According to a 2023 study by the Incentive Research Foundation, generational preferences and life stage are often key factors when designing incentive, reward and recognition programs to motivate employees and salespeople.
Here are some insights from Generational Expectations for Incentives to consider when planning your next incentive program:
- Younger individuals aged 18-30 and those with higher incomes tend to favor group reward travel more than others;
- Employees in the later stages of their careers (51+) prefer domestic destinations that can be reached by car rather than those that require a flight;
- Younger workers (18-30) are much more attracted to products (electronics, etc.) and experiences (concerts, etc.) than mid- and late-career workers.
Programs that use points, gift cards, and bonuses align with younger workers’ preferences for frequent, authentic recognition.
To ensure that your employees are satisfied with their rewards, it’s important to recognize and cater to the diverse interests of the people in your company. This will help you effectively tailor incentives to meet their needs and preferences.
Unique experiences are on the rise
According to the Incentive Research Foundation, there is a strong desire within organizations to travel to destinations that are new to their group, with 71% of respondents to the 2023 Incentive Travel Index citing this as a priority.
Unique experiences are gaining momentum in incentive travel for companies, reflecting a shift in employee preferences toward more unconventional and exciting options.
Employees are increasingly looking for unique experiences and the chance to immerse themselves in new cultures and exciting adventures. They want something more than a simple vacation on the beach, and they are interested in options such as thrilling off-road trips or jungle rides.
Think about how to develop a program beyond a simple beach vacation. Maybe it will completely change your itinerary or just add a few unique activities.
