Top Reasons Why Firms Do Not Implement an Event and Travel Incentive Program
If you happen to speak to business owners and their managers who have implemented event and travel incentive programs before in their respective organizations, they will likely tell you that they are happy with the results that they have achieved. Furthermore, they will say that they will continue implementing this type of program over the long term.
However, there are still many owners and managers who do not believe that an incentive scheme can help their organizations. Reasons may vary, but the most common ones are listed below.
Cost is one of the leading barriers which prevent an organization from implementing an incentive program. Many are well aware of the different benefits such a program can bring, and yet some think that the costs for this are too prohibitive.
With a well-designed program, the organization does not need to put out cash from its own coffers. In fact, a properly designed and implemented program can pay for itself. And in many instances, the business can earn some extra money on the side, apart from other benefits like increased motivation, loyalty and productivity.
It does not work
Some companies who have tried implementing a travel incentive program report that they failed to achieve the goals they set from the start.
However, before putting the blame on this type of incentive program, it is important to look at other crucial details. These include the quality of the objectives, the value of the goals, and the quality of the planning and implementation.
Implementing an incentive program can be quite complex, requiring multiple parts humming together in unison. For example, if you do not make realistic expectations or planning was done haphazardly, your program can be considered doomed from the start.
Another reason why some organizations do not implement an incentive scheme is that they do not know how to measure program success. The truth is, there are several approaches to the measurement of program success. The simplest way would be to get the difference between increased revenue and the program cost. The difference would be the incremental income. Apart from that, there are several other metrics. Of course, it is well worth considering non-financial benefits that can be gleaned from an incentive scheme.
Program management and tracking
This aspect of a travel incentive program can be the most daunting for organizations. However, many organizations are fully capable of performing these tasks with a little help from qualified professionals. Alternatively, this task can be outsourced to a reputable incentive company.