Why do incentive travel programs work for your company? Good question. Quite basically they work because it is a proven strategy to motivate staff. Employees value incentive travel very highly.
Those who attend the event can get public recognition of their achievements. It is a fantastic opportunity for the recipients of the reward to shake hands with the company’s executive leadership. At the same time, they also share their ideas and mingle with those at the company’s top. It is a chance to showcase yourself and mingle.
Sharing their success stories and the challenges they overcame with the other top performers of the company. It presents itself as a tremendous career-altering opportunity for the participants. It is time for the attendees to connect with one another and share their visions for the company.
Do incentive travel programs really benefit companies?
There was a short period when incentive travel programs were becoming taboo. It was a waste of corporate spending by the media and generally frowned upon. But there has been a massive turnaround in recent times as to how it is looked upon by the corporate world, with approximately 65% of firms worldwide planning to expand their current incentive travel programs.
What are the benefits gained for companies?
It is estimated that in the USA, per employee, companies on average invest anywhere between $2,000 – $8,000 every year in one employee. According to the IRF (Incentive Research Foundation), it is estimated that an appropriate annual spend on incentive travel should be 3% of yearly income.
We roughly know the costs, but what does the company get back in return for this expenditure under ridicule in the past.
- Employees are constantly motivated and improving, which leads to high productivity levels, which will, in turn, bring more profits to the company.
- Creates an excellent working atmosphere, and incentive travel programs can also boost the reputation of the company.
- The recruitment process is therefore directly affected by this. Companies renowned for valuing their staff and rewarding them can attract the best potential to add to their company. This also relates to retention as well as. Being able to hold on to your top-performing employees is vitally important to a company. Feeling appreciated and valued is essential to everyone.
- This leads to increased loyalty and morale amongst the employees. Traveling can leave employees feeling a lot more at peace and relaxed and more included perhaps than they would think at the office. Increased morale can lead to strengthening working relationships and building a rapport amongst each other.
So, I think the intangible advantages that are the traveling results outweigh the costs for the money that is spent. And I think it is clear to see why many major firms worldwide have adapted this motivation strategy to their companies. Employee satisfaction can be a tricky thing for management to attain. Still, implementing this motivational strategy is sure to make things a lot easier.