As we begin 2024, incentives and recognition continue to be important tools for organizations. Leadership sees their value, employees are motivated by them, and the industry is positioned for a successful year. Yet given the current economic climate, incentive professionals are balancing the need to create transformative programs with the reality of inflation and budget constraints.
WASHINGTON, Jan. 23, 2024 /PRNewswire-PRWeb/ -- The Incentive Research Foundation is pleased to announce the release of its signature study, The IRF 2024 Trends Report. As we begin 2024, incentives and recognition continue to be important tools for organizations. Leadership sees their value, employees are motivated by them, and the industry is positioned for a successful year. Yet given the current economic climate, incentive professionals are balancing the need to create transformative programs with the reality of inflation and budget constraints.
"The demands of a changing workforce raise the expectations for incentives to boost engagement, build company culture, and motivate improved performance," said Stephanie Harris, President, IRF. "As we enter 2024, incentive professionals face increasing pressure on budgets while still developing strategic and creative ways to deliver exciting, motivational programs."
The top trends for incentive, reward, and recognition programs in 2024 include:
Increasing Importance of Incentives to Motivate Today's Workforce: Incentive and recognition programs are considered a key to culture building and are instrumental in bringing together and motivating a more dispersed workforce.
Inflation Continues, and Budgets are Hit Hard: While incentive program budgets are increasing, prices are often rising at a faster pace. Budgets are often increased to maintain a program, and do not indicate incentive program growth.
Artificial Intelligence is Increasing Efficiency and Impact: With transformative potential, AI can be used to enable greater personalization in rewards and shift towards true individualization, tailoring travel experiences and merchandise rewards to specific employees.
The Workforce is Getting Younger and Priorities are Shifting: Programs that utilize points, gift cards, and spiffs align with younger workers' preference for frequent, authentic recognition.
To read the full list of trends, and to view or download a copy of the full report, please visit The IRF 2024 Trends Report webpage.
This report was supported by IRF Research Advocacy Partner Brightspot Incentives & Events.
About the IRF:
The Incentive Research Foundation (TheIRF.org) funds and promotes research to advance the science and enhance the awareness and appropriate application of motivation and incentives in business and industry globally. The goal is to increase the understanding, effective use, and resultant benefits of incentives to businesses that currently use incentives, as well as businesses interested in improved performance.
Media Contact
Andy Schwarz, Incentive Research Foundation, +1 703 556 7160, [email protected], www.theirf.org
SOURCE Incentive Research Foundation
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