Inspiration for Motivation Features
What are the biggest challenges facing the corporate gifts, rewards and recognition market now, and how will those challenges change over time? These questions and other issues were addressed in a recent meeting of industry thought leaders, under the banner of Special Markets Dialogues. During the meeting, 31 invited attendees representing brand merchandise manufacturers, national marketing companies, performance improvement companies, association professionals, gift card providers, promotional products distributors and suppliers and manufacturers’ representatives talked about the current state of the corporate gift, recognition, rewards, incentive and motivation marketplace.
The widespread ability to use artificial intelligence to more quickly identify top performers and deliver personalized rewards appears to be on the verge of reality. The IRF’s new study, “The Impact and Potential of Artificial Intelligence in Incentives, Rewards and Recognition,” examines the tools and techniques that professionals in the incentives, rewards and recognition industry are using and developing to incorporate artificial intelligence into their program design.
Hinda Incentives released a final report on a study designed to learn how the reward delivery experience affects the perceptions of employees, customers and channel partners. The qualitative research, commissioned by Hinda and conducted by an independent group, sought to determine if the reward packaging of an item shipped to the home affected perceptions of the reward and the sponsoring organization.
A recent in-depth study by the Incentive Research Foundation revealed that, although 84 percent of businesses now use non-cash awards, the absence of industry-related college curriculum, no widely accepted standards and difficulty with specific Internet search terms means program owners are typically left to seek out a patchwork of internal networks and external partnerships to learn how to develop successful programs.
The value and benefits of non-cash rewards are widely known by executive teams, according to a new study of incentive program owners and end users from the Incentive Market Foundation. “Voice of the Market, Part 1: The Use of Non-Cash Rewards & Recognition” is a qualitative study of incentive program owners and end users based on a series of extensive interviews conducted by the Incentive Research Foundation (IRF). The study examines what makes up a successful incentive program according to the professionals who manage their company’s reward programs.
The Incentive Research Foundation released “Voice of the Market, Part 1: The Use of Non-Cash Rewards & Recognition,” a qualitative study of incentive program owners and end users. Based on a series of extensive interviews conducted by the IRF, the study details the elements of a successful incentive program according to the professionals who manage their company’s reward programs.
Consistency, equality, relevancy, local sourcing and adherence to government regulations rank among the top challenges facing global businesses trying to build meaningful reward programs.
A new report released in March revealed that loyalty programs have a higher influence on gen Z and millennial consumer spend than on boomers—66 percent vs. 58 percent. The Loyalty Report 2018, released by Bond Brand Loyalty, a global customer engagement agency, indicated that gen Z and millennial consumers are changing loyalty, and are open to behavior tracking, paid loyalty and deeper brand engagement through technology. But, younger consumers are less satisfied with their programs (30 percent) compared to their boomer parents (49 percent).
The Incentive Research Foundation announced the release of its signature study, The IRF 2018 Trends Study. The study highlights 10 key trends that will affect organizations, their products and services, and the workforce in 2018. From market optimism to concerns about risk and safety, the study identifies key areas of change and their implications for workforce engagement, incentive travel and recognition.
A first-of-its-kind experiment by the Incentive Research Foundation (IRF) revealed how people prefer to receive recognition and rewards. In December the IRF released "Reward Presentation and Attraction: A Biometric Experiment," a second report that details the findings from the IRF's first-of-a-kind biometric experiment that examines how people prefer to receive recognition and rewards.
The tax exclusion afforded incentives and corporate gifts in Section 274(j) of the IRS Code will be retained, thanks to the efforts and collaboration of incentive industry partners.