Incentive travel is business-related travel that is designed to provide motivation or incentives to help businesspeople become more successful.
According to the Incentive Research Foundation: “Incentive Travel Programs are a motivational tool to enhance productivity or achieve business objectives in which participants earn the reward based on a specific level of achievement set forth by management. Earners are rewarded with a trip and the program is designed to recognize earners for their achievements.”
For any type of business, the employees’ morale is of the utmost importance. To attain this, employers offer a range of incentive schemes, and incentive travel is one of them. Below are some of the many reasons and benefits for rewarding your best employees through incentive travel.
- Healthy Competition
Incentives inculcate a feeling of healthy competition among the employees. They strive to work harder and better in order to earn their incentive.
Travel is a highly cost effective incentive. In fact, it is much even better than offering money as incentive. Incentive travel can provide an ego boost to the employee and cost-effectiveness to the employers.
- Achieve Goals & Improve Performance
This is a very good way to achieve your sales targets and definitely one of the most effective ways to improve your company’s performance. It helps to boost employee morale, so that they work harder in order to reach their targets.
- Dedication & Loyalty
When you reward your employees, then you are making them happy. This would make them become more dedicated and loyal to the company. This leads to less employee turnover along with a better and more positive business environment.
- Stronger Team Relationship
Incentive travel tends to foster a stronger team relationship. When a team travels together, they share their memories and adventures together. This helps them to bond better. Also, this provides a good platform for people to discuss business matters in an informal environment. They are able to understand each other in an entirely new perspective and this helps them to work better later on.
- Boost Creativity & Enhance Productivity
Travel is a big relief from stress for your employees. Some time away from work will help to relax them and re-energize them. Also, it will help them to boost their creativity and enhance their productivity when they come back to work afterwards.
- Can Lead to Increase Profit
Going out to travel helps to enhance the physical and mental health of an employee. This means a healthy employee who will take fewer sick leaves. This would mean higher productivity leading to increased profits for your company.
- Better Positive Image for the Company
Your employees are your brand ambassadors. Incentive travel will make them happy. They would rave about their travel experiences to their friends and family. This would help to build a positive image about your company. This way you would be able to attract better talent as well as build a good image in the job market.
- Employees Feel Appreciated
It is much better to offer travel as incentive rather than hard cash. This is because cash gets spent on paying household bills or in buying household goods. But travel incentive comes with experiences that remain with employees even after the trip is over. It helps to build a positive image and make the employees feel happy that they are being appreciated.
Incentive travel is something that can easily be customized. Thus, any company (big or small business) can offer these incentive. No matter what budget you have, there can be a travel incentive planned for it.