Non-cash rewards are often used in company incentive programs as a motivational tool. A 2012 study found 67% of businesses have formal non-cash reward and recognition programs or incentive travel programs in place. Of these, almost 80% only have reward and recognition programs in place, whereas a further 20% offer both reward and recognition and travel incentive programs.
When it comes to who’s funding these programs, almost ¾ of businesses have corporate sponsorship for non-cash reward and recognition programs. Resources for these programs remain impressive, with budgets exceeding $50,000 for almost half of all those organisations surveyed. Smaller companies (those with fewer than 20 employees) all reported having less than $50,000 to spend on recognition and reward. Respondents were unified in their acknowledgement that the total spend on these programs represented only a portion of total reward and recognition outlay within the company.
Apart from spending on rewards, a portion…
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