Incentivized travel is a major part of the events industry. Employees pay their bonuses in travel in many instances, and employees often ask for a prize that is not cash. The allure of a massive vacation or trip to a major conference could be much greater than a cash bonus. There are ten things here you may not have realized, and each of these things will give you a bit more insight into how and why you could use incentivized travel with your business.
1. Employees Prefer It
Before you even begin your planning, you can be assured that employees love the idea of incentive travel. Of course, not every employee will want to be paid with a trip as a bonus, but there are many people who love the idea of getting a free trip for them and their families. Even if you send one of your employees to a conference or convention, their family will still have a good time in the unique locations you have chosen.
2. Other Companies Are Doing It
About 84% of the companies in American that gross more than $1 million in revenue are using incentive travel to reward their staff. Of course, there is quite a lot of room for people to get cash bonuses, but there is usually some kind of travel plan that might be given to employees as a prize for productivity.
3. The Outlook Is Good
The outlook on incentivized travel is mostly positive, but that does not mean that everyone loves
it. There will always be some reservations about how travel will be managed, how someone can
afford spending money on these trips, or even security concerns.
4. Spending Is Consistent Among Businesses
There are many businesses on the market today that are using incentivized travel, and they tend to spend between $3000 and $4000 per person when they use travel as a way to reward good work. However, the companies that tend to grow the most money spend about $5000 on each person that receives a travel reward. That is quite an expensive vacation that employees can take every year with their families. In effect, you have maximized their vacation days.
5. Rising Spending
Spending on travel for incentives has risen about 5% every year over the past few years. This will likely not change because prices are rising every year from lodging to transportation and activities.
6. Employees Love Faraway Travel
Employees who are given trips that happen far away from home tend to return to those locations. For the most part, incentivized travel takes place in the US, Mexico, Europe, and the Caribbean. These destinations are expanding more and more because a rise in spending allows companies to afford trips that could send their employees to places like Africa, the Pacific, and Asia.
7. Think About The Economy
If the economy is not doing so well, you might not want to use travel as an incentive because consumer attitudes change when the Congo My is not strong. Consumers tend to want to save their money when the economy is struggling, and you could survey your staff to learn what they would prefer. You can plan your spending according to what you have heard from your staff, and you can align what you do with what they need. When you put this sort of thought into
planning, your employees tend to be happy.
8. Understand That Events Will Have Problems
One in four events that you have planned for employees will have some kind of disruption that you could never have anticipated. This does not mean that the trip is ruined so much as there are inevitable problems that you need to be ready to deal with.
9. Planning The Trip Is A Partnership
When you partner with a travel agent, hotel, cruise line, or event management company, you need to understand what they are looking for. You are looking for a flawless trip that will make your employees happy and maximize the money that you spent. You can demand that sort of seamless customer care from the people you partner with, but you must give those people a vision for the trip or event. Anyone who is working on the customer service side wants to know what your vision for the trip is. If you have not explained what these companies can do for you, they are left to guess about how they should spend your money.
10. Wellness Is Not Always Fun
Wellness is something that you may think would be a wonderful thing to add to any trip. If you send someone to a big convention, you might have chosen to add a yoga class or some sort of healthy eating plan. All these wellness programs look nice on paper, but that does not mean that your employees want to have wellness added to their trip. Imagine going on a lovely paid vacation where you are forced to eat healthy, go to a wellness class, or take a walk with a guide for your own health. It makes much more sense for you to ask your employees what they would prefer.
In conclusion, you can plan incentive travel for your employees that will delight them and save them money. You can plan these trips with great care, but you must understand the industry trends listed above so that you spend your money wisely.