Exclusive Research: Top-Performing Tech Firms Do This…
Creative Group and the Incentive Research Foundation (IRF) partnered to bring you data on non-monetary incentive and recognition approaches of top-performing technology firms.
Overall, when it comes to non-monetary incentive and recognition programs, top-performing tech companies are more likely than average performing companies to:
- + Use incentive and recognition programs as a recruitment tool
- + Look to outside partners for expertise
- + Say their incentive and recognition programs are a competitive advantage
- + Use points programs and incentive travel
- + Work on building emotional connections with group incentive travel
Read our blog for more insights: Research shows how Top Tech companies stay ahead
Study Background, Methodology, and Overview
Study Background
As of 2016, 84% of U.S. businesses utilize non-cash rewards as a method of encouraging and engaging their employees, salespeople, and channel/dealer partners.
The body of evidence for best practices and optimal program design is increasing every year, and businesses are looking to their supplier partners for expertise and advice on how to most effectively structure their reward and recognition initiatives.
This research is designed to fill a gap by objectively identifying the non-cash rewards strategies and tactics used by top performing companies, providing benchmarks and best practices for the industry.
Methodology
•Most research benchmarking “top performing companies” leverages pre-existing lists of these companies – for example the Fast 500 or Best Places to Work
•This research was designed to use a national cross-section of firms with at least $100 million in revenue, collecting data to objectively classify each firm as “top performing” or “average”
Classifying Top Performing Companies
To qualify as “top performing,” a firm had to demonstrate strong performance in 2018. The most important requirement for classification as a top performer is financial growth – more than 5% growth in revenue or stock price.
Top performers also were required to demonstrate both of the following:
- •Strong performance with customers
- •90% or higher in customer satisfaction or loyalty, or
- •Customer acquisition rates higher than 5%
- •Strong performance with employees
- •90% or higher in employee satisfaction
- •Loss rate less than 5% per year among high-performing employees
- •Reputation as a highly-desirable place to work – a place where high-performing candidates compete to work
The purpose of these survey questions and the ultimate classification as “top performer” or “average” was 100% opaque to respondents – they did not know they were assigned to a performance group
Survey Overview
The Incentive Research Foundation (IRF) sponsors regular surveys covering topics of current interest to those in the incentive industry.
This report summarizes findings from data collected August 2018 through October 2018.
Click each box to expand the accompanying data.
Executive Sponsorship
Which of the below best describes the executive sponsorship of reward and recognition programs in your company?
Program Connectivity
Which of the descriptions below best describes your programs?
Program Design Collaboration
Which of the below best describes the way your company organizes around reward and recognition initiatives?
Program Command & Control
To the best of your knowledge, which of the below most accurately describes non-cash rewards activity at your company?
Program Reward Reach
Which of the options below best describes your company’s approach when designing the rules for your programs?
Reward Types
Which of the below are rewards participants can earn in your programs?
Priorities for Tangible Rewards
When selecting MERCHANDISE or GIFT CARD rewards for your programs, which of the below are the most important and least important?
Priorities for Incentive Travel
When designing GROUP INCENTIVE TRIPS for your programs, which of the below are the most important?
Program Assessment: Staffing to Support Program
For each line item below, please indicate your assessment of your programs.
Program Assessment: Executive Support of Program
For each line item below, please indicate your assessment of your programs.
Program Assessment: Budget
For each line item below, please indicate your assessment of your programs.
Program Assessment: Participation
For each line item below, please indicate your assessment of your programs.
Program Assessment: Manager Buy-in
For each line item below, please indicate your assessment of your programs.
Reward and Recognition Perspectives
Reward and Recognition Effectiveness
Reward and Recognition Leverage
Sales Incentive Findings
Channel Incentive Findings
Employee Recognition Findings
Don’t Forget to Sign Up for the Webinar
Find out what truly successful technology companies now doing differently regarding human capital investments during the IRF’s next webinar. We’ll discuss benchmarks and key findings reported in The IRF Top Performers Study: Technology Sector. Executives at top-performing technology firms were twice as likely as executives at average technology firms to support non-cash rewards and recognition programs – we’ll take a closer look at how these top-performing companies are designing, implementing, and measuring their programs.
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