We've got the five best reasons you should offer travel incentives right now.
We have covered a lot of ground talking about travel rewards, and why they’re more viable now than ever as a sales incentive. You can find those blogs here, here, and here. In those entries you will find more details as to why travel is so great, but for the sake of simplicity, let’s discuss the five best reasons you should be offering travel incentives right now.
Our experts in this field are:
Xceleration Director of New Business Mark Houck
Xceleration Director of Travel Design Laura Hildenbrandt
5 The Relative Cost
Looking at the big picture, offering travel incentives for significant accomplishments makes sense and doesn’t impact your bottom line as much as you may think.
“If your top sales person exceeds last year’s goal by 10%, that represents substantial revenue to the company,” Houck says. “The company turns around and pays a small portion of that as a travel reward. That is a big win.”
Furthermore, no one is saying you have to offer trips to expensive, exotic locations if it doesn’t fit your budget. Find a domestic destination that offers a great experience, like Northern California Wine Country or New York City on New Year’s Eve.
4 The Lingering Effect
Sending someone on an incentive trip has lasting effects long after the traveler returns. You may be reluctant to send someone out of the office for an extended period of time, but that thinking, Houck says, is short-sighted.
“Taking them out of the office re-energizes them,” he explains. “It’s a stress reliever; they come back re-energized, and they can brag about their trip to their co-workers, share photos – it’s very powerful to the company.”
“I think it drives people to work harder to achieve, because now they’re really getting something that is just for them.”
Your travelers will also very likely share their experiences on social media, and their peers will want what they’ve got. It provides great optics for your company.
3 Showing Appreciation
Being recognized for strong contributions makes your employees feel valued. Make a big deal out of rewarding this incentive. You’ll be pleasantly surprised at just how long the afterglow of this type of thing will last.
By the way, Houck says, “The companies that offer travel incentives seem to be known as good places to work.”
2 Let Them Choose
The old travel incentive model involved a group trip, usually with a senior leadership, managers and co-workers, to a pre-determined location at a pre-determined time, and it was somewhat less than enticing.
Laura Hildenbrandt is, maybe, too honest when she talks about this perk.
“Who wants to go on vacation with the people they work with?” she asks. “Whether you like them or not, you don’t want to travel with them.”
So, letting your employees choose their destination, their travel window and with whom they get to travel (their family) is a massive incentive.
“It goes from being an obligatory company trip to an actual reward.”
1 The Reward Within the Reward
The hidden value of a travel incentive, as we may have mentioned, is what it does for morale and engagement within your company culture. Travel rewards have a higher perceived value among your employees and frankly, they’re more fun and glamorous to promote than cash bonuses.
“Cash bonuses tend to be used to pay bills,” Houck says. “You want your people picturing themselves on a beach somewhere sipping on a Mai Tai. That’s what makes travel so powerful as a daily incentive to exceed your goals.”