Does Incentive Travel Improve Sales Productivity
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.
Read the complete report (PDF)
Pulse Survey: Incentive Industry Trends for 2011
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.
Read the complete report (PDF)
Travel Incentives Boost Performance, Retention
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.
Read the complete report (PDF)
Performance Management & Incentives In The Era Of Sarbanes-Oxley
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.
Read the complete report (PDF)
$46 Billion Spent On Incentives
The incentive business may be booming, but it isn't attracting many new clients, the new Incentive Federation study shows American companies spent $46.08 billion on incentive awards for employees, channel partners and consumers, along with business gifts to partners and clients, in 2006, according to a study released in late September by the Incentive Federation.
Recognizing Employees
Performance-oriented companies seek to mobilize all employees and stakeholders, notably dealers and distributors, toward clear business objectives measured by sales, profits, customer satisfaction, and productivity. For these organizations, employee recognition is a vital part of continually communicating and reinforcing ever-changing goals.
Put Your Recognition Program Online
With managers overseeing larger and more diverse workforces, and so many people working from home or in far-flung facilities, recognition of employees' efforts can be difficult and time consuming. Online recognition programs, however, make the job easier. More and more incentive companies offer online recognition tools and strategies that ensure immediate recognition coverage via email and the Internet – with significant savings over traditional programs. Online recognition programs also offer the ability to change motivational messages and rewards easily and inexpensively, keeping them different and exciting.
