Association News: IRF Total Rewards Study...Federation to Study Purchasing...New IESP Head
IRF Study Finds Room for Improvement in Total Rewards Strategies
Incentive Federation International Eyes Study on End-User Rewards Purchasing Processes
Vincent Chiofolo Elected President of Incentive & Engagement Solution Providers
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The Incentive Federation and Insperity publish a study indicating that many organizations can benefit by enhancing their total rewards strategies...The Incentive Federation seeks support for a new study on incentive purchasing processes...The Incentive and Engagement Solution Providers of the Incentive Marketing Association elects Vincent Donofrio President.
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Less than 40% of non-cash reward budgets get utilized each year both at top- and standard-performing companies, according to the study “Driving Growth Through Total Rewards,” conducted by the Incentive Research Foundation and Insperity, a human resources support and technology company.
According to the survey of 1,200 executives involved with total rewards programs, “Despite the broad availability of information on how to design a Total Rewards strategy, the data makes it clear that many companies are not realizing the full benefit of these efforts. Beyond the actual components of the Total Rewards package, most companies have not incorporated discussions of Total Rewards into key employee conversations, including at recruiting. It is evident from the research that top-performing organizations provide a more a consistent cascade of information about the Total Rewards strategy and package they have in place.”
The study included a method for identifying top-performing companies from standard-performing companies “to better understand winning tactics related to designing and managing Total Rewards packages. The study explores organizational performance, culture and talent strategy, elements of Total Rewards offered (cash and non-cash rewards and benefits), key outcomes driven by individual components of Total Rewards, and communication.”
The study finds that “Top performing companies have skilled, loyal, and motivated employees, who are needed to drive the customer acquisition and retention that are important in driving business results. An employee value proposition (EVP), which provides employees with a clear understanding of what their employer offers in exchange for their expertise and commitment, has a significant impact on being able to attract and retain the top talent who have the needed skills. The top performing companies are successful across many of these outcomes.”
The survey concludes that “HR and sales executives see a very clear role for non-cash reward and recognition, primarily in impacting employee performance and driving overall business outcomes. Top performing companies report rewarding slightly fewer employees and salespeople during the year, but the reward values for those earners are significantly higher.”
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How do end-users source rewards? That’s the question the Incentive Federation seeks to answer as a follow up to its 2022 Incentive Marketplace study.
The new study, directed by Mike Donnelly, IFI Board member and President of Hinda Incentives, seeks to understand the ‘how’, ‘who’, ‘what’, and ‘where’ of incentive purchasing processes by end-users. The IFI says that industry sponsorships are needed to complete the study.
The new study will attempt to answer the following questions:
- What do buyers purchase? (e.g., luggage, gift cards, electronics, etc.)
- Who makes the purchases? (e.g., procurement, an administrative assistant, the managers directly, etc.
- How do they make the purchases? (e.g., go directly to retail outlets, use third party incentive houses, rewards suppliers, etc.)
- Where do they buy from? (local stores, Amazon, specific incentive houses, reward suppliers, etc.), and by incentive type: gift cards, merchandise, experiential, travel.)
Vincent Chiofolo Elected President of Incentive & Engagement Solution Providers 
The Incentive & Engagement Solution Providers (IESP) has elected Vincent Chiofolo board President and has announced new officers and directors. Chiofolo is Senior Vice President, Revenue Strategy, Dash Solutions.
IESP is a strategic industry group within the Incentive Marketing Association. IESP says it is “the premier source for information and education on and delivery of incentive and recognition programs. Our goal is to educate and promote the benefits of results-based programs to the worldwide business community while providing value to our members by promoting their services, products, and brands.”
According to the announcement, Chiofolo joined the IESP after discovering it at an Incentive Marketing Association summit. “He found his decade of experience in both program solutions and incentive fulfillment a strong complement to the organization. With a proven track record of success, Chiofolo has led revenue teams in bringing to market innovative enterprise recognition and incentive programs, as well as prepaid reward solutions.”
Says Chiofolo, "I’m pleased to step into a larger role within the IESP, which serves as a central force in driving innovation and technology in rewards and incentives. Incredible potential lies ahead to further shape, educate, and advance our market. With the support of our dedicated board and vibrant community of members, we are poised for more great achievements."
In other board announcements, Paul Haynes, Giift, will serve as Executive Vice President; Lauren Gagne, CRP, C.A. Short Company, as Treasurer; and Brant Dolan, IP, Quality Incentive Company, as Secretary. Lincoln Smith, IP, Lincoln Smith Advisers, serves as Past President.
Directors are Peter Cannon, Ticket Jones; Joe Effertz, Black Forest; David Gould, CPIM, 360insights; Scott Lapp, IP, Blackhawk Network; Carl MacDonald, Vibe SMG, Inc.; and Sheryl Shewman, U.S. Bank.
How RRN and Brand Media Coalition: Your Partner in Success in Incentives, Rewards, and Recognition
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