The Incentive Federation International board awarded a contract to Richard Garlick and Associates Consulting and Market Research Services, LLC to conduct the latest IRR (Incentive, Rewards, and Recognition) Marketplace study. The new report seeks to be consistent with past studies for comparison purposes while addressing the recent trend in experiential rewards.
The most recent study was published in 2016 and estimated the expenditures on non-cash incentives at $90 billion, with 84 percent of businesses using some form of non-cash incentives, recognition, travel, or rewards.
According to the Incentive Federation website, a small group of IFI Board members, comprised of board members Mike Donnelly, President of Hinda Incentives; Karen Wesloh, Executive Director of the Incentive Marketing Association; Brian Galonek, CEO, All Star Incentive Marketing, Sean Roark, Principal of Promo Pros and Rick Blabolil, President, Marketing Innovators, helped scope the research project by reviewing the survey questions for the 2016 study and making recommendations to revise, add or delete questions based on current market and industry challenges and opportunities.
The federation’s website explains that “the scoping committee’s recommendations have been incorporated into the revised survey and the survey will soon be turned over to programmers to construct the final online survey." The survey will be tested with a small number of respondents before it enters it is fully deployed later in April. Publication is expected this summer.
The latest 2016 Marketplace Estimate Study “focused on the use of non-cash incentives in sales programs, channel programs, employee programs and customer programs and the use of award points, gift cards, trips and travel and merchandise across those types of programs with the businesses surveyed. Those elements have been used in previous studies to ensure comparisons to previous studies that help measure changes, incidence, and growth more accurately. An additional form of incentives – experiential – has been added to the 2022 study.”
The goal is to maintain consistency in survey questions to ensure accurate comparisons with previous year, the IFI site explains.
A final report will be prepared and presented approximately two weeks after the data is collected, with a proposed completion by summer 2022.
The website reports that the “Incentive Federation’s Board of Directors, during a December 2021 conference call, affirmed the value of industry standards for programs and procedures implemented for the incentive, rewards and recognition industry. The board also committed to begin work in 2022 to identify the most impactful standards that will bring value to industry companies.”
The website highlights some past findings from IFI studies:
1996 – 26% of businesses used some form of non-cash incentive
2000 – 32% of businesses used some form of non-cash incentive for a total spend of $26.9 billion
2003 and 2005 – % usage of and spend not reported
2007 – 34% of businesses used some form of non-cash incentive for a total spend of $46.1 billion
2013 – 74% of businesses used some form of non-cash incentive for a total spend of $76.9 billion
2016 – 84% of businesses used some form of non-cash incentive for a total spend of $90 billion
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Education, Certifications, and Information to Activate
Brand Media and Enterprise Engagement
A complete learning, certification, and information program and a course syllabus for educators.
Resources: The Brand Media Coalition, the only guide to the story-telling power of brands and where to source them for business, event, promotional gifting, and rewards and recognition. Enterprise Engagement Solution Provider Directory. The only directory of engagement solution providers covering all types of agencies and tactics as well as insights on how to select them.
Communities: The Enterprise Engagement Alliance and Advocate and the Brand Media Coalition free resource centers offering access to the latest research, news, and case studies; discounts, promotions, referrals, and commissions, when appropriate to third-party solution providers from participating coalition solution provider members.
Training and Certification
Enterprise Engagement Alliance Education: Certified Engagement Practitioner; Advanced Engaged Practitioner, and Certified Engagement Solution Provider learning and certification programs on how to implement Stakeholder Capitalism principles at the tactical level.
International Center for Enterprise Engagement: The only training and certification program for ISO 30414 human capital reporting and ISO 10018 quality people management certification.
The EEA offers a complimentary course syllabus for educators.
This is the definitive implementation guide to Stakeholder Capitalism, written specifically to provide CEOs and their leadership teams a concise overview of the framework, economics, and implementation process of a CEO-led strategic and systematic approach to achieving success through people. (123 pages, $15.99)
The first and most comprehensive book on Enterprise Engagement and the new ISO 9001 and ISO 10018 quality people management standards. Includes 36 chapters detailing how to better integrate and align engagement efforts across the enterprise. (312 pages, $36.)
10-minute short course: click here for a 10-minute introduction to Enterprise Engagement and ISO standards from the Coggno.com learning platform.
• The Engagement Agency at EngagementAgency.net, offering: complete support services for employers, solution providers, and technology firms seeking to profit from formal engagement practices for themselves or their clients, including Brand and Capability audits for solution providers to make sure their products and services are up to date.
• C-Suite Advisory Service—Education of boards, investors, and C-suite executives on the economics, framework, and implementation processes of Enterprise Engagement.
• Speakers Bureau—Select the right speaker on any aspect of engagement for your next event.
• Mergers and Acquisitions. The Engagement Agency’s Mergers and Acquisition group is aware of multiple companies seeking to purchase firms in the engagement field. Contact Michael Mazer in confidence if your company is potentially for sale at 303-320-3777.
Enterprise Engagement Benchmark Tools: The Enterprise Engagement Alliance offers three tools to help organizations profit from Engagement. Click here to access the tools.
• ROI of Engagement Calculator. Use this tool to determine the potential return-on-investment of an engagement strategy.
• EE Benchmark Indicator. Confidentially benchmark your organization’s Enterprise Engagement practices against organizations and best practices.
• Compare Your Company’s Level of Engagement. Quickly compare your organization’s level of engagement to those of others based on the same criteria as the EEA’s Engaged Company Stock Index.
• Gauge Your Personal Level of Engagement. This survey, donated by Horsepower, enables individuals to gauge their own personal levels of engagement.
For more information, contact Bruce Bolger at Bolger@TheEEA.org, 914-591-7600, ext. 230.