Motive, Reward and Grow Your Business Through Travel

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- Do you own a small business?

- Are you looking at ways to increase employee performance and loyalty?

- Are you looking for a way to reward your employees and show your appreciation while managing budget and administration time?

 

A travel incentive program might be the right tool for your company.

 

Incentives control every aspect our lives, starting when we first learn to eat our broccoli if we want a dessert.

Travel incentive programs have been used to motivate and engage employees since the 1970s. In recent years, experiential rewards such as travel have been growing in popularity. At Present successful organizations utilize incentives to reward and motivate employees, customers, and other stakeholders. Incentive programs increase innovation and revenue, decrease losses and expenses, and reinforce your corporate culture.

Money, bonuses, and raises simply do not bring the same value or long-term benefits as they used to. In fact, according to one report, when rewarded with personalized travel incentives, employees feel more appreciated and trusted, resulting in greater loyalty towards their organizations. Furthermore, it’s been shown that Millennials and younger generations, value experiences over material possessions.

Following are the 7 advantages and benefits of incentive travel programs to employees and organizations.

1. TRAVEL INCENTIVES MOTIVATE EMPLOYEES TO CONTINUOUSLY DELIVER AND IMPROVE

Every organization around the world wants to fill its ranks with engaged, motivated employees who are constantly striving to improve and deliver beyond expectations. However, finding methods and means of inspiring employees to perform is an ongoing struggle. Every year, new information comes to light and trends emerge that shed light on innovative ways to motivate staff. Increasingly, it is becoming clear that experiential rewards are hugely effective as a motivational tool — much more so than cash.

One study of incentive travel trends found a 22 percent gain in performance after implementing a new program. Another study found that companies with effective incentive programs enjoyed 31 percent lower voluntary turnover. Travel creates a sense of anticipation; a reward in trying times. It may be, in many ways, the focus or key driver of the work, inspiring unrestricted effort and motivation during late nights or tough times. Additionally, employees who have already benefited from travel incentives will remember their experiences — the glamorous locations, the scrumptious food, the thrilling activities — and they will work hard to benefit once more.

2. EXPERIENTIAL INCENTIVES CAN BE CURATED AND PERSONALIZED TO EACH EMPLOYEE

We understand that reward and recognition are important in terms of motivation, performance, and engagement. Equally, we know that employees are unique individuals and there is no one size fits all solution to employee incentives. What inspires one person might bore another. An adventurous safari journey might be ideal for one traveler, while a relaxing beach holiday might be what another employee is looking for. Incentive travel programs allow companies an important level of customization, which demonstrates to your team that you have taken the time to get to know them. It also shows them that your company sincerely cares about them as the distinctive individuals they are — and not simply a spoke in the wheel.

Likewise, incentive travel can be customized depending on the size and financial resources of an organization. They can be tailored from budget to luxury — keep in mind that being careful with money does not mean that perks are any less meaningful.

3. TRAVEL INCENTIVES ALLOW EMPLOYEES TO CHECK ITEMS OFF THEIR BUCKET LIST

Incentive travel is successful, in large part, because it taps into our innate human instinct for exploration. Most people love to go on an adventure, but so few manage to take the time to get away and explore. This is frequently the case even if we have enough money to indulge, generally because almost every single employee has life commitments that demand money and investment.

Travel incentive programs allow employees to tick items off their bucket list and take that getaway without the associated guilt of not handling life commitments.

4. THE GIFT OF TRAVEL IS MORE DISTINCTIVE THAN MONEY

According to the Incentive Research Foundation, when given the choice in theory, employees generally choose cash rewards over non-cash rewards. But, when presented with a specific non-cash reward, employees quickly change their minds.

When employees are given cash rewards, generally, this cash goes towards mundane payments like regular monthly bills or groceries. A year later, it is doubtful that the average employee will remember what they spent their cash bonuses on. Experiential rewards are different. Photos are taken, souvenirs are bought, and memories are created. You can ensure a trip to a never-before-visited location will remain with an employee for much longer than its equivalent in dollars.

 5. TRAVEL INCENTIVE PROGRAMS CAN ENHANCE COMPANY CULTURE AND REPUTATION…

If your company profits a reputation for looking after its employees, it can seriously improve and enhance your business culture. Not only is your company offering employees great perks through incentive travel, but they are also acknowledging the importance of healthy breaks away from the office. And consequently, promoting the work-life balance.

Employees need to take regular breaks to perform at their best. In fact, many employees tend to be most productive after a vacation holiday. Offering great opportunities for long-deserved breaks away from work will help your company develop a reputation for promoting and supporting mental wellness and health. And increase employee happiness.

6. …THUS ACCELERATING RECRUITMENT EFFORTS

Certainly, companies with excellent company cultures and shining reputations generally do better in terms of recruitment. Bearing in mind that the competition in hiring qualified talent is ongoing; recruitment and retention is something that is a priority for all modern businesses.

Once employees feel valued, appreciated, and accepted; they are likely to share their employee experiences. As time goes on, your business will begin to attract the best and brightest. Incentive travel can be a great advantage for your company.

7. TRAVEL INCENTIVE PROGRAMS IMPROVE COMPANY LOYALTY AND MORALE

Retention is an ongoing concern for all businesses. Travel can work wonders, leaving employees feeling more rested, less anxious, more engaged, and more included. Research has indicated that when employees return from holidays, they are happier for weeks afterward. Morale is key in terms of retention. If your employees are content, fulfilled and engaged at the office, they will want to stick around for years to come.

 

To discuss more on the benefits of a travel incentive program, as well as the administrative process and management of incorporating a travel incentive program into your small business, contact us today to set up an appointment to discuss your options.