For any type of business, it is well acknowledged that rewards and incentives have benefits for both employees and employers. Incentive travel, whether a team or individual employee trip, is a proven and popular technique used by companies to boost sales and drive targets.
But first, what is incentive travel?
According to the Incentive Research Foundation:”Incentive Travel Programs are a motivational tool to enhance productivity or achieve business objectives in which participants earn a reward based on a specific level of achievement set forth by management. The program is designed to recognize earners for their achievements.”
In simpler words, incentive travel is a business travel which helps motivate employees to excel in certain activities or to reach a specific goal.
Below are only some of the many benefits of rewarding your employees through incentive travel:
Setting a specific measurable goal drives employees to gain more sales and hit targets. This technique is considered a very good motivation technique to achieve your business targets and therefore is considered one of the most effective ways to improve your company’s performance.
2. Solid Company Image
Your employees are your brand ambassadors. Talking about their travel experience and the benefits received whether in their social circles or internally with their colleagues, would definitely help build a positive image for your company. This way your company will be able to attract more qualified talents as well as build a better image in the job market. No PR is more effective or motivational than word of mouth.
3. Increase Employees loyalty
Loyalty is first and foremost about reciprocity. When employees feel that the business respects their efforts, they tend to continue to do their best and not look for another job even when tempting job offers are presented. Not to forget, travel breaks give time to destress and recharge, making employees happier at work upon return. Actually, a variety of research shows that although a cash bonus is an attractive reward, travel tops the list because cash is easily spent but a holiday provides amazing experiences and memories that last.
4. Healthy Competition
According to Psychology Today “good competitiveness is the drive to accomplish a goal, bring out the best in individuals, and indeed help them understand themselves”. Having a healthy competition environment provides a compelling reason for employees to change their work habits and behaviors. Intrinsically, incentive travel is a fascinating reward, it creates focus and motivates people to rethink their targets and the way they’ll reach them.
5. Tailored for every Budget
Incentive travel can be tailored to suit any budget which will both suit different people and reward different levels of achievements. Travel incentives are more cost-effective and offer greater value than cash in terms of benefits for your staff and the business. Actually, money is considered the most expensive method to reward employees.
Galaxia MICE can help you organize your travel incentive plan, from working on the incentive program budget planning to designing effective and memorable team-building activities.
As can be seen, there are many benefits to providing your staff with incentive travel trips, from creating a memorable experience to increasing staff loyalty and meeting your business goals. This can result in a more engaged workforce that goes the extra mile for your business.