Boosting Retention Rates with Incentive Travel
Employee retention is a bigger problem than it’s ever been. With Millennials firmly ensconced in the working world, many companies are finding that keeping them onboard is a hard slog.
Millennials seek flexibility, upward mobility and the ability to work remotely. These are some of the top priorities of this cohort. And when they’re not happy with the way things are going, they move on.
And that’s pretty easy for them to do in a market driven by employees. It’s even easier for them to do when they’re the highly-skilled tech nabobs many companies are seeking to shepherd them through the digital transformation which is at the center of corporate strategy now.
This post addresses boosting retention rates with incentive travel.
Our Experience – a Case Study
Incentive Travel Group is an outsourced solution to incentive programs, meeting and conference planning and incentive travel planning, logistics and execution. We’ve worked with all kinds of companies to develop their incentive games. But there’s one in particular which comes to mind when talking about boosting retention rates with incentive travel.
Our Houston-based client had a sticky situation on its hands. The work was demanding, requiring long hours and a work schedule which tore through employees. This left our client scrambling to fill roles vacated. It also compelled lengthy training periods to bring incoming employees up to speed.
And that was costing them money. Lots of money. Replacing outgoing employees was costing our client 2.5 times the annual salary involved. The bleeding had to be stopped.
The employer was painfully aware of the demanding nature of the work they needed their employees to do. They wanted to find a way to reward their employees for their hard work, so ITG provided an incentive travel strategy.
Our idea was to offer a yearly travel incentive for employees who’d worked for the company for a year. The amount of the incentive was $2K. The catch?
It could only be spent on travel and it was only paid out once the travel had been booked by the employee.
Our team facilitated booking for employees, many of whom had never traveled before. It was amazing to see how enthusiastically they responded to the prospect of trips to Las Vegas for long weekend fun, ski vacations and family excursions to Disneyland. The world opened to them.
We made it all a cinch, with our team members booking their trips and guiding them through the process of checking in at hotels and airports, seamlessly.
The icing on the cake was a concurrent program that offered a $10K travel voucher for employee service of 10 years.
A Remarkable Success
Not only was ITG able to boost our client’s employee retention rates, we were able to improve employee engagement. This is just one incentive travel success story we helped write. We can help write yours, too.
Incentive Travel Group has been taking people places for more than 20 years, providing expert planning, logistics and execution. We know how to reach your employees with incentives that work.