When deciding if incentive travel fits with your business’s employee incentives, your reward schemes or sales incentive programmes, the deal-breaker will probably be the bottom line – does it make a return on investment (ROI)?
Yes, as far as staff incentives go, it’s a good way to reward, recognise and motivate your best employees. But can incentive travel really better your business’s ROI too?
Well, yes. Put simply, employees working towards a target to receive a big incentive travel reward, like a big holiday with their team overseas, can be harder working employees who are more likely to make more sales and hit more targets as a result.
In fact, research in the US shows that 100% of best-in-class companies – those with the highest customer retention and sales growth – are reported to offer group travel to recognise year-end sales success*.
The truth is, though, when it comes to ROI, incentive travel actually ticks a number of important boxes:
Compared with other gifts that might make up your reward and recognition programme, a smart phone or set of golf clubs, for instance, incentive travel might seem like an expensive option. However, unlike some employee incentives, it can be scalable, depending on your needs.
While tangible rewards definitely have their place and will suit many businesses and employees very well, this scalability can add additional cachet to your rewards catalogue.
Depending on your budget, size of group, target audience and time of the year, the destination for the incentive trip is completely adaptable. You can offer a trip to an exotic international location or stay closer to home and provide a UK or European city break. Whatever the destination, it will still be a driver for your team to work towards the opportunity to travel whilst improving their performance.
Incentive travel can also help reduce your spending on recruitment – the costs of job advertising, for instance. More potential employees could proactively approach you if you include your travel incentives in your company marketing, like on your website, as a key business benefit. You can also position travel as a premium offer in your business’s employee incentives to attract an even higher calibre of staff.
When employees feel appreciated and recognised for their hard work, they are more likely to want to stay loyal to your business and not look elsewhere to develop their career years down the line, continuing to increase results with you.
The benefits incentive travel has in building enthusiasm, boosting loyalty and increasing retention, while improving performance and development can ensure you get the most from your staff over the long-term, while attracting other valuable employees to your company to build your best team.
Sales will be increased from the outset with staff improving their performance to gain a place on the trip and brand awareness will be enhanced. When the employees return from their trip they will be buzzing from the amazing trip they have experienced and will be the first to encourage other members of staff to increase their performance and work harder so they can participate in the next incentive.
For the employees attending the trip, it is a shared team-bonding experience and can be an opportunity to network with their peers and bring together people who don't necessarily work together on a day to day basis. Memories from their trip will be long lasting and will always be associated to the business.
All of this can contribute to giving you a better return on investment that doesn’t just work, but lasts – providing you with a stronger foundation to continue to grow your business, well, in return.
To find out more information on incentive travel or for some inspiration on your next trip, head over to our dedicated page.
To talk through your requirements get in touch and talk to us about your needs to see what we can offer.