As we explained in our previous blog, “Incentive travel: the secret weapon of reward and recognition,” travel incentive programmes have been used as a valid tool to reward and recognise employees since the 1970s. And today, they could not be more popular! Why?

Read our blog to find out the main reasons to run an incentive trip.

Increase revenues

What kind of return on investment can your business gain if you choose to adopt incentive travel rewards?

Statistically speaking, companies that prefer to use incentive travel rewards have 3x higher revenue increases than cash incentives. According to the IRF-Incentive Research Foundation report “The impact of incentive travel”,incentive travel can create positive ROI and measurable sales growth, demonstrating that the incentive programme can genuinely be “self-funding.”
The ability of incentive travel to motivate should be significantly valued when seeking to recognise and reward your employees. The chance to travel to an exotic destination or live an exclusive and unique experience can motivate your employees to hit their targets.

But an incentive travel programme is not just about the travel itself. By introducing an incentive and recognition strategy into your organisation, you will attract the best employees to help propel your business forward. Top prospects want to feel that their hard work will be valued, and by sending out a message that your company believes strongly in reward and recognition, top talent is likely to be drawn to your brand.

Build team morale

As we all know, the last two years have been incredibly taxing. Depression and anxiety levels across society have gone through the roof. The uncertainty and restrictions caused by the pandemic have created a profound sense of loneliness and confusion for many employees. For this reason, now that the world is ready to recover, incentive travel programmes can really make a difference for your team. Now more than ever before, incentive travel plays a significant role in building employees’ morale and driving engagement.

Take the time to plan a memorable incentive trip, with the help of an incentive travel specialist, like Eventful, and show your team that you care about them. Your employees will definitely do their best to perform well and reach the goals needed to qualify.

Incentive trips are more effective than cash

In one of our previous blogs, ‘the power of experience on employee reward and recognition,’ we highlighted the importance of experience-based travel incentives to reward and recognise your employees over cash incentives.

Incentive travel trips can provide a far more beneficial alternative to monetary benefits, with effects lasting far longer on the employee and the business. SITE‘s latest research reported that 96% of the respondents agree that incentive travel programmes are highly effective in increasing revenues.

Incentive travel experiences provide that unique and memorable value that cash rewards simply cannot offer.

Improve employee retention levels

Employee loyalty in today’s business world is a hot topic, especially when we look at the phenomenon of the ‘Great Resignation,’ according to which many employees worldwide are quitting their jobs.

According to research, 80% of executives believe that incentive travel can significantly improve the employees’ satisfaction retention level. By doing so, businesses will be more efficient and will not have to worry about the cost of losing an employee.

The chance to go on a luxury incentive trip is an excellent way to motivate your current staff and attract top talent to your business. By word of mouth and by advertising your reward programmes through social media, you will be letting the world know that your employees are rewarded well for their demanding work, which will give your business a positive reputation.

Encourage teamwork

As the old saying goes, “teamwork makes the dream work,” teamwork is essential for any business to achieve its goals and grow. And this has become even more important after the pandemic.

With employees working from home and colleagues connecting virtually from all over the world, an incentive travel programme can be the perfect opportunity to reinvigorate the team spirit and create a more robust workplace culture.

Staff working all year together will finally get some quality time to know each other without their work hats on and build deeper personal bonds.

To effectively encourage teamwork and keep people engaged, make sure that your incentive trip has a variety of dynamic, exciting, and one-of-a-kind experiences. And here at Eventful, we have all the necessary tools to fill your trip with memorable activities that will bring your employees closer together.

Incentive travel can work for any budget

Though you may be thinking that luxury means jetting off to a 5-star luxury resort in the middle of the Caribbean, incentive travel can fit any budget and size of business while still responding to the personalities and desires of the potential recipients.

Weekend city or country breaks, especially during the low season, are great cost-effective alternatives to your more luxurious global travel incentive programmes.

By accurately planning a weekend city/country break, you can still create a fabulous valuable experience. Even if they are not on a tropical island, your participants will still have the opportunity to discover the art, the culture, and the cuisine of some incredible cities and destinations, while being just a couple of hours flight from their homes.

Here at Eventful, we specialise in incentive travel ensuring our customers get the best experience possible. Contact us today for more inspiration regarding your next incentive travel experience.

Why run an incentive trip? Proving the value of reward and recognition events