Incentive Extras
According to a new survey by WorldatWork and the National Association for Employee Recognition, businesses are expanding their recognition programs and starting new ones with more frequency than ever before. While the majority of past awards have been given for length of service or performance, companies are adding new awards for safety, ideas, team building and efficiency.
Source: WorldatWork and the National Association for Employee Recognition.
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Incentive Extras
A recent study conducted by the Incentive Federation reveals that when it comes to motivating employees, improving performance, boosting morale and hitting business goals, non-cash awards are more effective than plain old bonuses.
Source: "The Counselor PromoGram Weekly," Vol. 252, January 12, 2004.
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Incentive Extras
According to a recent survey conducted by a NY-based conference board, Americans are less satisfied with their jobs than they were five years ago. Benefits, salaries, bonus plans, and educational training programs are some of the areas employers can work on to retain employees.
Source: "The Counselor PromoGram Weekly," Vol. 234, September 9, 2003.
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Incentive Extras
Results of a survey by Watson Wyatt & Company suggest that rather than an ill-equipped HR department, the design, implementation, management, and measurement of incentive programs is best left in the hands of an established Performance Improvement company.
Source: Watson Wyatt & Company, June 2004.
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Incentive Extras
The Tax Reform Act of 1986 provides, in general, that an employer may deduct the cost of employee achievement awards given to the same employee up to $400.00 in any year. If the incentive awards are employee achievement awards made under established written plans or programs of the employer, the $400.00 deduction limitation is increased to $1,600.00 per employee.
Source: George Delta, Esq., January 2000.
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Incentive Extras
"A motivated staff is the cornerstone of quality customer service and product innovation," said Max Messmer, chairman of Accountemps and author of Managing your Career for Dummies(r) (Hungry Minds, Inc.). "By acknowledging your employees' achievements, you let them know their contributions are integral to the organization's success."
Source: The National Association for Employee Recognition.
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Incentive Extras
In a survey conducted by AEIS, 17% of the American employees polled said they had received a year-end cash bonus. A full 32% of these respondents admitted that the cash bonus did not improve their work performance.
Source: American Express Incentive Solutions.
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Incentive Extras
A recent Incentive Federation survey found that on average, 79% of respondents found non-cash reward programs to be fairly to extremely effective in motivating participants to achieve sales and marketing goals.
Source: Incentive Federation.
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Incentive Extras
According to a study by the International Society of Performance Improvement called "Incentives, Motivation and Workplace Performance: Research and Best Practices," incentive programs that are implemented and tracked correctly, in addition to offering tangible awards increase performance by an average of 22 percent. Team incentives increase performance by as much as 44 percent.
Source: International Society of Performance Improvement.
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Incentive Extras
According to a study produced by The Society of Incentive & Travel Executives (SITE) Foundation confirms the impact of incentive programs employing tangible awards. According to the study, incentive programs increase work performance an average of 22 percent.
Source: The Society of Incentive & Travel Executives (SITE) Foundation.
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Incentive Extras
Andersen Consulting found in a survey of about 500 executives at more than 250 companies that programs to retain and reward leading sales, marketing and customer service people can give a $40 million lift to a $1 billion business's bottom line.
Source: Andersen Consulting.
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Incentive Extras
Respondents who have given a redeemed reward* to someone else as a gift,
by income:
* Rewards earned from credit card, hotel, airline or other reward programs.
Source: Maritz Poll of 1,003 respondents, Margin of error ~3 percentage points
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Incentive Extras
According to the US Bureau of Labor Statistics, only 30% of employees feel an obligation to stay with their current employer while 100%-turnover industries now account for nearly a quarter of America’s workforce.
Source: “Walker Information and the Economist,” US Bureau of Labor Statistics, Hudson Institute
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Incentive Extras
According to a survey conducted by the Society for Human Resource Management (SHRM) voluntary resignations are rising – 90% of employees cite lack of recognition and feeling underappreciated as reason for leaving.
Source: Society for Human Resource Management (SHRM)
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Incentive Extras
A recent survey revealed that CEOs cite attracting and retaining talent is the number one barrier to corporate growth alongside HR executives who rate finding and retaining the best talent to be their greatest concerns.
Source: Drake Beam Morin and Society of Human Resource Magazine Surveys
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Incentive Extras
A study produced by The Society of Incentive & Travel Executives (SITE) Foundation found that 92% of workers surveyed indicated that they achieved their goals because of incentives.
Source: The Society of Incentive & Travel Executives (SITE) Foundation
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Incentive Extras
Safety incentive programs are also used to address wellness goals, promote suggestion programs, reduce absenteeism and turnover, and improve morale.
Source: Sandy Smith, Occupational Hazards Magazine
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Incentive Extras
A recent survey found that more than half of the respondents agree that employees tend to look at cash bonuses as something they are due, rather than as an award for meeting or exceeding goals. According to four out of five respondents travel and merchandise awards are also remembered longer than cash awards.
Source: The 2005 Incentive Federation Survey of Motivation and Incentive Applicants
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Incentive Extras
A recent Watson Wyatt Worldwide study found a strong correlation between internal communications and employee retention and engagement levels.
Source: Watson Wyatt's 2005/2006 Communication ROI Study
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Incentive Extras
A survey of 1,300 Americans with full-time jobs, found that just 9 percent of employees describe the relationship between labor and management to be "extremely positive," while near half call it "lukewarm" or "negative." Just 10 percent of workers felt their employer really listens to and cares about them, and only 9 percent trusted their employer to look out for their interests.
Source: Maritz Poll
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Incentive Extras
According to Incentive Magazine’s third annual Luxury Brands survey, 54.3% of incentive planners admitted a brand or destination with a celebrity connection added a certain prestige to the award’s status. 64.1% of respondents reported using luxury items in recognition programs and 63.6% in sales incentive programs.
Source: “Incentive Magazine”, December 2006, Luxury Brands survey of 220 respondents
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The most popular luxury branded merchandise categories according to Incentive Magazine’s third annual Luxury Brands survey of incentive planners.
• Electronics 53.2%
• Gift Certificates/cards 52.3%
• Crystal 44.5%
• Watches 43.6%
• Leather Goods 40.9%
• Food and Beverage 37.7%
• Cameras 36.8%
• Jewelry 32.3%
• Luggage 31.4%
• Clocks 27.3%
Source: “Incentive Magazine”, December
2006, Luxury Brands survey of 220 respondents
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Incentive Extras
According to a new study by the Promotional Products Association International
(PPAI), adding promotional products are a key ingredient to integrated marketing.
The study found that when a promotional product was added to the media mix, a
favorable attitude toward the ad was generated 44% of the time. In some cases,
the use of a promotional product as the ad medium, alone increased brand interest
by 69% and garnered a good impression by 84% of respondents.
Source: PPAI study of 18-34 year olds in 2007
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Incentive Extras
How Incentives are Used
Source: A study of the Incentive Merchandise and
Travel Marketplace, conducted for the Incentice Federation in 2000.
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Sales, safety and employee incentive programs: measurable motivation.
Marketing research consistently shows that incentive programs, such as sales incentives, safety incen-tives, and recognition award programs, successfully bolster employee motivation, enhance customer loyalty, motivate sales teams, and attract prospects.
The Facts…
• Effectively structured incentive programs can increase performance by up to 44% in teams and 25% in individuals, according to The International Society of Performance Improvement.
• A 5% increase in customer retention can increase lifetime profits from a customer by 75% according to The Loyalty Effect by Frederick Reichheld.
• Transitioning an incentive program online can reduce
the program startup costs by as much as 75%, according to
Brian Galonek, President of All Star Incentive Marketing and Education Committee Chairman of the Online
Incentive Council.
• When incentive programs are used to persist toward a goal, people increase their performance by 27%, according to a study by Society of Incentive and Travel Executives (SITE) found on Incentive Performance Center's www.incentivecentral.org.
To further demonstrate our commitment to incentive marketing industry and provide you with the tools to better understand the value of incentive solutions, [such as safety incentive programs, corporate incentive programs, sales motivation programs, employee recognition programs, and their potential perform-ance improvement rewards], we invite you to explore our reference material and our industry affiliations.
