Employee Benefits News: Gift Cards still top for employee rewards With 84% all U.S. businesses now using non-cash awards, it is critical to understan
Employee Benefits News: Gift Cards still top for employee rewards
With 84% all U.S. businesses now using non-cash awards, it is critical to understand how to create effective programs.
Designing for Successes: Effective Design Patterns for Employee and Sales Programs’ from the IRF has detailed some patterns in effective program design used by top-performing companies.
Top trends and strategies employed by successful employee recognition and reward programs include:
- Top performing companies are two times more likely to have a consolidated program or single employee program across the company.
- Non-cash rewards are an effective motivator for engaging employees who take on non-core job roles.
- The top objectives of employee programs are improving morale (84%), improving productivity (58%), and improving customer satisfaction (48%).
- The most prevalent types of awards in employee programs are gift cards (71% of businesses), merchandise (38%), award points (36%), and travel (30%).
With 60% of all U.S. businesses using non-cash sales rewards, spending conservatively $23 billion annually on these awards, effective design of sales incentive programs includes:
- The top objectives for sales rewards and incentive programs are increasing overall sales (80%), improving morale (76%), and improving productivity (58%).
- Individualized sales quotas are used by 80% of top performing organizations.
- Incentive programs are most successful when they are designed to reflect and enhance the organization’s corporate culture.
- Over 80% of U.S. firms use more than one award type. On average, businesses use more than seven types of awards for sales incentives.
- The three performance metrics most often used to evaluate the success of sales incentive programs are product sales in dollars (66%), net new customers (49%), and product sales in units (37%).
Incentive and Motivation offers the latest news in employee benefits, rewards, incentive programmes and recognition. Discover the best employee engagement platform, learn about communicating your incentives or the latest tech in the HR space. Popular posts:
- Understanding motivation and incentives in the workplace
- How to align incentives with your business goals
- The importance of incentives
- Using incentives to win new business
- Creative rewards for employees
- Rewarding employees without cash
- How to reward employees for a job well done
- Rewarding in a global business
- Employee incentive program examples