10 Benefits of a Business Travel Incentive Program
Every employee deserves appreciation from the company for their contribution. However, offering cash incentives to employees seems like a thing of the past. As Gen Z and Millennials comprise the majority of the US workforce, the business travel incentive program seems to be the trend now.
A business travel incentive program is an incentive structure where the top-performing employees or team are sent to all-inclusive paid trips as a token of appreciation for their work.
An efficient business travel incentive program offers a personal touch to employee incentives, giving employees memories for a lifetime. It is a unique way to appreciate your employees.
Let’s see some benefits of a business travel incentive program.
1. Employee Engagement
Engaged employees are an asset to the company. However, increasing employee engagement is a tricky business as you want to keep the employees happy, motivated, dedicated, and productive, all at the same time.
When it comes to employee engagement, a business travel incentive program is a win-win situation for companies. When employees are offered vacations and getaways as a reward, they feel valued and connected with the company.
2. Optimum Productivity
You would be imagining how going on trips can improve an employee’s productivity. In the corporate world, every employee goes through mental stress, be it meeting deadlines, working long hours, or job insecurity. And, according to a study by NCBI, it was determined that mental stress directly affects a person’s productivity.
When an employee goes on a business trip, he or she is isolated from the daily work environment. Therefore, when the employees come back, they are refreshed and ready to take on the job with more vigor.
3. Long-lasting Delight
When you offer employees monetary rewards for a job well done, it’s great. However, as the money goes directly to their bank accounts, they tend to forget about it in a matter of days.
Travel incentive feels like a well-earned reward. Employees go on a vacation, snap photos, meet new people, and get to bring back awesome memories. When they come back, they show these photos to their colleagues, and share anecdotes, keeping them happy for a longer time.
4. Healthy Competition
Healthy competition always brings the best among employees. When they see someone doing well in the workplace, it makes them realize that they can do it too.
A business travel incentive program is a great way to promote healthy competition. When they see their colleagues going on amazing trips and sharing their experiences, they are motivated to succeed and be the next in line.
5. High Retention Rate
According to Builtin, employee turnover costs around $1500 for an hourly worker, and 100-150% for technical positions. Hence, it is often wise to retain the existing employee than hire a new one.
An effective corporate travel incentive program helps immensely in improving the employee retention rate. Sending employees on trips does wonders to their morale as they feel that the company is finally appreciating the hard work they put in -day in and day out.
6. Tangible Reward
Compared to a monetary reward, business travel incentives are more tangible. When an employee gets a cash reward, it goes unnoticed by others. Hence, the employee does not get the recognition he or she is seeking from their peers.
On the other hand, a business travel incentive is tangible as every one notices when you go on a trip. People ask the employee how the trip was, which they would not in case of a cash prize.
7. Talent Acquisition
Good candidates always do their due diligence before taking up a job offer. In today’s world, there are various platforms, such as Glassdoor, on which they can view the comments by the current employees. Moreover, word of mouth is also a major factor when it comes to picking a company.
Offering travel incentives to employees leads to your employees sharing their experiences on these platforms and giving your company a thumbs up. It presents your company as a fun palace to work at rather than a mechanical corporate structure.
8. Brand Building
It is the generation of social media, where people post everything interesting in their life, whether personal or in the workplace. Everyone knows what’s going on in an organization. People see a friend going on a company trip and wonder why their company does not provide the same.
If you have a business travel incentive program, it will surely build your brand reputation. When your employee posts what a wonderful experience they had during their trip, it automatically boosts your company’s reputation.
9. Personalized Touch
Various companies have a standard reward system, where an employee who performs well gets a pre-defined reward. Although any kind of reward is welcoming, it feels a little common to employees. It gives them the sense that everyone gets these rewards at some point in time.
With business travel incentives, employees get a feeling that the company is making an effort. You can give them some options from the list of locations, making employees feel that they are deciding their trip destination.
10. Maximum ROI
Whenever you put an incentive program in place, it is designed to motivate employees to be the best version of themselves. Hence, the incentive that drives employees the most has the highest ROI.
With a business travel incentive program, you get maximum ROI as the effects of a trip last for a longer time. Giving the same amount of cash reward does not have the same effect; hence, less ROI. Moreover, as the employee comes back happy, his output automatically increases.
Offer Employees Travel Booking Incentives As Well
You can give employees incentives at the time of travel booking as well. Once you have rewarded the employee with a trip, he or she can get incentives even when booking tickets on ITILITE’s travel management software.
ITILITE offers a business travel incentive program that rewards employees for choosing a cost-effective travel option.
To know more, get a free demo of ITILITE.