Top performing companies are more likely to motivate sales teams with non-cash rewards and incentives, research from the Aberdeen Group shows. Specifically, a recent Aberdeen’s survey, distributed by the Incentive Research Foundation, found that firms with formal internal sales employee recognition programs had 14.8% higher team quota attainment and a 5.9% higher customer renewal rate.
Other results showed leading companies are 11% more likely to offer employees verbal praise, 90% more likely to offer public recognition and 94% more likely to offer peer-to-peer recognition for progress toward goals comparing with all other firms. These top firms are also 23% more likely to offer group travel and 75% more likely to offer company-sponsored events. Over half of respondents listed non-cash rewards and recognition as an “important” part of sales performance management.
