Timeless Tips – Travel Incentive Program Development Best Practices
In the global war for talent, companies are making huge strides to make sure that they can get hold of the best people for their team. By best, it means the people they are looking for should not only be qualified, but also aligned with the type of culture and energy that their organization upholds. To do that requires launching a rigorous application process and investing in an in-depth talent attraction and selection process.
But that is just the one part of the talent strategy. Companies say that the next phase – talent retention and development – is much more challenging and demanding. Keeping your people consistently motivated about their job is never easy; you can ask a number of experts and they’ll give you different and sometimes contradicting answers on human motivation. One thing that studies have shown, however, is that a solid incentive program is a crucial part of successful talent retention.
For companies and HR executives looking for incentive development tips travel incentive program specialists offer the following advice, laid out in the form of vital questions:
Why? Establish clear goals and objectives.State in definite terms the outcome you want to see as a result of the incentive program. You need to be specific. If you want to see increased sales, state that you’re aiming for a 10 percent growth for the year.
How much? Set a budget. Make sure the amount you come up with will cover not just the expenses for the trip itself, but also for all the associated costs, such as transportation expenses to check out the venue or call costs to communicate with suppliers, and so on.
What happened? Measure and monitor. The success of your program can be seen from two views: the experience of employees and the results you were able to obtain as an incentive tool. Get feedback from participants. Trace the outcome using metrics based on both quantitative (financial returns from increased sales) and qualitative (behavioral changes in your employees) levels.
Where to start? Get expert help. Outsourcing the management of your travel incentive program saves you time and money. With their industry connections and experience, travel incentive consultants can come up with a program that’s tuned to your needs and capacities as an organization.
As the war for talent continues to become more intensive, cash rewards may not be effective in helping you retain your best people. Make sure the incentives you offer focus on experiences, not material things, and build the dream team your business deserves.