Economic Impact on Incentive and Engagement Programs

budget economy planning May 14, 2018

What about the economy? 

Companies use various forms of incentive, engagement, loyalty and other performance programs to motivate employees, dealers and customers to change their behaviors. In an economic environment that is humming along these programs tend to be in favor as budgets are easy to justify. 2018 seems to be one of those years according to the Incentive Research Foundation’s Top Incentive Trends of 2018. Market Optimism was listed at number two, “The incentive travel industry’s net optimism score for the economy is up almost 20 points from 2017, according to the IRF. Increased optimism is leading to budget increases for incentive professionals”, but the economic forecast through 2020 is quite different. When the environment changes those budgets can dramatically shrink and in many cases, be eliminated.

To understand how that can happen, to even the biggest and the best companies, just go back to 2008-2009 and review the results. Company...

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Enterprise Engagement, The Missing Link

Before addressing the missing link for Enterprise Engagement let’s consider the components that are included in Enterprise Engagement. Every business generates revenue, expenses, and manages cash flow. In addition to managing these visible financial metrics every business must also maximize their investment in assets. Assets are more than just the typical hard assets on a balance sheet. Assets include the people, both inside and outside of the business that drive the financial metrics for the business. An Enterprise Engagement initiative requires a complete plan that encompasses all internal and external environments that impact a business.

Businesses take varying approaches to trying to achieve some or all of the components of Enterprise Engagement. Unfortunately, a vast majority of these efforts are done in silos rather than as an enterprise approach. Programs are launched for Recognition, Incentive or Engagement to appeal to select audiences in order to motivate or reward a...

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