Mistakes To Avoid When Developing Your Incentives Travel Program
Employers are putting more investment and efforts into making sure that they are hiring and retaining the best talent they could have for their workforce. With the high competition in the global marketplace, you just can’t afford to go with a second-best team.
But finding and hiring the right people are just one part of the equation. Another important consideration lies in ensuring that your employees continue to be top performers.You want them to remain motivated and inspired to do their job well, and you need them to develop a mindset and culture that values constant improvement. A crucial element of achieving this is to come up with the right employee rewards and incentives program.
Today’s incentives systems are leaning toward non-cash rewards – and these days, among the most popular programs are those featuring incentives travel rewards. It is believed that non-monetary ways of recognizing an employee are often more effective in achieving the rewards system’s target objectives, and a rich database of studies attests to this principle. An employee who is offered a chance to travel as a form of reward will most likely be more engaged with their job versus an employee who was simply offered a cash bonus. In many cases, it’s the concept of being rewarded with an experience (rather than cold cash) that makes travel incentives a more effective option.
However, it takes the right strategy for a travel rewards program to work and achieve its set goals. Without a plan and perspective that is aligned with the company’s overall strategy, your program will become simply a waste of time and money.
Consider the following mistakes to avoid when developing your travel rewards and incentives program:
Operating without a clear goal. As with any business decision, your travel program should be informed by a target objective. Make sure this objective is in mind when creating your program and that it is communicated clearly and consistently to all parties involved.
Making the travel incentive the only form of incentive. An effective incentives program is well-rounded and integrated into your overall talent development strategy. Don’t rely on travel rewards alone to motivate your employees – it simply won’t work.
Offering travel without thought. Any form of recognition should be based on the values and profile of your employees. A young, active workforce may most likely enjoy going to sporty or adventure-filled destinations, while a more mature and established one may appreciate traveling with their families.
Going over the budget. While you don’t want to scrimp on your travel program, you don’t want to shoulder out-of-pocket expenses, either. Seek help from corporate travel specialists who can provide you travel solutions that are relevant, meaningful and within your business means.