How To Make A Corporate Travel Incentive More Effective
In attracting and retaining key performers within your business organization, and even fostering an efficient and productive workplace, you may need to look beyond offering competitive salaries.
To a certain extent, cash rewards can attract good employees and make them stay with an organization. But apart from the obvious lack of creativity, giving financial rewards to top performers may seem like the organization is simply throwing money in the face of such achievements.
One alternative to cash rewards that many successful companies have utilized to help them achieve their goals is the corporate travel incentive. Travel incentives offer several unique advantages. Like financial rewards, travel incentives can motivate employees to perform better and help an organization retain top talent, decrease turnover rates, and increase sales. But more importantly, group incentive travel promotes the spirit of teamwork. Instead of working by themselves, your employees are motivated by the allure of a shared experience that money cannot buy.
If you are keen on implementing a travel incentive program for your organization, there are several factors that you need to consider in order to fully take advantage of its benefits.
During the planning process, business organizations should clearly outline the earning and selection criteria. Successful incentive programs effectively tie these to the overall objectives that the company wants to achieve.
Clear communication is another important component required for the effective use of a travel incentive program. Managers and supervisors should make the goals clear to their employees while the progress of the program’s participants should be made available and accessible. This helps build anticipation for the final results. Top executives, on the other hand, should communicate the value of the incentive program as a means of rewarding and recognizing key performers.
In terms of designing the program, all stakeholders should have their inputs included, especially in the choice of the travel destination.Successful incentive programs have clearly defined purposes, identify their impact on the employees and organization, use both quantitative and qualitative indicators, and factor in the perception of employees.
During the conclusion of the incentive program, organizations can gain more mileage from it by keeping a few important considerations in mind. Businesses should not simply make the conclusion of the program as a means for recognition and further motivation of top employees. The awarding ceremony can also be used as a networking opportunity between key personnel and management. Additionally, the organization can work closely with awardees and identify best practices that can be implemented within the company.