Research looks at the ROI of incentive programs amid the economic downturn
NEW YORK, May 26, 2020 – Magid’s Rick Garlick, as Chief Research Advisor to the Incentive Research Foundation (IRF) recently contributed to the organization’s white-paper titled “Metrics of Success for Incentive and Reward Programs.”
The white paper looks at whether those invested in the incentives industry believe that incentives programs help drive positive economic value for companies rather than being “nice to have” during favorable economic times.
In the past, the data has shown that incentives programs were primarily believe to drive “soft” outcomes like engagement, morale, loyalty, etc., or perhaps were simply accepted as an important component of company culture. However, the data presented in this year’s study show that this trend was beginning to change, perhaps due to anticipation of a downturn or people were beginning to feel their corporate incentive programs needed to be reevaluated.
Additionally, data from this white paper and the IRF’s Industry Outlook for 2020 suggests that participant satisfaction, rather than simple participation, has begun to take on greater importance.
With these findings, the white paper details six best practice learnings for companies to adopt once the world emerges from shelter in place orders, including identifying ways to create hard ROI stories around their incentives programs and engaging senior HR managers in this measurement effort to connect program goals to overarching company goals on an annual basis.
To download a copy of the full study, infographic, and white paper, please visit: https://theirf.org/research/metrics-of-success-for-incentive-and-reward-programs/2772/
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