Rewarding excellent employee performance with fantastic company will benefit both your staff and your business. After all, employees serve as the foundation for any successful business.
Is an Incentive Trip Worth the Investment?
A good way for companies to reward their outstanding employees is to invite them to an all-expense paid trip.
What is Incentive Travel?
An incentive travel program is a trip that rewards deserving and high-performing employees. The primary goal is to help organizations become more successful through showing employees their appreciation. Company owners and managers use the promise of travel to appealing destinations as a tool to motivate workers to go the extra mile. Company teams and organizations can use incentive travel to address unrealized work goals or gaps in productivity.
A study conducted by Clark, Condly, and Stolovitch provided an eight-step process called the Performance Improvement by Incentives (PIBI) model, assists prospective program owners in determining where incentives would be effective, and offers implementation guidelines. The first event of the model aims to figure out where gaps exist between company performance and desired organizational goals.
Benefits of Incentive Travel
According to a research paper published at the Incentive Research Foundation, well-rewarded workers tend to perform better and stick with their company longer compared with peers. The tenure of participants in and incentive travel program was significantly higher than for those who didn’t participate. Of the 105 employees who joined the incentive trip, 88.5 percent of incentive travel earners had a high level of performance. Fifty five percent of incentive travel earners had top performance ratings. They also had a tenure of four years or more, which is higher than the average worker.
The benefits, however, are not only numeric and monetary. Incentive travel also offers the following advantages:
- Forge Stronger Team Dynamics – The shared experiences and exciting adventures of an awesome trip can strengthen the dynamics of a team. On top of that, it enables employees and management to forge stronger relationships and provides an informal venue for honest discussions about the organization.
- Offer Excellent PR for Your Organization – Word of mouth is a powerful marketing tool. Employees who get a memorable company reward are likely to talk about their wonderful experience to their loved ones and friends. An appealing rewards package, along with a positive work environment, may help attract better talent to the company and improve the overall PR of the organization.
- Provide Personal Benefits to Employees – Rewarding staff with a travel experience helps alleviate stress, reignite their creativity, and boost confidence.
Companies that need assistance organizing memorable incentive trips for their employees can turn to MTI Events. We can create an incentive travel program that fits the vision of your organization. We have worked with many businesses that have used the power of incentive travel to drive competition in their markets as well as win the commitment and trust of their employees.