Incentive travel: The Secret Weapon of Reward and Recognition

As we previously mentioned, individual and group incentive trips can be one of the most effective ways to motivate and reward top achievers, especially during these challenging times.  

Travel incentive programmes have been used as a tool to reward and engage employees since the 1970s. Today, despite the pandemic, companies feel that they need to invest in incentive travel now more than ever to reward their employees, partners and customers. In fact, according to the 2020 Incentive Travel Industry Index, 83% of buyers report that senior management and other stakeholders remain committed to incentive travel cementing its vital role in rewarding employees for years to come.  

After almost two years of working from home, daily virtual meetings, trying to keep up with the constantly changing restrictions and regulations, companies strongly feel that they need to motivate their team and show them gratitude for all they have done. Employees today have expressed high levels of burnout with many of them questioning their life, work and whether all the stress is truly worth it. And this is where incentive travel can play a pivotal role in truly rewarding the staff and assuring them, they are valued within the organisation.

Although incentive trips may have slightly changed in the wake of the pandemic, companies are still willing to invest in these types of rewards.
For example, location preferences have temporarily shifted away from dense, central, urban cities, to more rural, exotic, or green destinations perceived as safe. Organisations are also looking more into organising multiple small gatherings rather than reuniting hundreds or thousands of employees from different parts of the world, all in the same location.
Incentive travel is not about the number of people involved; it is more about creating memories and experiences for those that have successfully and meaningfully contributed to the business.

Lately, some companies have also tried to shift their incentive programmes onto virtual platforms, but no matter how creative the planner or how big the budget, a screen certainly cannot replace a real trip to an exotic destination. Coming together in the real world, to appreciate personal connections and foster team-building skills, cannot be replicated by a screen and this especially rings true for incentive travel. 

Regardless, throughout the years, incentive travel has been proven to have many benefits for organisations and employees.

Travelling is more memorable than money

Although we would expect people to be more inclined to choose cash over non-cash rewards, studies have reported that overall incentive travel shows a higher return on investment than a monetary alternative.  

The IRF 2021 Trends Report also reported that when companies gave the possibility to choose between money or just wait for the next trip, most employees decided to wait for a future trip.  

Why? Incentive travels experiences provide unique and memorable value that cash rewards simply cannot offer.

Taking a break from the everyday routine, sharing exciting new experiences with the rest of the team, and visiting new and beautiful places are all elements that can undoubtedly motivate and inspire all employees.  

A trip to a never-before-visited location will certainly remain with an employee for much longer than its equivalent cash bonus.  

Travelling as a motivational tool

Motivation and engagement are essential to creating a solid team. Companies are always looking for the right method to motivate their employees to constantly improve and deliver beyond expectations.

Experiential rewards are proven not only to be highly effective as a motivational tool, whether it is to increase sales, share unique experiences, or even develop team cohesion but they can also drive a return on investment, especially in terms of increasing productivity.   

Knowing that late nights or difficult times will all be paid off by an exotic location, exquisite food, and engaging activities would motivate anyone to work hard, remain focussed and improve performance.

Travelling improves company loyalty and reputation

When companies invest in incentive travel programmes, they are not only thinking about rewards and recognition but also looking at improving and enhancing the company culture and reputation.

By offering great perks through incentive travel, companies are also acknowledging the importance of healthy breaks away from the routine of the office. This helps organisations to develop a reputation for promoting mental wellness and health. So, if the company gains notoriety for looking after its employees this could have a trickle effect on a variety of other aspects, such as seriously improving workplace culture, employee retention and team loyalty.

Here at Eventful, we specialise in incentives and luxury experiences. So, contact us to design the perfect event that will inspire and motivate your top employees!