by Lisa A. Grimaldi | August 22, 2017
The vast majority of top-performing U.S. firms (more than 80 percent) are more likely than average-performing businesses to use noncash rewards and recognition programs to motivate salespeople, employees and channel partners. The finding comes from the Incentive Research Foundation's Incentive Benchmarking Survey and accompanying white paper, Ten Things Top Performing Companies Do Differently.
 
The study, which examines what successful companies are doing differently regarding noncash rewards and recognition, included 300 firms that met benchmarks set forth by the IRF in revenue, growth, customer ratings and employee ratings. 
 
Among the key findings:
• 90 percent of top-performing companies are more likely than average-performing businesses to use noncash rewards and recognition programs to motivate their salespeople;
• 88 percent of these top firms are more likely than average-performing businesses to use noncash rewards and recognition programs to motivate their employees, while 81 percent are more likely to offer the same to channel partners; 
• Top-performing companies offer salespeople an annual average of $3,916 each in noncash rewards, while average firms typically invest $2,749 in these perks;
• Top-performing firms are 20 percent more likely to assert that noncash reward programs were effective recruitment, retention, and engagement tools; and
• Nearly all of these top firms (93 percent) reported their executives are strong supporters of noncash rewards and recognition.
 
"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 incentive firm ITA Group, which supported the survey. "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 study and white paper can be downloaded here.