Incentive travel – the name might sound totally self-explanatory to some, but what exactly is it? The simplest way of defining incentive travel would be something like “business travel that helps motivate employees or partners; a way to both incentivise and reward team members for their achievements.”
An incentive travel program is something that can bring a myriad of benefits to your company. According to the Harvard Business Review, travel incentives are both more effective in inspiring employees to perform better, and in saving money for the company. Giving employees unforgettable memories of working in your organisation is an excellent way to foster their loyalty, which means you get to hold on the best talent for a long time. Loyal, inspired employees are more enthusiastic in their work and will inevitably do a better job. They’ll sell more of your product, help increase your market share and boost your profits. What more could you ask for?
There are all kinds of incentives that businesses use or at least have tried using to push employees to be more productive. The prospect of travel has proven time and again to be the most effective of these incentives. It plays to human desires for adventure, fun and curiosity about the unknown. A cash bonus might mean they can have treat themselves to a spa day, a shopping spree or a big family meal, but the chance for what they previously thought of as a “once in a lifetime trip” to somewhere like Tokyo, Las Vegas or Monte Carlo is something that will really get them motivated to produce the best possible results.
Does your company currently have an incentive travel program? What sorts of trips have proven the most incentivising? Share your thoughts with us – get in touch!