Attracting and retaining the top talents in your industry is a big challenge. This is especially the case when you’re still developing the business. Your organization might not have the kind of cash compensation that big, established companies can offer. In place of cash on-hand, though, you can compete with leading organizations by developing an effective incentive travel program.
Non-cash Rewards and Recognition
Non-cash rewards are actually more effective than cash. The American Productivity Center shares that non-cash incentives are more effective in motivating sales personnel. It also comes out as more affordable, since a cash bonus would typically cost 12 percent while a non-cash incentive may cost 4 percent to 6 percent.
In addition, a non-cash incentive can provide what cash might not: recognition, and a lasting reminder of accomplishments.
An article from the McKinsey Quarterly further relates that studies have found that for people with satisfactory salaries, non-financial motivators are more effective in building long-term employee engagement.
Here are some ways to ensure that your incentive program achieves the benefits of non-cash motivators.
Provide destinations that appeal to your employees.
Location is an integral part of a successful incentive program. But if you think this usually means luxurious places, it’s not always the case. An appealing destination will depend on what your employees prefer.
For example, a majority of your employees are younger people who have shown interest in adventure travel. A glamorous spa resort destination might not appeal to this demographic. Another example includes an organization that mostly employs people with families. Such employees might prefer local or interstate destinations, offering family-friendly activities.
Include unique experiences with each incentive trip.
Look into the travel incentive programs of other companies, and discover what is missing. That missing factor could become the key that entices a potential top talent to your company. Offer up unique experiences with your incentive trips and your program will achieve its goals, whether it’s attracting top talent or retaining high performing employees.
Hire an incentive travel agency to plan and execute your program.
Finally, hire the experts in incentive travel. This is an investment that will pay off down the line. You’ll gain a targeted program that secures the results your business needs. You’ll also have access to better rates and even discounts because the right incentive travel agency will have key connections. And you’ll provide organized trips that ensure memorable and truly rewarding experiences for your deserving employees.