$3 million: That was the average annual incentive budget for the insurance and financial services companies that responded to a survey by CMI's sister publication Insurance Conference Planner. That number is up more than $1 million from two years ago, the last time the magazine did this survey of readers. As well, 92 percent of respondents said that they expect to plan more or the same number of incentives in 2005.
Nevertheless, ICP found that its readers' jobs are getting harder. With only 20 percent of respondents gaining meeting department staff last year, and more than 50 percent expecting budgets to remain flat in 2005, it's clear that the struggle to do more with less continues. And, 19 percent of planners surveyed reported that they are now required to work with their company's procurement department on sourcing decisions — a question that wasn't even asked in the 2002 study.