As per World at Work - The Total Rewards Association, “The six elements of Total Rewards that collectively define an organization’s strategy to attract, motivate, retain and engage employees are Compensation, Benefits, Work-Life Effectiveness, Recognition, Performance Management and Talent Development.” A survey carried out by the same organization revealed that of these 6 levers, 88 percent organizations have recognition programs in place. In many organizations, after Compensation and Benefits, Recognition would be the 3rd of the 6 levers used by employers to achieve the objectives stated above.
So just how big is the market for rewards and recognition services and solutions? As per Incentive Federation’s 2016 “Incentive Marketplace Estimate Research Study”, American companies are estimated to spend USD 90 Billion a year on non-cash incentives. Of this, about USD 23 Billion is spent on Sales Reward and about similar amount on Employee Reward...
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