| The
Value Of Recognition Award Programs |
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39%
of employees who belong to companies that have recognition incentives
in place are extremely satisfied with their current company. |
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Only
9% of employees at companies without such incentives said they were
extremely satisfied. |
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Overall,
82% said recognition and praise motivate them to improve their performance
compared to the 17% that said they did not find them motivational. |
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Of
the 2,000 employees surveyed, 43% who received formal measurement
and recognition were extremely satisfied with their current company. |
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| Results
of "SITE" Sponsored Study On the Effectiveness of Incentives |
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When
designed, implemented and monitored correctly, incentive programs
(with awards in the form of money or tangible awards) increase performance
by an average of 22%. |
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Team
incentives can increase performance by as much as 44%. |
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When
an incentive is first introduced for completing a task, a 15% increase
in performance occurs. |
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When
asked to persist toward a goal, employees increase their performance
by 27% when presented through an incentive program. |
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Incentive
programs that run for a year or more produce an average 44% performance
increase. Programs that run for six months or less showed a 30% increase. |
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| Other
Important Research Findings: |
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Incentive
programs attract and retain quality employees |
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Quota
based incentive programs were found to be the most effective. |
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Piece-rate
programs for doing more of something also were found to be effective. |
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Contests
and sweepstakes (some of the most frequently-used incentive plans)
were found to be the least effective. |
