Thinking about setting up or making some changes to your reward program? These reward program studies can help you come up with effective incentive strategies.
23 Employee Motivation Statistics to Silence Naysayers
- Most organizations (86%) have a rewards and/or recognition program in place.
- 70% of those organizations offer between 3 – 6 different programs
- Incentives are part of a $100+ billion industry, $46 billion of which is non-cash incentives (a number that’s doubled in the past 10 years).
- 89% of employers assume that their employees leave for more money elsewhere, but only 12% of employees actually earn more from their next company.
- 90% of business leaders believe that an engagement strategy could positively impact their business, yet only 25% of them actually have a strategy in place.
- More than 4 out of 10 (42%) employees consider rewards and recognition program opportunities when seeking employment.
- 51% of sales talent and 52% of employees are already participating in some sort of program where they work.
- 39% of employees feel underappreciated at work, with 77% reporting that they would work harder if they felt better recognized.
- According to a recent CareerBuilder/USA Today survey, 56% of HR managers are worried that their top talent will leave for another job within the year.
- 75% of people who willingly leave their jobs don’t quit their jobs, they quit their bosses.
- The presence of a corporate incentive program motivated 66% of employees to stay at their job.
- Organizations that offer at least one recognition program and that have a low turnover rate (0%-5%) report statistically more recognition programs in place than the medium or high turnover categories.
- 41% of customers are loyal to a brand or company because they consistently notice a positive employee attitude, while 68% of customers defect from a brand or company because of negative employee attitude.
- Only 40% of employees are well informed of their company’s goals, strategy, and tactics.
- 70% of Forbes Global 2000 companies use gamification to boost retention, engagement, and revenues.
It’s in the cards: an in-depth look at prepaid cards in incentive, rewards & recognition programs
- Gift cards offer organizations an easy way to run their incentive reward programs
25 GREAT STATISTICS ON EMPLOYEE RECOGNITION
- Praise and commendation from managers was rated the top motivator for performance, beating out other noncash and financial incentives, by a majority of workers (67%) (McKinsey Motivating People, Getting Beyond Money, 2009)
- Recognition is an important psychological need. Employees who know that they will receive recognition for acting on the brand promise will have a strong incentive to do so. (Gallup, 2013 State of the American Workplace)
- “Only 14% of organizations provide managers with the necessary tools for rewards and recognition.” (Aberdeen Group, The Power of Employee Recognition, 2013)
The history and times of incentive programs
- 20% of employees are actively disengaged at work
- 50% if employees are not engaged at work
- 30% of employees are truly engaged at work
- Actively disengaged employees erode an organizations bottom line costing $3 billion in lost productivity
- Cash incentives don’t work – how employees spend cash rewards
- 29% pay bills
- 11% buy gifts for others
- 11% buy items for home
- 9% buy a personal treat
- 18% don’t remember
Click on the image below to see the incentive reward program slideshare: