Day in and day out, we expect a lot from our employees. We ask them to give their time and energy throughout the workday (and beyond!) to ensure business success. We trust they will engage in high-performing teams that deliver massive results. So how do we reward them for meeting business goals?
Incentive travel programs remain a popular option. According to surveys in 2017 and 2018 from the Incentive Research Foundation, travel remains one of the most popular and fastest-growing motivational tools for sales and other employees. Worldwide, 65% of companies are expanding their incentive travel programs. In the U.S. approximately 40% of U.S. companies use incentive travel rewards.
Why? Because incentive travel programs work.
Research dating back to the 1970s highlights that travel and other non-cash rewards offer greater benefits and ROI than cash rewards. Though there’s immediate excitement in receiving a large sum of cash, the excitement dwindles quickly because we use cash for everyday transactions. We pay our mortgage or make a payment on our car, and these are transactions that are mundane and forgettable.
But experiential gifts like incentive travel are different. These gifts have an enormous impact on our psyche. For example, effective incentive travel is built around a luxurious experience that your employees couldn’t otherwise create on their own. This usually means over-the-top destinations, exclusive accommodations and experiences that immerse your employees into the culture of the country. Ultimately, incentive travel programs are designed around once-in-a-lifetime moments that create memories that will last a lifetime. Cash rewards simply can’t do this.
Travel is a universal motivator, which is why incentive travel programs continue to be a highly successful way to retain high performers and achieve a high ROI. Our team of incentive travel planners help companies across the globe curate the most luxurious experiences that, in turn, cultivate exceptional teams. Contact us today to learn more about how our incentive and recognition programs can help you.
If you are not sure about a full-blown incentive travel program for your company, you are still in the right place. Check out this exclusive travel experience hosted by One10 and Travel and Leisure. Get a taste of what we can do for your top performers by coming with us to Napa this fall!