It may seem counterintuitive to think that non-cash rewards like employee travel incentive programs are far superior to giving cash bonuses to employees. However, numerous studies indicate that non-cash rewards, including travel incentives, can motivate employees more and allow organizations to reach their goals faster.
Indeed, for a lot of people, having extra money to pocket after a job well done would be nice. However, travel incentives can offer more. This incentive program can attract the interest of more employees, generate excitement, and motivate them to step up their performance in order to meet organizational goals.
Why non-cash rewards are better
Apart from the aforementioned advantages of non-cash rewards, there is one crucial factor that makes it a better choice for organizations that want to cultivate a culture of excellence: human emotion.
Indeed, when you ask employees to choose between cash and non-cash rewards, a majority will select cash rewards. However, when they have already received either of the two, a majority will say that non-cash rewards were more satisfying. The reason behind this is that employees see non-cash rewards as gifts—something that they wouldn't buy on their own because the cost is too prohibitive or may seem too indulgent for them. Given the choice between money and non-cash rewards, people choose the former because it seems to be the practical choice.
The argument for travel incentives
Indeed, getting rewarded with cash for your efforts is nothing to scoff at. However, when you factor in the emotional rewards associated with non-cash incentives, the participants will almost always attach a higher value to non-cash rewards like travel incentives.
Additionally, when a person is rewarded with money, more often than not, the recipient almost always loses sight of the reward aspect. The reason behind this is that the money is used for practical purposes, like paying bills.
Many feel that buying luxurious items or going to a vacation may seem too indulgent. This is what makes a travel incentive more special—the recipient does not feel irresponsible or indulgent.
Additionally, the recipients of travel incentives are given an opportunity to create positive memories that they can share with either other winners or their loved ones. These memories can be cherished for a longer time and can create a positive impact on the way the organization is perceived by its members.
In short, if you are looking for an effective way to boost employee motivation, facilitate team building, and increase productivity and sales revenues, you should highly consider implementing a travel incentive program in your business.