What Does Incentive Group Travel Mean For Your Top Talents?
Travel as incentive is now considered an essential addition to any growing business’s talent management program. Providing employees a chance to enjoy a holiday (charged to the company) is seen as an effective way to attract the best candidates, retain top-performing employees and motivate team members to aim for continuous improvement.
Incentive group travel may require a substantial investment for the business to offer a good experience for team, but with the right strategy, you can expect a solid ROI from the activity. Reported results include increased motivation, higher morale and improved team trust and bonding. When employees go back to work after the trip, spikes in productivity and efficiency are often reported.
Travel incentives are especially effective when you want to help employees reach specific goals or exceed their past performance. In one study, participating companies were asked to divide their sales force into two groups – group A was told that they will receive a cash bonus when they reach a certain quota, while a holiday incentive was offered to group B. The result: Group B consistently performed significantly better than group A. Weighing the variables in the study, it was concluded that the thought of being able to enjoy a fun, relaxing and unique travel experience has more motivational value for many people compared to the thought of being rewarded via cash.
When you offer a travel opportunity to top-performing teams, it is a way of showing your employees how much you value their contribution to the company. Recognizing them through the gift of travel is proven to have more impact than giving them monetary rewards. Since travel is along the realm of experience, its significance is more personal and long-lasting compared to material items. The memories your employees have collected during the trip will stay with them for life.
A fun trip can also be a training and learning experience for the attendees. Business leaders with the help of corporate travel specialists can design an itinerary that will include items that aim for specific results. You can use the destination or the activities for the day as platforms to show the team how to play and work in harmony, sharpen leadership skills, teach conflict resolution techniques or generate new ideas and strategies.
Working with a trusted corporate travel agency can also be most cost-effective in the long run. These agencies usually have formed business networks within the industry, so they have access to insider perks such as priority bookings, exclusive promos or discounted rates that they can pass on to you as part of the package. Minimizing mistakes when choosing airlines, hotels and other travel suppliers also helps the business get more value for their travel incentive budget.