Organizations that implement non-cash reward and recognition programs have annual revenue increases averaging of 9.6% vs. just 3% for all other companies – more than three times higher. A new study conducted by the Aberdeen Group and distributed by IRF underscores the importance of rewards and recognition as a vital compensation component and outlines the competitive advantage companies gain when they go outside their organization for assistance in designing and implementing such programs. Incentive Research Foundation (IRF) President Melissa Van Dyke notes that top-performing companies are twice as likely to use an external partner when designing and implementing such programs. “Interestingly, this study also demonstrates that the size of the organization isn’t a significant factor, but that corporate senior leader buy-in is a key ingredient for success,” she adds.
• To view the paper, select the Research tab at www.TheIRF.org or visit http://theirf.org/research/
A recent TNS Global Panel Study reveals that integrating employee, brand, and customer engagement is strongly connected to high performance. Research from across 23 countries has established four key insights that aim to increase the brand promise to customers and enable the growth of high performing companies:
High performing companies are breaking down the silos between customer and employee engagement, branding, and viewing them as multiple expressions of the core of who they are.
• Go to http://tnsemployeeinsights.com/ for more information
The first annual co-location of the Recognition Professionals International Conference and Rewards & Recognition Expo in St. Louis in Late April was a resounding success, and plans are already underway to hold the event in New Orleans in 2013, where the program and exhibition will be expanded and improved based on feedback from attendees and participants. Hosted buyers, attendees and exhibitors at this year’s event agreed that combining the R&R Expo with RPI’s Annual Conference created great synergy and learning opportunities for all involved. Preliminary planning for next year’s conference and expo is already underway, with organizers looking at the Hilton New Orleans Riverside as a potential venue for the April event.
• More information will be posted soon on the EEA portal at www.enterpriseengagement.org
By themselves, rewards programs rarely create the full emotional attachment that brings true customer engagement. Allegiance Loyalty & Engagement Expert Kyle LaMalfa notes that engagement is built over time and comes from creating mutually beneficial relationships with customers. One of the keys to creating relationships is providing customers with direct access to company decision makers through a feedback management system that demonstrates that the company cares about them and is indeed listening. To understand the hearts and minds of customers, companies need to encourage two-way communications and create a convenient way for customers to continually express their concerns, report problems or deliver praise.
• More at www.allegiance.com/
Marketing Innovators has announced that it is partnering with CashStar to offer a new gift card program that virtually eliminates the wait time between delivery and redemption of ecard awards. Employers and recipients can choose from popular denominations and from more than 250 brand-name retailers, including Best Buy, CVS/pharmacy, The Home Depot, JCPenney and Williams-Sonoma. More at www.marketinginnovators.com …. National Gift Card Corporation (NGC) has appointed two new directors to its executive team. Samantha Goldstein has been promoted to Director of Marketing and will be responsible for working with NGC’s retail partners to help build their brands. Ashley Zielinski has been promoted to Director of Strategic Partnerships, where she’ll be creating strategic development plans for NGC’s exclusive brands and identifying key growth initiatives for the company’s retail partner network. Go to www.ngc-group.com for more info …. Maritz Travel announced earlier this month that it has acquired Experient, a top provider of meeting and event services to associations, tradeshows, corporations and the U.S. government. The combined companies will be able to tailor services that better align with clients’ specific needs. Details at www.maritztravel.com/shared-content/Press-Releases/2012/Maritz-Travel-Acquires-Experient.aspx .... SVM, one of the leaders in providing gift cards and prepaid cards for business, recently announced it has formed a new business unit that will leverage SVM’s relationships with BP, Chevron, ExxonMobil and Sunoco to create the first branded, nationwide network for the redemption of stored value fuel rewards. The new unit, dubbed FuelCircle, will align multi-channel reward issuers that recognize the value and power of using gasoline as a consumer reward. For more info, visit www.svmcards.com