From chic weekend retreats to glitzy global escapades, a company-paid getaway is a surefire way to motivate your team. Best of all the benefits of travel incentives outweigh the investment, offering managers an enticing ROI.
Yearning to learn more? Here’s why travel incentives have a long-lasting impact and outperform traditional cash rewards.
Emotions trump finances
From sales commissions to yearly bonuses, money has long been the go-to incentivisation method in the corporate world. After all, everyone could use a little extra coin in the coffers, especially now with the cost of living so high.
But attitudes are changing, and many workers now value experiences over money and material things. In an Incentive Travel Index study, 80% of participants stated travel rewards were very motivating or extremely motivating.
Universal appeal
Every generation loves a stonking good time. Thus, an appropriate travel incentive lets each employee relish the experience. This cross-generational appeal makes them a universal solution for demographically diverse teams.
Studies have shown that Gen Z are especially fond of experiences. With the younger generation expanding in the workforce, travel incentives become more effective with each passing year.
Long-lasting impact
While money covers day-to-day expenses, experiences leave a long-lasting emotional impact. Staff will remember a decadent rainforest retreat for longer than using a bonus to get ahead on their mortgage.
This prolonged impact bolsters employee productivity over the long term. An Incentive Research Foundation (IRF) paper found travel incentives improve productivity by up to 20%. Travel incentives also enhance morale, improving satisfaction and employee retention. And with Australia’s ongoing skill shortage, retaining your best-performing staff should be a top priority.
According to a separate IRF study, travel incentive programs benefit mid-level performers the most. These programs motivate staff to shift towards the upper end of the spectrum, thus improving ROI.
Shared narratives
From thrilling adventures to luxury wellness retreats, travel incentives strengthen team cohesion. Spending time together in non-work-related settings lets employees get to know one another and fortifies interpersonal relationships.
But travel incentives go beyond team-building on the day. Shared experiences allow participants to reminisce months or years later, bolstering team dynamics in the long term.
Achievement culture
While cash rewards get passed on quietly, travel incentives serve as a badge of honour. Recipients relish the opportunity to showcase their achievements among their peers. Travel incentive attendees become the envy of the office, which fosters a culture of achievement in your workplace.
Discover the benefits of travel incentives with Kiff & Culture
Don’t incentivise your team with a boring old bonus. Whether you’re celebrating sales targets or employee loyalty, a travel incentive offers an excellent ROI and oodles of fun.
As your expert event planners in SEQ and Northern NSW, Kiff & Culture knows how to put on a jolly good shindig. We cover various events, from foodie feasts to weekend retreats and wellness escapes.
Learn more about our corporate incentive programs, or get in touch with us to discuss your plans.
