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Best-In-Class Firms Use Noncash Rewards to Drive Performance

A recent study of sales organizations at Best-In-Class companies reveals that they are more likely to use recognition in the form of non-cash rewards. Specifically, a majority (55%) of respondents to a recent Aberdeen Group survey indicate that non-cash incentives and rewards are a "vital component" of sales performance management, and 57% say that "internal recognition for positive performance" is a critical non-financial motivator. The Aberdeen Research Brief, supported and distributed by the Incentive Research Foundation (IRF), notes that:

  • Organizations with formal internal sales employee recognition programs had 14.8% higher team quota attainment and 5.9% higher customer renewal rate
  • BIC firms were 11% more likely to offer verbal praise, 90% more likely to offer public recognition and 94% more likely to offer peer-to-peer recognition for progress towards goal versus all other firms
  • 100% of BIC companies offer group travel and company-sponsored events to recognize year-end sales success
  • BIC companies are 23% more likely than all others to offer group travel, 75% more likely to offer company sponsored events and 60% more likely to offer peer-to-peer recognition as a year-end sales incentive.
  • BIC companies are 26% more likely than all others to list teamwork as a very important part of the sales process - and 47% more likely than laggard firms
  • A wide variety of efficiency-oriented metrics favor the outsourcing of incentive management, with those organizations that outsource showing higher lead conversion rates (30.4% vs. 23.9%) and lower average sales cycles (4.2 months vs. 5.3 months)

This article was featured in the Engagement Strategies Magazine - Volume 17, Issue 1 (pg. 10). For more info, click here.

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