Corporate travel incentive programs are cost-effective rewards for top performers. They benefit the company by promoting revenue growth and customer acquisition and increasing sales.
Travel incentive programs create these benefits by using the reward of company-funded travel to a gorgeous and activity-packed destination to boost employee morale, stimulate employee productivity, aid employee retention, and improve ongoing recruitment efforts. These benefits lead to success for the program, revenue growth for the company, and higher reported job satisfaction of the employees.
1. They Pay for Themselves
While it might seem like incentive travel programs have a high price tag, it’s important to consider that cost in the proper context: as a benefit to employees that will incentivize them to do their best work and result in greater benefits to the company over time.
If you haven’t considered an incentive travel program before, it may also be less expensive than you imagine. MTI Events has options available for all different budgets and different types of incentive travel so that any company, big or small, can offer this benefit to employees and see impressive returns!
2. They Boost Employee Morale
When employees feel genuinely appreciated by their managers and the company in general, they’re more likely to have a better attitude that improves all aspects of their work life. You can show employees that their work is appreciated by awarding regular raises and bonuses, but if you want employees to go above and beyond, it’s best to lead by example!
3. They Boost Employee Productivity
Besides increased morale and higher job satisfaction, one of the most significant predictors of employee productivity is stress. While you can’t remove all your employees’ stressors outside of work, you can use incentive travel programs to provide them an opportunity to truly get away from it all for a while.
Being physically away from work and home will allow them to relax. Activities offered at the travel location will help them reenergize by enabling them to try something new or do something they enjoy but don’t have the opportunity to do at home because of time or budget constraints.
It’s also impossible to travel with other people without bonding with them. Incentive travel programs set up a scenario where you’re putting all your top performers in a casual environment where they can get to know each other better and informally discuss business matters. This almost always results in employees returning to work with fresh perspectives and improved tactics for doing their jobs.
4. They Improve Employee Retention
One of the biggest expenses for any company is churn—the cost of training replacements when employees leave the company and paying for coverage while replacements are brought up to speed. While some of this is an inevitable cost of doing business, much of it isn’t.
When employees are happy with their situation, feel competent in their role, get along with coworkers and management, and believe their pay and benefits are generous, they’re more likely to stay with a company for longer. Being generous with employees and sharing the revenue they bring to the company persuades them to stay with you longer.
5. They Improve Ongoing Recruitment Efforts
When you do need to hire new employees, it will be much easier to recruit top talent if you have a workplace full of satisfied employees and a track record of unique benefits like incentive travel programs.
Think about it! If you were a top sales performer with a stellar resumé, which company would you want to work at? The company with the annual Christmas party or the company that sent their top sellers to the Caribbean? (Trick question: you’d want to work at the company that sent their top sellers to the Caribbean for Christmas.)
6. They Increase Revenue
Employees who are satisfied with their company and work at peak productivity will increase revenue for the company. Incentive travel programs aren’t only an excellent way to boost morale and engagement; they’re also a great way to motivate employees to achieve stretch goals well beyond your sales targets.
When people are appropriately incentivized, they’ll work harder to achieve the expectations that have been set for them. There’s no better way to incentivize working professionals than with an incentive travel program.
Reap the Benefits of Incentive Travel with Help from MTI Events!
Planning a travel incentive program involves event planning, location selection, contract negotiation, event production, and related logistics, including negotiating with airlines, hotels, and transportation providers. That’s a lot of work, which is where MTI Events comes into play!
Our hard-working and dedicated representatives are skilled in all aspects of travel incentive programs. We cover all the details and logistics so that you can focus on the most important part of your company’s program: the benefits you’ll experience from the start of the program to the end of the vacation and beyond.
We can build individual incentives, team incentive travel programs, or both. The best part is that you don’t have to set aside time to build, establish, and manage these programs. We’ll take care of them for you! Give us a call at (913) 521-8680 if you have any questions.