A newly-released IRF study reports that owners and managers of non-cash reward and recognition programs are strong advocates for the work they do. They speak confidently and absolutely about what their organization needs, what is meaningful to their participants and the overall impact of their programs.
The study, Voice of the Market, Part 1: The Use of Non-Cash Rewards & Recognition, is based on a series of extensive interviews conducted by the IRF that detail the elements of a successful incentive program, according to the professionals who manage their company’s reward initiatives. Additional insights from incentive program owners include:
• Investments in non-cash rewards are seen as complementary to cash-based rewards, and often serve a completely different purpose.
• Non-cash rewards are viewed as vehicles of celebration – fun, memorable, and more easily discussed socially than cash.
• Incentive spending is often decentralized across office branches or facilities, with little coordination, sharing of best practices, or corporate guidelines.
• Gift cards can be easily targeted to specific audiences. Restaurant cards are popular for employees with families, while grocery and gas cards are powerful rewards for a minimum wage workforce.
• Incentive travel is highly appreciated by employees, their families, and executives for the attention and energy generated from offering the reward.
• Program owners report their biggest challenge is keeping programs fresh and energized year over year.
“The great news is that end-users are strong believers in the merits of non-cash rewards, and just as important, they report this positive sentiment is broadly shared among their executive teams,” says IRF President Melissa Van Dyke. “We gathered so much insightful information from this series of interviews with end-users, and Voice of the Market summaries these fifty case studies in one comprehensive report.”
To view or download a copy of Voice of the Market, Part 1: The Use of Non-Cash Rewards & Recognition go to: THEIRF.org.
IRF Media Relations
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