MICE INITIATIVES
Top incentive trends planners need to know
Shifting workforce dynamics, inflation and AI are changing incentive programmes.
The IRF 2024 Trends Report for 2024 reveals that demands of a changing workforce raise the expectations for incentives to boost engagement, build company culture, and motivate improved performance.
As revealed in the Incentive Research Foundation's latest 'The IRF 2024 Trends Report for 2024', incentives and recognition remain essential tools for organisations seeking to drive engagement and performance among employees.
While leadership recognises their value and employees are motivated by them, incentive professionals are navigating the challenges of balancing the need to create transformative programmes with current economic uncertainty, 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. "Incentive professionals face increasing pressure on budgets while still developing strategic and creative ways to deliver exciting, motivational programs."
Key trends highlighted in the report:
- Increasing importance of incentives to motivate today's workforce : Incentive and recognition programmes are considered a key to culture building and are instrumental in bringing together and motivating a more dispersed workforce.
- Economic pressures and budget constraints persist : While incentive programme budgets are increasing, prices are often rising at a faster pace. Budgets are often increased to maintain a programme, and do not indicate incentive programme growth.
- Harnessing the power of AI for efficiency and personalisation: AI's transformative potential can be used to enable greater personalisation in rewards and shift towards true individualisation, tailoring travel experiences and merchandise rewards to specific employees.
- Shifting workforce dynamics : Programmes that utilise points, gift cards, and SPIFFs (Sales Performance Incentive Funds) align with younger workers' preference for frequent and authentic recognition. SPIFF is a short-term reward that sales staff receive for meeting their assigned goals and objectives within a specific time frame.
