For many employees, the choice between incentive travels and a huge performance bonus can be quite difficult to make.
For someone who hasn't received a performance bonus before, or for an employee who needs cash, the performance bonus will be an enticing option. On the other hand, if you regularly receive a bonus for your good performance, an incentive travel will be more appealing.
Employees who are considered as pack leaders will often choose an incentive travel opportunity over a huge bonus. Throughout their journey to the summit of their respective fields, they most likely have received bonuses, which makes incentive travel more attractive to pursue.
What's the reason behind this?
For one, incentive travel can be considered as more tangible. Sure, you can do a lot of things with the money you get. However, the allure of incentive travel opportunities often stems from the fact that companies often select destinations that are exceptional and unique. Plus, money can be easily be spent on other things, which makes the initial enjoyment over a performance bonus fade even in just a matter of days or weeks.
Then there's the novelty of the experience offered by a well-designed and properly implemented incentive travel scheme. Even if you can afford a trip to the chosen destination, this will sometimes pale in comparison to the experience of taking that trip with your fellow employees and the memories and adventures you share. With the aid of professional planners, organizations can offer experiences to their valued employees, which would not be possible had they taken the same trip on their own.
Incentive travels can also boost and strengthen the relationship between an organization and its top performers. Through the sharing of unique experiences, members of the organization can boost their morale, which translates to increased productivity. Plus, in a competitive industry where top performers are considered as prime commodities, an incentive travel program can be seen as a difference-maker for your organization.
By no means are these to be interpreted that you should eliminate performance bonuses. Instead, you can use an incentive travel program as a supplement to annual bonuses. You may have to make the bonuses smaller, but with a well-designed incentive travel scheme, your top performers won't make a big deal about the cut in their bonuses.
Both types of incentives offer several benefits for both employees and the organizations they belong to. However, if you are looking for benefits that performance bonuses do not provide, it is worthwhile to consider investing in a travel incentive program for your company.