New IRF Study Reveals Reward & Recognition Strategies Of Top Performing Financial Services Companies
October 15, 2020
The Incentive Research Foundation is pleased to release What Top Performing Financial Services Companies Do Differently for Incentives and Rewards, a thorough analysis of the financial services segment included in the 2020 IRF Top Performer Study, released earlier this year. The study identifies the non-cash rewards strategies and tactics used by top performing financial services companies and provides benchmarks and best practices to help financial services companies design effective non-cash rewards programs.
“Disruptions from COVID-19 have had a tremendous impact on the operations, customer base, and workforce of financial services institutions,” said Stephanie Harris, IRF President. “As financial services companies adapt, What Top Performing Financial Services Firms Do Differently for Incentives and Rewards shows how the effective use of incentive programs can help motivate performance, drive recovery, and ultimately gain a competitive advantage.”
What Top Performing Financial Services Companies Do Differently for Incentives and Rewards summarizes findings from data collected across multiple financial services firms and compares the results of top performing financial services firms to those of their average performing counterparts. The report first presents key overall findings, then drills down to results for sales reward programs, channel partner reward programs, and employee reward programs.
Insights from What Top Performing Financial Services Companies Do Differently for Incentives and Rewards include:
- Executives at top performing financial services firms regard their reward and recognition programs as a competitive advantage
(92% in 2020, up from 76% in 2019 study) - Top performers are more likely to award incentive trips based on automatic selection
- The use of gift cards and group incentive trips increased for top performers and comparators
- Top performers prioritized flexibility and relevance of rewards for both tangible rewards and incentive trips
- Top performing financial services firms structured programs with the goal of participant reach – but gap between top performers and comparators was smaller than reported by manufacturing and technology firms in the Top Performer Study
To download a copy of the full study and white paper, please visit the What Top Performing Financial Services Companies Do Differently for Incentives and Rewards webpage.