Whenever a new year rolls in, businesses get busy with finalizing or unveiling their financial plans for the next quarters.For 2016, studies show that some of the areas that will receive top allotment include I.T., data management and information security. Another component that is expected to receive increased spending is business travel, with group trip volume predicted to surge by 3.1 percent according to Global Business Travel Association.
The demand for corporate group travel is rising, in huge part because more and more businesses today have established incentive trips as one of the main drivers of their talent management strategy. Investing in incentive travel packages has always been a must-have for future-looking organizations. But in the recent few years, a bigger number of organizations have preferred travel rewards more than merchandise or cash bonuses. One reason behind this trend: Business owners have seen how the experience of travel is remembered for a longer time compared to material gifts or cold cash.
Travel incentives, guided by a solid talent management strategy, can offer the following returns to businesses:
Travel incentives work great for targeting short-term and specific objectives. Let’s say you need your team to achieve this particular number of sales, a certain percentage increase in profits or a new service rating minimum. If you’ve often offered cash rewards for those who have reached more than the quota, try offering a travel incentive this year. Studies have shown that the possibility of a free trip to a holiday destination drivesbetter results and performance from employees than monetary incentives.
Another measurable ROI you can expect from investing in a travel incentives program that’s relevant to your team is the significant cost savings it can bring. The cost savings may come from reduced absenteeism. The more motivated a workforce is, the more quality working hours they put in. Another source of cost reduction is the loyalty of the staff. Recruitment and turnover are two of the costliest HR activities, and you can minimize the spending for both by simply increasing your employee retention rate. So yes, sending top performers someplace nice may require serious funds, but you’ll eventually see the spending as an investment rather than a cost once you calculate the returns from reduced business costs.
Travel incentives are an effective way to show your employees how much you value them and how you recognize the value they bring to the table. When you make this position clear, you can look forward to enjoyingthe benefits of having a motivated, highly productive and loyal team this year and the next.
"I've been working with Bruce and his team on two projects and they've been great to work with. Bruce has helped us set up a referral/incentive program for us to roll out with our clients and strategic partners. Bruce was great to work with. He's set up a 7 tier program that allows for flexibility and he's also helped us to market the program."
"Beverly arranged and managed the early Envivio Sales incentive trips for us. Each of our events was an outstanding and motivating experience Our Sales team appreciated the attention to detail and to fun. Qualifying for the "trip" was a motivating factor behind many end of year sales pushes. I will use Beverly again in the future."
"Peak Performance’s attention to detail and personal service made me feel like I had a true corporate meeting planning partner that I could rely on throughout the planning process right up until I was on site. I look forward to doing more meetings with them."
"I have used your services two years in a row and you all have made my vacation a great one. You have the most helpful and considerate employees. Always very friendly, respectful and willing to make my travel experience a good one. Thank you and keep up the great job."
