WASHINGTON, March 26, 2020 /PRNewswire-PRWeb/ -- The
Incentive Research Foundation is pleased to announce the release of
The IRF 2020 Top Performer Study: What Top Performing Companies Do
Differently in Incentives and Rewards. The study identifies the
non-cash rewards strategies and tactics used by top performing
companies. The IRF 2020 Top Performer Study also provides
benchmarks and best practices non-cash rewards program design.
"As businesses face unprecedented economic challenges resulting
from covid-19, employee engagement and motivation remain critical
components of short-term survival and long-term recovery," said
Stephanie Harris, IRF President.
"The IRF 2020 Top Performer Study presents best practices employed
by top performing companies to use incentives and rewards to boost
performance of employees and partners."
The IRF 2020 Top Performer Study summarizes findings from data
collected in August and September of 2019. The study included
participants in the technology, financial services, and
manufacturing / automotive sectors. To be considered a top
performer for this study, companies met benchmarks in revenue,
growth, customer ratings and employee ratings. Of the 400 companies
reviewed, 38% of participating firms qualified as top performing
companies.
The IRF 2020 Top Performer Study examines what top performing
companies do differently in incentive program support, design, and
implementation. The 2020 study also highlights trends and changes
since the 2019 study. Insights from The IRF 2020 Top Performer
Study include:
- Participant Flexibility is the Priority for Top Performing
Companies: For merchandise, gift cards, and incentive trips,
allowing for participant flexibility was the top priority for top
performers.
- Top Performing Companies Focus on Program Reach … Not
Exclusivity: Reaching each participant was the top focus for top
performing companies (54%), while rewarding exceptional performers
what the top focus for comparator companies (40%).
- Use of Gift Cards is on the Rise: Companies offering gift cards
rose 38% year over year for top performers and 19% for
comparators.
- More Incentive Trips Are Being Awarded Based on Objective
Qualifications: Firms that automatically award salespeople an
incentive trip based on predefined goal increased by 15% since 2019
report for top performers, and by 20% for comparators.
To download a copy of the full study, infographic, and white
paper, please visit
https://theirf.org/research/the-irf-2020-top-performer-study-what-top-performing-companies-do-differently-in-incentives-and-rewards/2759/
About the IRF:
The Incentive Research Foundation (TheIRF.org) funds and promotes
research to advance the science and enhance the awareness and
appropriate application of motivation and incentives in business
and industry globally. The goal is to increase the understanding,
effective use, and resultant benefits of incentives to businesses
that currently use incentives and others interested in improved
performance.
SOURCE Incentive Research Foundation