Incentive travel has been one of the most trending topics of the hour but have you ever wondered what would be the best places to visit as an incentive traveler? Here is a sneak peek of what you must know before the next incentive travel.
According to the Incentive Research Foundation: “Incentive Travel Programs are a motivational tool to enhance productivity or achieve business objectives in which participants earn the reward based on a specific level of achievement set forth by management.” So below are some tips which both the employer and the employee must keep in mind :-
- Carefully select the target group for the incentive travel program. Generally, it is for the high-ranking professional but some munificent companies arrange the incentive tours for the management, sales people or at times even for the customers.
- Determine the corporate incentive program goals. Look for what the incentive program aims to accomplish at the end of the day. Generally, increase in sales, increase in production output or profits or a reduction in defective products, sales returns or lost contracts are the fulcrum points that need to be focused.
- Considering past performance and employee behavior, it will be easier to establish the reasonable takes for the incentive group thus formed.
- Specifically discover the target’s values, interests and preferences through paper surveys or interviews. After this, it will be easier to guide to match up preferences with available packages in the budget range, keeping in mind the corporate incentives.
- It will be appreciated if the incentive travel agents take over the brainstorming work of figuring out what the obstacles may exist in the way of the success of the incentive program. Although it is difficult to gauge the current employee morale, organizational structure or market conditions for the travel agents but regular client meetings can help to figure out the same.
- Make them understand the applicable tax implications. Travel can be taxable to recipients under certain conditions and special tax forms may be required.
- To top as an incentive travel agent, be sure that you give what has been promised at the budgeted cost. The cancellation policies must be made thoroughly clear to avoid any ambiguity.
Here’s what the numbers say:-
- 46% of U.S. businesses use incentive travel.
- S. businesses spend $22.5 billion annually on incentive travel.
- Incentive travel is not just for sales. Among companies that run award programs, 53% use incentive travel to recognize sales, 43% to recognize all employees, 33% to recognize channel partners and 27% to recognize customer loyalty.
- Properly designed and well-executed incentive travel program can increase sales productivity by 18% and produce an ROI of 112%.
- Organizations that provide non-cash rewards such as incentive travel have three times higher revenue increase than those who don’t.