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Trending this year: Incentive Programs
Promo ideas for your next incentive program
Even in the face of growing economic uncertainty, non-cash incentive programs are expected to be more important than ever for businesses to attract and maintain top talent in 2023.
An incentive program is essentially a program whereby employees are recognized for their contributions with a non-cash gift like a company paid dinner or vacation, a high-quality branded item, trophy or plaque, or even something as simple as a paid day off. To learn more about what an incentive program is and how you can run one of your own, take a look at our blog post about workplace incentives and recognition.
The PPAI and the Incentive Research Foundation have published a report predicting the role of employee incentive programs in the coming year, and things are looking up! The report gathered information from 543 respondents in both Europe and North America who run incentive programs. Findings of the study not only suggest that incentive programs will remain popular within businesses and their employees, but that the budgets allocated to incentive programs by companies in 2023 will actually increase. In North America, overall program budgets are expected to grow by an impressive 44%!
When asked about the present economic circumstances and the effect of inflation on the value of non-cash incentives, 50% of North American respondents insisted that high inflation increased the value of non-cash incentives/rewards, while only 23% said that inflation decreased their value. With the combination of high inflation and the turbulent workforce that we have seen in the last few years, incentive programs have become highly valued by many companies as an effective way to provide motivation and encouragement to their employees.
2022 saw a preference for apparel, food-related products, and custom branded merchandise among North American organizations. Items like logoed apparel and other branded items are highly effective as employee gifts because they foster a sense of shared community, identity and belonging within the organization. When this strong sense of community and support is present, your company becomes a place that people are proud to work for and support! For these reasons, branded apparel and everyday items such as mugs, bags, or even blankets can be a great starting point for your growing incentive program.
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