Companies using incentive travel strategies for employee engagement are really going places.
A corner office. A matching 401k plan. Free donuts on Friday? When it comes to employee engagement and satisfaction, forward-thinking companies are going beyond standard-issue benefits packages to recruit and keep top talent.
Companies that create a culture of recognition see measurable results from a better bottom line to happier employees. In fact, Harvard Business Review states that on average, an effective employee engagement strategy helps create workers who become 30% more productive, three times more creative, and 37% more successful sales people than those that are less engaged.
Reward travel is one way many organizations are moving the needle on goal achievement, recognition, and team-building. Today’s hyper-competitive corporate environment is dependent upon dedicated employees who are expected to work long hours, late nights, and rarely switch their devices off over the weekend. A luxury travel-focused employee engagement initiative can provide the types of life experiences employees might not have the time, resources or wherewithal to plan on their own.
Bain & Company was deemed one of the Best Places to Work in 2018. The company holds an annual two-day, global “Bain World Cup” soccer tournament open to all employees. Last year’s event brought 1,200 attendees together in Brussels to celebrate the Bain culture, share experiences, and take on new challenges.
Or consider the luxury hotel provider that rewarded its President’s Club sales team with a trip to St. Petersburg, Russia, culminating in a black-tie formal event at Catherine’s Palace, the previous summer home of Peter the Great.
For Barton Publishing, keeping active is a core value, so the organization offers perks centered around outdoor adventures to keep its team together. From whitewater rafting and zip-lining in Banff National Park to mountain climbing in Arizona and racing dune buggies in Baja, the company has kept its workforce fresh and motivated with an invigorating employee engagement strategy.
Find the Right Traveling Companion
Lots of companies have administrative travel departments responsible for getting employees to and from business meetings, trade shows, and events. But an incentive travel program strong enough to positively influence employee recruitment and retention requires a more comprehensive skillset than booking plane tickets and securing hotel rooms. It takes a strategic partner to conceive and execute itineraries and experiences that will support your corporate philosophy, hit the sweet spot with your employees, and deliver measurable results in terms of company sales, career satisfaction, or corporate image. Look for a team with a solid track record for designing programs that help people reach their full potential.
Know Your Audience
By 2025, Millennials will make up as much as 75% of the workforce and permeate its corporate culture. According to the Brookings Institution, most Americans, taking their cue from Millennials, will demonstrate a greater desire to advance the welfare of the group and be less concerned with individual success.
Jen Handley is the co-CEO and co-founder of social media research firm Fizziology, where 85% of the staff is under the age of 30. To encourage Millennials and motivate their performance, she created a company perk called “Find Your Inspiration” (FYI), a travel incentive program that offers employees the opportunity to take working trips to other locales to help boost in-office creativity. “Every employee has returned appreciative, rejuvenated and with new ideas on how they can best serve their role and the company. It might take rearranging a few existing company policies, but employers need to think up creative ways to improve the existing work environment.”
Get Inventive with Your Incentives
Research has shown that a strategically executed employee engagement program can boost performance by anywhere from 25 to 44 percent. The Incentive Research Foundation also found that most organizations lack the knowledge or will to create properly constructed programs that yield desired results.
Getting your incentive travel strategy right can help you keep your best talent thriving, meaning you’ll see better results. You’ll also find it easier to attract and keep the right people at the right costs for your business. There is more to a reward strategy than paying better than the competition. Incentives and recognition programs have a long-established track record of augmenting the employee value proposition and providing employee retention benefits.