IFI 2022 Study Pegs IRR Industry at $176 Billion

The preliminary results are in from the 2022 Incentive Federation Inc. (IFI) Research Study: industry sales totaled $176 billion in 2021, a 49% increase since the last study was published six years ago in 2016. Reflecting the importance of experiential rewards, this category was added to the study for the first time.
 
The Incentive, Rewards, and Recognition (IRR) field with $176 billion in sales last year is larger than the US personal computer market of $145.2 billion, according to the preliminary report on the 2022 Incentive Federation Research Study, the first since 2016. The results were announced by Mike Donnelly, IFI  Board Chairman and President of Hinda Incentives, a master fulfillment and incentive company, at the 2022 annual summit of the Incentive Marketing Association.
 
Read RRN e-newsletters or follow the Incentive Federation on Linkedin for the detailed report to be published later in the summer. For detailed background on the state of the IRR industry, see RRN: 2022 Mid-Year Market Report Finds Industry Pised for Continued Growth Despite Recession Risk.
 
The 2022 study tracks spending on sales, employee, channel/distributor, and customer loyalty incentives and corporate gifting in 2021. The industry estimate represents a 49% increase over the $90 billion estimate provided in the IFI’s 2016 study. The study finds that 84% of businesses with at least $1 million in sales reported using at least one form of non-cash incentive. The use of non-cash incentives within companies with $5M in revenues or greater is 92%, the study finds.
 
According to the Incentive Federation, the study, conducted in May 2022, sought responses from companies that use incentive tools and services such as award points, gift cards, travel and trips, merchandise (both branded and logoed) and experiential awards (which were included for the first time in this latest study). Richard Garlick and Associates Consulting and Market Research Services, LLC conducted the study for the IFI.
 
According to Garlick, the latest results reflect an update of the methodologies used and demographic and economic differences from the previous study.

• The previous iteration of the study asked respondents to identify their incentive expenditures using ranges, rather than asking for specific estimates.
• The current study used simulations that incorporated data variability.
• The number of US-based companies with $1 million or more in annual revenue has increased from the  census company numbers used in the 2016 study
• The experiential reward category was added.
• Inflation was considered as a factor.

[return to top]

---

Education, Certifications, and Information to Activate
Brand Media and Enterprise Engagement 

A complete learning, certification, and information program and a course syllabus for educators.

 

Resources: The Brand Media Coalition, the only guide to the story-telling power of brands and where to source them for business, event, promotional gifting, and rewards and recognition. Enterprise Engagement Solution Provider Directory. The only directory of engagement solution providers covering all types of agencies and tactics as well as insights on how to select them.

 

Communities: The  Enterprise Engagement Alliance and Advocate and the  Brand Media Coalition free resource centers offering access to the latest research, news, and case studies; discounts, promotions, referrals, and commissions, when appropriate to third-party solution providers from participating coalition solution provider members.

 

Training and Certification

Enterprise Engagement Alliance Education: Certified Engagement Practitioner; Advanced Engaged Practitioner, and Certified Engagement Solution Provider learning and certification programs on how to implement Stakeholder Capitalism principles at the tactical level. 

 

International Center for Enterprise Engagement: The only training and certification program for ISO 30414 human capital reporting and ISO 10018 quality people management certification. 

 

The EEA offers a complimentary course syllabus for educators.

 

In Print: 

Enterprise Engagement for CEOs: The Little Blue Book for People-Centric Capitalists

This is the definitive implementation guide to Stakeholder Capitalism, written specifically to provide CEOs and their leadership teams a concise overview of the framework, economics, and implementation process of a CEO-led strategic and systematic approach to achieving success through people.  (123 pages, $15.99)

 

Enterprise Engagement: The Roadmap 5th Edition

The first and most comprehensive book on Enterprise Engagement and the new ISO 9001 and ISO 10018 quality people management standards. Includes 36 chapters detailing how to better integrate and align engagement efforts across the enterprise. (312 pages, $36.) 

 

Online:  

10-minute short course: click here for a 10-minute introduction to Enterprise Engagement and ISO standards from the Coggno.com learning platform.

 

Services: 

•  The Engagement Agency at EngagementAgency.net, offering: complete support services for employers, solution providers, and technology firms seeking to profit from formal engagement practices for themselves or their clients, including Brand and Capability audits for solution providers to make sure their products and services are up to date.

•  C-Suite Advisory Service—Education of boards, investors, and C-suite executives on the economics, framework, and implementation processes of Enterprise Engagement. 

•  Speakers Bureau—Select the right speaker on any aspect of engagement for your next event.

•  Mergers and Acquisitions. The Engagement Agency’s Mergers and Acquisition group is aware of multiple companies seeking to purchase firms in the engagement field. Contact Michael Mazer in confidence if your company is potentially for sale at 303-320-3777.

 

Enterprise Engagement Benchmark Tools: The Enterprise Engagement Alliance offers three tools to help organizations profit from Engagement. Click here to access the tools.

•  ROI of Engagement Calculator. Use this tool to determine the potential return-on-investment of an engagement strategy. 

•  EE Benchmark Indicator. Confidentially benchmark your organization’s Enterprise Engagement practices against organizations and best practices. 

•  Compare Your Company’s Level of Engagement. Quickly compare your organization’s level of engagement to those of others based on the same criteria as the EEA’s Engaged Company Stock Index.

•  Gauge Your Personal Level of Engagement. This survey, donated by Horsepower, enables individuals to gauge their own personal levels of engagement.

 

For more information, contact Bruce Bolger at Bolger@TheEEA.org, 914-591-7600, ext. 230.

[return to top]