The Incentive Research Foundation (IRF) recently released a study on employees’ reward and recognition preferences. This study included around 1500 full-time employees from various backgrounds and demographics. The respondents were given 24 different reward options to rank according to preference. The biggest takeaway from this? When it comes to rewards and incentives, one size does not fit all.
For ongoing rewards programs, Gift cards were the top-rated tangible incentive selected by survey participants.
For annual rewards, high-value merchandise was popular, along with travel/experiential rewards. However, despite the fact that over 50% of respondents placed all-expense-paid experiences as a reward preference, only 3% of them reported receiving that sort of reward.
Benefits of Rewards Programs
Rewards programs employed effectively show clear benefits. Employees who felt satisfied with their company’s rewards and recognition efforts reported the following:
- They are 11x more likely to look forward to coming to work every day
- They are 7x more likely to plan on remaining with their company long-term
- They are 15x more likely to recommend the company as a good place to work
- They are 6x more likely to recommend the company’s products and services
- They are 5x more motivated to give their best effort
- 12x more likely to invest money in their company
Despite the Covid-19 pandemic, only 16% of survey respondents indicated their reward and recognition preferences had changed. The 16% showed an increase in interest in monetary rewards, such as gift cards or prepaid cards. The most common reason was because of either an increase or a decrease in work hours. Surprisingly, the interest in travel rewards was not significantly decreased among respondents.
What can rewards program administrators take away from this?
Cash-based rewards should be integrated into incentive programs, whether as the main offering or as an additional option alongside other rewards. It is also worth noting that experiential rewards should not be ignored. In both cases, when looking at reward suppliers, you should look for a company that offers both cash-based and experiential rewards.
All Digital Rewards provides one of the largest and most complete rewards and incentives catalog available to incentive program managers today. We are continually updating it with engaging relevant digital reward products, merchandise, cash-based options, and experiential rewards that drive the behavioral outcomes program managers require.
ADR’s reward catalog API is a real-time service that allows our clients to integrate reward fulfillment into their apps and websites. Our rewards system is constantly updating the reward catalog with new merchandise based on availability and popularity.
With everything from lifestyle benefits to experiential rewards, to cash rewards and POS integration, your only reason not to succeed is if you don’t contact All Digital Rewards to open and expand the conversation. Your reward for engaging with ADR is a healthier bottom line with less effort and faster return. Put our knowledge and skill to the test. We don’t succeed unless you do.
For more information on how our reward and incentives and our SaaS STACK™ platform applications can support and benefit your incentive program initiatives, call 866-415-7703 now or click on the button below to schedule a demo.