How to use incentives to motivate your workers
Want to get the most of your employees? Attract and retain the best people? A new white paper from the Incentive Research Foundation (IRF) sheds some light on how successful companies do just that – and some of the results are surprising.
Ten Things Top Performing Companies Do Differently – based on the IRF Incentive Benchmarking Survey - examines what truly successful companies are doing differently regarding non-cash rewards and recognition.
The research revealed that top performing companies are more likely than average-performing businesses to use non-cash rewards and recognition programs to reward their sales people (90%), employees (88%) and channel partners (81%). Top performing companies also think about, design, and support their programs differently.
Highlights of the white paper:
- Top Performing Companies Have Higher Payouts. The typical sales person in a top performing company can expect to earn $3,916 in non-cash rewards versus $2,749 in average companies, and employees earn $170 versus $147, respectively.
- Top Performing Companies Have a Stronger Belief in Non-Cash Rewards and Recognition. Top performing companies were over 20% more likely to assert that their non-cash reward programs were effective recruitment, retention, and engagement tools.
- Top Performing Companies Have Strong Executive Buy In for Non-Cash Rewards and Recognition. The vast majority of top performing companies (93%) reported their executives are strong supporters of non-cash rewards and recognition as a competitive advantage for the organization.
- Top Performing Companies Focus on Reach…Not Exclusivity. While 56% of top performing companies said they prioritize reach for both employee and sales programs, only 36% and 28% of average companies said so respectively.
"War for talent"
“In today’s war for talent, organizations need to embrace incentives and recognition more than ever, both internally and within the channel,” said Christina Zurek, Incentives and Recognition Solution Manager at ITA Group. “These benchmarks help them ensure their strategies are best in class, making them more relevant to talent and ultimately putting them ahead of the competition.”
The 300 companies cited in the study met benchmarks in revenue, growth, customer ratings and employee ratings, according to IRF President Melissa Van Dyke.
To download a copy of the full study and white paper, please visit http://theirf.org/research/ten-things-top-performing-companies-do-differently/2229/
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.
About ITA Group:
As a global engagement solutions expert, ITA Group creates and manages events, incentives and recognition programs that align and motivate every organization’s most valuable asset—its people.