A recent study conducted by the Incentive Research Foundation
found that the top performing technology firms are twice as likely to use
employee reward and recognition programs as a competitive advantage over
competition. Top performing firms were classified
as those that demonstrated more than a 5 percent increase in revenue or stock
price in 2018. Of the 118 technology companies reviewed, only 49 organizations
made the cut.
Other findings of how these companies use reward and
recognition compared to average performers include:
·
22 percent are more likely to structure their
programs with the goal of reaching each participant versus only recognizing the
top performing participants.
·
25 percent are more likely to look to outside
partners for expertise on the best ways to recognize and incentivize their
program participants.
·
They spend an average of $6,833 per person for
their sales incentive trips, while average firms shell out an average of $6,000
per participant.
·
21 percent are more likely than those at average
performing firms to use financial metrics as program qualifiers.
·
They spend about 6.7 percent of participant
income in annual spend for rewards and recognition.
·
They award a value of $4,292 on average to their
top performers and $2,685 to their average performers in award points,
merchandise and gift cards.
·
20 percent are more likely to offer a top
performer sales award, with 23 percent of them having that award include a
group trip.
·
13 percent award a variable versus fixed number
of winners.
·
14 percent have their awardees earn automatically
on predefined goals versus committee selection intervention.
·
9 percent are more likely to include achieving
100 percent of the predefined goal to qualify for a trip versus requiring their
sales people to exceed their goal.
·
19 percent are more likely to provide simple
rules for their program.
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