Travel Incentives are a great idea - both for your business and for your employees. Here's why travel is such an excellent reward to offer.
Motivating your employees - it's easier said than done at times. Morning commutes, everyday stress and the hundreds of other things employees have to deal with can all negatively impact on their morale. However one way to counter this is to completely remove them from the stresses of the job - by offering travel as an incentive. After all, what could be more exciting than a trip away to someone's favourite destination?
Here's why travel incentives are the reward of a lifetime - not just for your employees but for your business as well.
1) Travel appeals to the millennial generation
Millennials will make up over 75 per cent of the global workforce by 2025, Deloitte reports. They are already a generation known for their love of employee recognition and rewards - and it's travel that really stands out to them.
70 per cent of millennials place the desire to travel as a key reason to work
A majority (70 per cent) of millennials name the desire to travel as a key reason to work, second only to paying for basic necessities (88 per cent), a study by Flexjobs reports. Companies that are able to combine travel and work (i.e. the harder you work the more likely you are to get a holiday as a reward) will therefore be high up a millennial job candidate's applications list. This enables you to have happy millennial workers and engage the best talent available.
2) Holidays help reduce burnout and stress
The working world can be a stressful place at times. It's essential that employees have time off to ensure they manage stress levels and reduce burnout. What better way to ensure your employees are getting that crucial time off than by offering travel as a reward?
3) It's better than cash
Money makes the world go round right? Well no - not in the case of employee rewards and incentives anyway. A large number of studies have been conducted that show cash is the least effective reward an organisation can offer. This is because cash going into an employee's account isn't particularly memorable, and will normally be spent on everyday items such as groceries.
The alternative - travel - will stay with that employee for a long time. Every time they think back to their holiday, your employees will remember that your company made it happen, and therefore will lead them to think of your organisation in a positive light.
This has a significant impact on performance. A study by the Incentive Research Foundation surveyed the top 20 per cent of companies. These companies had:
Higher sales quotes.
Higher year-on-year increase in team attainment of sales quotas.
Better customer rentention.
Increase in average deal size year-on-year.
Every single one of these best-in-class organisations offered travel as an incentive, as well as company-sponsored events, showing the clear effects on your bottom line that travel incentives can have.
4) It shows your employees how much you value them
Recognising your employees' achievements and hard work is essential to improving engagement. A travel incentive goes far beyond your normal everyday incentives, and therefore will show your employees you really care about them and their contribution to your workplace. This will in turn help to improve engagement and reduce turnover rates, both of which are essential to your company's success.
At Power2Motivate, our global rewards gallery offers employees a huge choice of rewards. We don't just offer travel, but also electronics, household appliances, event tickets and much more. To find out more about any of our incentive or rewards programs, contact the team today or request a demo.