Have you recently evaluated your incentive program and your rewards to see if they align with your ever-changing audience? Do you currently have individual travel within your reward mix? If not, let’s consider how it can help you motivate your teams and retain your top employees. Here are the top four reasons to include individual travel rewards in your incentive strategy:
Flexibility
Individual travel is one of the most flexible rewards you can offer. It puts the decision-making right in the hands of your winners. Whether you’re offering individual travel only or individual travel as an alternative to group travel for winners who are less comfortable with the group experience, it is an easy way to increase your program’s flexibility!
Impact
According to a recent IRF study, the appeal of group travel is exceptionally strong, but the appeal of individual incentive travel is even stronger. 94% of respondents describe individual travel as “very” or “extremely” motivating, with less than 1% saying it is ‘not motivating at all.’ In the case of individual travel awards, the motivational appeal of these awards is consistent across generational groups. Not only does individual travel rank higher than group travel in appeal but, it’s also far more effective than cash. There is evidence that that monetary incentives might have negative effects on performance due to the motivation crowding-out effect. Non-monetary incentives, on the other hand, have demonstrated positive effects, particularly when they are performance-contingent.
Reward Loyalty
Individual travel is a great reward to recognize loyalty. Recently, a client approached us and asked our recommendation on how they could reward 25 direct reports who had been outstanding employees and leaders during under difficult circumstances. The choice was simple – individual travel! Our client wanted to give them something to recognize and reinforce the loyalty they had shown the company and their teammates during a difficult time. Individual travel experiences worked perfectly because it allowed them to reward the team with many custom travel options (something for everyone) and a significant time window in which to redeem. This initiative recognized the team and further cemented their loyalty.
Personalization
People want different things. Katherine is an adventurer who loves to be outdoors with her partner. Elise enjoys time with her adult children and golfing with her spouse. Derek dreams of taking his three grandchildren to Disney World. What kind of incentive reward offers the greatest motivation for individuals with different tastes? Individual travel puts the reward directly in the hands of the participant, allowing them to travel their way.
Not only are people diverse, but the population is also shifting – in 2025, 60% of the workforce will be Millennials and Gen Z. So, as those 44 and under become the majority of your audience, it’s important to remember how much they value customized experiences. Allowing for personalization shows that you understand and value your audience, reinforces trust and loyalty in your brand, and leads to feelings of well-being that impact results.
How’s that for reasons to include individual travel? Making changes to your incentive strategy doesn’t need to feel big and scary. We can help you implement individual travel today to demonstrate that your reward offering is flexible, delivers results, and encourages personalization. There’s no better way to stand out in today’s economic environment!
