SVM, LP, a global leader in providing incentive and motivation solutions, is conducting a survey of human resource professionals to better understand attitudes, needs, and trends among decision-makers regarding employee incentives. The survey is open to participants through the upcoming Society of Human Resources Management (SHRM) Annual Conference and Exposition June 16-19 in Chicago, where SVM will be exhibiting in booth #3206.
“As part of our new marketing campaign, Solutions that Motivate, we wanted to explore how HR professionals are driving positive behaviors,” explains Jim Leroux, president of SVM. “We expect the results to illuminate areas of opportunity around employee incentive and motivation programs, and provide HR professionals with more data about how to find the right reward for their employees.”
Initial results of the survey identified the top challenges, needs and attributes of employee incentive programs. Results include:
- 89 percent of companies offer gift cards as part of their employee incentive program.
- Gasoline and retail gift cards are viewed by decision-makers as the most popular incentives among recipients and the most convenient to implement.
- 91 percent of respondents find physical cards more rewarding than electronic cards.
- Cost, measurement and perceived value are the top three challenges in employee incentive programs.
- 61 percent of respondents consider their program to be working well or extremely well.
- Compared to value and everyday incentives, trophy incentives are not an effective employee incentive.
- Majority of companies spend less than $50,000 per year on employee incentives.
- Making employees feel valued and recognizing their achievements are the most important criteria for offering incentives.
The full results of SVM’s Market Trends Survey will be released in late June, following SHRM 2013.
