Business travel has not yet returned to pre-pandemic levels, as complemented by leisure travel. But there is a growing realization among C-level executives that strategic use of employee rewards can boost profitability. And given the much talk in recent years about increasing travel through publications such as Forbes, it’s no surprise that incentive travel is on the rise in the corporate sector.
The incentive travel industry as a whole is recovering from a multi-year recession, mainly due to the negative reaction it has received from the media and politicians, as well as the COVID-19 pandemic. According to the Incentive Research Fund’s 2019 index, 84% of US companies used non-cash incentives to retain and motivate their employees, with incentive travel being a popular option before the pandemic. Now, with an economic recession looming, non-cash incentives can be a great way to retain employees.
It takes a little planning and forethought, but the process is relatively simple.
- Have a vision
Set clear, achievable goals that align with the strategic goals of the business. These goals should be measurable and specific. Even if your company is not ready to develop an entire program, you can offer smaller bonuses such as plane tickets and a hotel voucher.
- Know your team
Planners should also have a clear understanding of what motivates their employees. It should be like a reward that employees genuinely respond to, so that they feel encouraged to develop new skills and ideas to unlock that achievement.
- Make everything trackable
Follow a consistent communication style. Whether it’s through a software system or an interactive leaderboard, employees should be able to track their progress and prove it with detailed records.
- Promote it often
Supporting the travel program is an integral part of the company’s strategy. It should be regularly advertised and celebrated at all levels. During this qualifying period, team members will work hard to achieve their goals. The constant effort and excitement that management puts into building anticipation for the trip will further motivate employees.
- Evaluate your program
Ongoing evaluation of your program’s rewards and structure is key to sustaining this strategy over the long term. Use a combination of goal-related KPI data and an end-of-event evaluation to determine if the program is meeting its purpose. By simply asking attendees to rate the events and their overall experience, companies can easily gauge the success of the program.
- Reap the long-term benefits
In the same study conducted by the IRF, employees who received an incentive escape continued to perform at an elite level after returning, inspired by their trip.
