets to remain the same.
With regard to the use of non-cash programs, the majority of respondents anticipate an increase in the use of debit/gift cards, as well as an increase in their 2011 budgets.
In the wake of Enron, WorldCom and other corporate governance and accounting scandals, federal legislators in 2002 enacted the Sarbanes-Oxley Act (SOX), which was designed to improve the accountability of corporate managers to shareholders and to improve public confidence in publicly traded companies. While most of its provisions do not directly apply to the use of incentive programs, SOX is giving corporations new reasons to apply even more rigorous research-based standards and professional practices to their incentive and recognition program design.
In light of the recent trouble surrounding the world’s struggling economy, we’ve decided to take a look back at a 1998 study conducted by the Incentive Research Foundation (IRF) concerning the effectiveness of Business Travel Incentives on the workforce. The study focuses on a leading insurance company in Great Britain and details the successes and pitfalls surrounding their travel incentive program. The company allowed The Luton Business School an unfiltered look at their business and their program in an effort to better understand the complete ROI associated with their program. They found that the program obviously offered motivation towards sales, and also that when both managers and employees fully understood the program’s dynamics, the chances of success for everyone was improved greatly.
The study should offer renewed hope and pointers to anyone considering the benefits of an incentive travel program for their own company.
Employee motivation has always been one of the burning concerns for many organizations, and has become more
prominent during the economic downturn, as retention of top talent became more important than ever. Organizations that have built their corporate cultures around employee recognition and employee incentive programs are better off as their employees have remained motivated and engaged.
The Incentive Research Foundation (IRF) conducted this study to analyze the structure of a successful travel incentive program. The study indicates that employees are motivated not only by the actual travel reward but also by the recognition afforded to them by company leaders when they participate in the travel event. Moreover, networking with other high achievers and sharing best practices also adds more benefit to the experience.
This report provides a template that companies can use when implementing a travel incentive program that will motivate desired employee behaviors ultimately contributing to overall profitability.
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