Questions To Ask When Developing An International Incentive Travel Program
Providing travel incentives has become a preferred way to motivate and reward top performing employees. Various studies have shown how the prospect of travel can be more effective in improving employee behavior and inspiring them to go beyond their best record – compared to when they are offered financial incentives such as a bonus.
Some experts say one of the reasons why travel incentives work is because they represent something of high value,but is calculated in more than just monetary terms. The prospect of going someplace new (or relaxing or exciting or refreshing), the chance to collect memorable events that they can share through stories, the opportunity to do something that may be logistically or financially complicated when they do it on their own – all these and more cultivate an experience of being valued and recognized in a way that cash can’t buy.
As travel incentives become more sophisticated and companies become willing to spend more on travel programs, the concept of international incentive travel naturally became the next thing in demand. It’s no surprise, especially with the increasingly global nature of today’s workforce. Businesses are tapping the international talent pool, and to attract and retain more top talent from this environment, then international destinations are the way to go.
But not all travel programs are equal – some work, but a lot more are revealed to simply be a waste of the company’s money and the employees’ time. How do you ensure that the travel incentives you offer will provide returns for the business? How do you develop the right program that is strictly connected with your strategic goals and, at the same time, will be sustainable and cost-effective for the company in the long run?
The following are some questions you may need to ask to design an international travel incentives program that will show measurable ROI.
What is the objective of the program? Start with the end in mind, and you can connect the dots backwards, which will help you identify the steps to take and the destinations, itineraries and activities that will be most matched to your system. Identify the goals of your rewards clearly and make sure you effectively communicate it to the team.
How much is the budget? Know where your funding will come from, how much can be allocated for the program, as well as the ideal budget for it. To maximize the funds, it’s best to shop around for travel rewards program providers offering the best deals and best value for your money.
How do you track the results? When you develop a travel incentive program, consider whether the program structure will have a component that will enable you to track and measure employee performance or not so you can reward and monitor accordingly.
Who is your supplier? A lot of companies choose to work with an independent supplier who will take care of all the nitty-gritty of the incentives program. Working with the right supplier and building a relationship with them for the long term will greatly impact the success of your travel rewards strategy.