SVM Survey Highlights Employee Incentive Market Trends
Incentive and motivation solutions provider SVM, LP has released the initial results of its survey of HR professionals seeking to gain insight on their attitudes, needs, and trends regarding employee incentives.
“As part of our new marketing campaign, Solutions that Motivate, we wanted to explore how HR professionals are driving positive behaviors,” explains Jim Leroux, president of SVM. “We expect the results to illuminate areas of opportunity around employee incentive and motivation programs, and provide HR professionals with more data about how to find the right reward for their employees.”
The initial top challenges, needs, and attributes of employee incentive programs identified in the survey include:
• 89 percent of companies offer gift cards as an employee incentive.
• Gas and retail gift cards are perceived to be the most popular incentive and most convenient to implement by decision makers.
• 91 percent of survey respondents agree that physical cards feel more rewarding than electronic cards.
• The top three challenges in employee incentive programs were identified to be cost, measurement, and perceived value.
• 61 percent of responders consider their program to be working “well” or “extremely well.”
• Trophy incentives are not effective compared to value and everyday incentives.
• Most companies spend less than $50,000 per year on employee incentives.
• The primary criteria for offering incentives are making employees feel valued and recognized for their workplace achievements.