The Incentive Research Foundation (IRF) has completed their survey of incentive buyers, suppliers and professionals in the industry to provide their merchandise outlook for 2020. Some key points follow:
- Optimism is high! Budgets, company performance, belief in the strength of the economy and plans to increase gift giving are all up. Respondents believe that their spend for merchandise, gift cards and experiential rewards will increase in 2020.
- Brand-name merchandise decorated with company logos continue to be most used, with electronics and sunglasses topping the popularity list. This is consistent with a general movement toward tangible, non-cash merchandise being most effective in motivating employees.
- Event gifting is becoming more popular, with personalized or custom-fitted gifts in demand. Many companies are creating a “marketplace” on-site, making gift giving more of an experience for event attendees.
- There was a slight increase in program cancellations in 2019, with the data suggesting that the #1 reason for cancellations was lack of support from top executives. This underscores the need to make sure that program planners have buy-in and participation from executives. Slightly behind, reason #2 was a concern about legal and compliance issues. One more reason to partner with incentive recognition specialists who can guide you through the process.
On every list of ways in which to increase employee engagement is a documented plan to recognize and reward employees. In addition to increased engagement, a properly structured employee recognition program can reduce turnover, attract and retain sought-after talent, increase productivity and market share – and more.
When you partner with an experienced firm, you’ll avoid many of the pitfalls that companies may experience when they attempt to design a program in-house. Contact us today to discuss how you can experience the many benefits of a properly designed employee incentive, reward and recognition program.