Study Highlights Incentive Program Managers’ Challenges, Opportunities
The Incentive Research Foundation’s 2019 Voice of the Market: The Use of Non-Cash Rewards & Recognition study details what front-line program owners prioritize when designing, implementing and executing incentive, rewards and recognition programs, and found that many are not yet aware of the many services and extensive expertise available in the industry.
“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,” says 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 45 case studies from program owners in one comprehensive report.”
For the qualitative study of the professionals who manage reward and recognition programs, the IRF research team interviewed 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 from $25,000 to millions of dollars annually on programs that included travel, award points, merchandise, gift cards and branded items.
The study found that program owners are largely satisfied with the success and outlook of their programs, and continuously strive to keep programs fresh and effectively measure success. They are broadly defining incentives and rewards, so they use a wide variety of tools in pursuit of people-driven results. And while all types of reward and recognition program owners used the energy and enthusiasm of the participants as the primary success indicator, many also keep an eye on what their competitors offer when determining rewards. However, many reported that they did not have strong professional networks in the incentive industry and sources of information were hard to access
To view or download a copy of 2019 Voice of the Market: The Use of Non-Cash Rewards & Recognition, click here.