Boosting Retention Rates With Incentive Travel
Retaining talent is an issue a lot of employers wrestle with. When people are ready to move on, there’s little you can do to stop them. But before you arrive at the point at which an employee’s ready to pack up and explore new frontiers, what are you doing to inspire loyalty and shore up retention?
Once upon a time, people stayed with companies for many years. Sometimes, they stayed for life. Those days are gone. Today’s workers are keen to change venue as often as they feel necessary to maintain a sense of professional challenge and of course, to up their remuneration.
In tandem with changes that are making traditional hierarchical structures in the working world obsolete, are technological realities which demand that employers meet the challenge they pose with up-to-date models of employee training and support.
Nimble, flexible team structures are becoming the norm in organizations everywhere and those teams need to be carefully built and curated. Once that’s done and your teams are ticking along productively, you want team members to stay. That means approaching retention in ways that honor a shifting landscape.
Boosting retention rates with incentive travel is one way companies are responding to new paradigms of work and its meaning.
Satisfaction through challenge.
Boredom leads to inertia. Talented employees want to feel challenged by their work every day. These are the people who will prove to be most valuable to you. Enhancing their experience of the workplace begins at intake and continues with skills enhancement, meaningful team-building and intentional support and coaching.
But boosting retention rates with incentive travel is a strategy organizations should be paying closer attention to. It’s working for companies all over the world.
Incentive travel offers a framework for challenging your talent with opportunities to shine. In competition with other employees in their teams and beyond, attractive travel incentives provide the focus of friendly intramural competition.
The work itself becomes part of the game, with your people striving to deliver their best to win the prize. There is nothing more satisfying than meeting a challenge effectively. This is especially true of new generation workers, ready to demonstrate their worth and to get where they desire to be in life.
And when talented workers win, your organization wins, too.
Travel incentives work.
Research conducted by InSync Surveys reveals that the high cost of employee turnover can be reduced by over $250K per year by reducing turnover by as little as 5%. That’s not a huge shift to save a whopping amount of money.
Creating travel incentives which address employee interests is one of the most effective ways to reduce turnover. By demonstrating to your people that their efforts are appreciated and valued, you inspire loyalty and that translates into retention.
Winning an incentive is a peak experience workers don’t forget. And those who don’t win? They’ll try harder next time and that’s increased productivity that matters to your bottom line.
Contact Incentive Travel Group for exceptionally effective travel incentives that boost retention.