Morale is one of the most important things to pay attention to when it comes to managing your team of employees. Your staff morale is the backbone of your business. As an organization’s leader, you cannot afford not to take it seriously: not only do numerous studies show that positive work cultures breed productivity, but it pays to keep your employees happy. With this in mind, it is important to offer a range of incentives so that your team has something to look forward to. One of the best ways to achieve this is to use incentive travel.
Travel incentive programs have been used as a tool to motivate and engage employees since the 1970s. In recent years, experiential rewards such as travel have been growing in popularity. They can be offered as a company-wide benefit, or only for specific teams due to the nature of complex projects that involve many different groups of employees. Researches has shown that well-rewarded employees tend to perform better and stay with their company longer. The employees that attend a company incentive trip have top performance ratings, but incentive trips can also help your business become more productive as a whole.
We have listed below 4 ADVANTAGES AND BENEFITS OF CORPORATE INCENTIVE TRAVEL to employees and organizations.
1. TRAVEL INCENTIVE PROGRAMS INCREASE LOYALTY AND TALENT RETENTION
Companies trust and desire employee loyalty. Employees committed to the company invest much more in the success of their organization than disengaged team members. However, around 32% of employees do not feel confident that the company they work for will remain loyal to them. Believe us: loyalty must be a two-way street. So why not use an incentive travel as a clear sign that people who stick around are widely appreciated? Offering tours to those who have been on your team for a few years is one of the types of application of this modality.
If the company reward the team correctly, people will feel valued, which means they will be more likely to stay with longer. A report by Oxford Economics found that nearly 80% of executives indicated that incentive travel has a significant impact on employee morale and job satisfaction, and 70% believe it has a real impact on employee performance.
The opportunity to take a trip is a huge benefit that can not only keep employees in the company, but also attract the best talent to your business. Travel can also create a sense of anticipation; a great reward in trying times. It can be, in many ways, the focus or “light at the end of the tunnel”, inspiring discretionary effort and motivation during late nights or tough times. Furthermore, employees who have already benefited from travel incentives will remember their experiences and they will work hard to benefit once more.
2. INCENTIVE TRAVEL ALLOW EMPLOYEES TO COMPLETE 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 often the case even if we have enough money to indulge — this is 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 without the associated guilt.
3. THE GIFT OF INCENTIVE TRAVEL IS MORE REMARKABLE THAN MONEY
One of the most important characteristics of our times is the enormous value attached to experiences. While people’s main goals in the past used to be related to obtaining goods and building heritage, today’s youth are more interested in events, unusual lifestyles and, of course, travel. But of course it does not mean that older employees will not be interested in a trip, but that this type of benefit tends to generate greater appeal among representatives of the new generations – specifically millennials (born in the 1980s) and the so-called generation Z ( born after 1995).
In this scenario, although there is the possibility that the company may offer a bonus with an equivalent cost, the perception of value attributed to the incentive trip and its impact tend to be greater. According to the Journal of Economic Psychology, when given the choice in the abstract, employees generally choose cash rewards over non-cash rewards. However, when presented with a specific non-cash reward, employees quickly change their minds.
4. EXPERIENTIAL REWARDS CAN BE CUSTOMISED AND TAILORED
Companies that decide to offer incentive trips have a huge range of opportunities at hand. Since the appreciation of the professional is one of the great objectives of this people management strategy, creating personalized experiences is something capable of motivating the employee even more.
Similarly, incentive travel can be customized depending on the size and financial resources of an organization. They can be tailored from budget to luxury — remember that being careful with money does not mean that perks are any less meaningful. In addition to choosing the destination that best matches the profile of the benefited team, it is possible to include tickets to theaters, shows and tours that especially meet your interests, further increasing the perceived value of the trip.
There is no one-size-fits-all incentive trip
Selecting a motivational destination is a mix of both art and science. What inspires one person might bore another. An exciting safari destination might be ideal for one adventurer, while a luxurious beach holiday might be what another employee is looking for. Incentive travel programs allow companies an important degree of customization, which demonstrates to your workforce that you have taken the time to get to know them.
The expertise of a good incentive travel company can be extremely beneficial, since DMCs are pros on destinations, flight options, and “incentive-quality” hotels. At GT DMC, we have traveled Brazil for north to south, seen resorts inside-and-out, vetted amazing activities, and built strong local partnerships.
- Are the voices of people who are not your target audience and other stakeholders coming through so loud that you struggle to ignore them?
- Are you basing destination options on ease of planning?
- Are you relying on existing partner relationships and not pushing yourself outside of your comfort zone?
- Are you thinking about where you personally would like to go next?
- Are you offering new destinations that expose attendees (think about repeat winners) to new experiences (beach vs. mountain, history vs. metropolitan, etc.)?
It’s a lot to think about, but here’s a good place to start. Take a look at the list below and make note of what is most important to your group. If you are not sure, consider sending out a survey or asking around.
- International destination
- Cultural/authentic experiences
- Ways to get involved with the community
- Give-back element
- Sports & Adventure
- Historical attractions
- Natural attractions and experiences
- Onsite restaurant and bar options
- Offsite restaurant and bar options
- Unique offsite event venues
- Activities and entertainment within walking distance
- Adults Only
- Family friendly
- Flight length
- Ground transfer time
And remember: authentic is in!
It’s all the rage these days, accumulating experiences instead of things. It applies to everyday life and is just as relevant when it comes to incentive travel. Whether it is an individual or group activity, authentic, once-in-a-lifetime experiences are the stuff memories are made of. It is also what keeps your reps earning their way back each year. GT DMC Brazil can create itineraries with a wide range of activities that connect your guests to the local community and provide inspiring experiences that teach them guests about our beautiful country, and hopefully a little about themselves in the process. Contact our travel specialists here and let’s make this incentive trip one to remember!