Study Reveals Reward Strategies of Top Performing Companies
The Incentive Research Foundation (IRF) recently released its IRF Incentive Benchmarking Survey and the accompanying white paper, Ten Things Top Performing Companies Do Differently. The study examines what truly successful companies are doing differently regarding non-cash rewards and recognition. The Incentive Benchmarking Survey was supported by IRF Research Advocacy Partner, ITA Group. Key insights include:
- 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.
The research also 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. To download a copy of the full study and white paper, click here.
