The Incentive Research Foundation surveyed top performing companies, as defined by having specific parameters regarding high revenue, good growth, excellent customer ratings, and excellent employee ratings, to see what they are doing different to give them the edge.
The IRF expounded on the top ten things these high performing companies do differently than their average counterparts, but I’m going to tell you about the three at the top of that list. They are things you can consider and possibly think differently about, if you haven’t already.
Non-cash rewards and
Top performing companies were much more likely to very strongly agree that non-cash rewards and recognition are keys to success in their businesses. Aligning with past IRF research that we have spoken about before, these companies are also “over 30% more likely to believe that their non-cash reward and recognition programs effectively influence behavior.” There is a reason that non-cash rewards such as gift cards are so successful for these top-performers. When someone is given a gift card, they are given the opportunity to buy something for themselves or a loved one that they otherwise would not have. Each time they see or think about that item or service that was purchased with the gift card, they are reminded of the performance that lead them to the award.
Arguably, the most influential factor in the top performing companies is the idea that the executives believe in the tools such as non-cash rewards. The IRF reported that, “the vast majority of top performing companies (93%) reported their executives are not just willing to carry out rewards and recognition to remain competitive, but are strong supporters of non-cash rewards and recognition as a competitive advantage for their organization.” Would your employees vouch that you are a strong supporter and firm believer in your rewards and recognition programs? It’s definitely something to think about.
One more thing to consider from the IRF findings, is that these top companies are much more likely to be running a single program for their entire company, as opposed to multiple programs managed under a common purpose.
This consolidation of programs lends itself to a single program for sales, a single program for channel partners, and a single program for employees across the entire company. Contact MI today to put your company at the top.