Travel incentives are on the Rise as the Global Economy Rises
It stands to reason that as the economy improves so will the travel industry. Simply put, the more money left in the budget, the more you will see company travel incentives on the table.
It has been proven time and time again that travel incentives are a great motivation strategy for employers. It’s even been proven that travel incentives actually improve personal performance by 22% and team performance by 44%. Worldwide surveys have shown that travel incentives actually increase an employee’s motivation more than cash incentives. This is explained by interviewing the employees of several large companies and found results of how feeling refreshed and relaxed after a “free” vacation, is more productive than having to spend the cash on bills.
Further numbers revealed that over 70% of those surveyed felt that earning the travel award increased their feeling of being a part of the company. Over 50% agreed that group travel participation created a bonding that brought together a more cohesive team and the involvement to choose their destination inspired and motivated them to be more creative and productive at work.
The Site Annual Analysis and Forecast for the Motivational Events Industry found that optimism about the overall use of incentive travel experiences is at a four-year high, and that almost half of respondents say its use will increase in the next six months. A full 69% of respondents are similarly optimistic about the next 6 to 12 months, and the optimism carries over to expectations for the next one to three years, with 87% believing it will substantially increase. This prediction gives business owners and executives time to get their planning departments in place and prepare for the busy travel market on the horizon.
Here at Peak Performance, we are ready to assist in your travel planning from start to finish. Don’t hesitate to contact us for more information.