Many companies are still unsure if it is better to offer employees cash or non-monetary incentives. In the past, most organizationsopted to boost employee engagement and performance by awarding their successful workers with cash bonuses and the like.However, today, more and more businesses have started offering non-cash rewards such as international travel incentive trips to their employees. And this decision often leadsto great results.
Business experts say that incentive travel is a highly sought after reward because it is not considered a luxury, but a necessity. It is a potent tool that can help businesses achieve theirgoals, strengthen employee retention, boost performance and foster a culture of considerate motivation and success within the organization.
Having an international incentive travel program can indeed seem interesting, but starting one is not as easy as it sounds. Beginning this type of program, however, always hinges on these three key steps:
- Define your objectives. The first step in the development of this initiative is to identify your goals behind running an employee rewards program. Do you want an increase in sales, to achieve higher profitability, or to have team building activities? Once you have considered all your goals, you have to discuss these with your employees. At this stage, it is important to encourage your employees to work hard for the benefit of themselves, and ultimately, of the clients or customers.
- Find the essential funding. The next step is toallocate thesuitable budget for funding the incentive travel program. Aside from transferring your budget for your other rewards programs to this one, find out which areas in your business you can cut back on. When the travel opportunity is more lucrative, the more your employees will work harder. When your employees succeed, your business succeeds.
- Track your staff’s performance. Create a plan or strategy that will allow you to measure the success of your employees and track their behaviors. You need to find a suitable way toaccurately record their efforts.Once you have come up with this tool or system, you can also discuss this with your employeesso that they understand how this works. By doing this, you can increase your team’s motivation and you can maintain a proper alignment of your business objectives.
Business owners will find setting up an international incentive travel program either easy or complicated. When you are having a hard time planning and implementing this, you can always get help from professional incentive program consultants.