Incentive travel for companies What are the benefits?

What is incentive travel for companies?

Incentive trips are an important resource available to companies to incentivize or motivate employees or partners. They are usually linked to the achievement of company objectives or to the company's improved performance.

Managers and human resources managers in both the private and public sectors are realizing that, in terms of motivation, modern employees are much more incentivized by meaningful, personalized benefits. Cash, bonuses and salary increases simply don't offer the same long-term value or benefits. In fact, according to one report, when rewarded with travel incentives, employees tend to feel much more appreciated and trusted, resulting in greater loyalty to their organizations. In addition, it has been shown that younger generations, and millennials in particular, value experiences more than material possessions.

However you define it, employee rewards are changing: gone are the days when holiday bonuses were enough to motivate throughout the year. Now, it's all about non-monetary incentives.

3 ways incentive travel benefits your company

Employee motivationEven when employees tell you they would prefer a monetary bonus, the reality is that non-monetary rewards produce better, longer-lasting results. 72% of employees who get a travel reward report increased loyalty to the company. To achieve the same results with money, a company would have to increase wages by nearly 9%.

Productive meetingsToday's always-connected world and flexible work arrangements make it difficult for teams to work remotely, making it difficult to get everyone in the same room, whether for strategic planning or to celebrate a success. Combining business agendas with group incentive travel is a productive solution. When you add once-in-a-lifetime travel experiences to focused business sessions, it's no wonder that 42% of executives say the combination offers the best return on their investment.

Rewards for customers and partnersBeyond employees, incentive travel programs are an excellent way to reward partners, suppliers or referral customers. By incorporating incentive travel into a customer loyalty program, you can motivate behaviors such as repeat purchases or referrals.

How do corporate incentive travel programs work?

For decades, top companies have used incentive travel as an effective management strategy. But the program is largely misunderstood because there is so much diversity in its application. While there is no single rule on how incentive travel programs work, the basic structure is that employees meet a predefined objective to qualify for a group trip. These incentive trips for high-level employees can range from annual team-building retreats at a mountain resort to exotic European cruises or fully paid family vacations at luxury beach clubs.

DurationVacations typically last three to seven days and combine team-building activities, professional networking opportunities and personal time off to explore the destination.

ExpensesThe company finances most, if not all, of the expenses. The getaway can be offered to all employees, specific departments, channel partners or VIP customers. Some incentive trips include only employees, while others extend invitations to spouses or children. A corporate event planner, internal or external, is responsible for planning the logistics.

Does incentive travel offer significant return on investment?

Yes, if applied correctly. Many employers find it hard to accept the intangible value of paying for such an extravagant bonus. Several studies provide concrete figures that justify the expense of the program when compared to the numerous benefits obtained.

Add the WOW factor to increase ROI

Across all types of business objectives and travel budgets, there is one thing that every successful incentive travel program includes: a WOW factor. Our platform, Vyootripnot only offers a platform to manage your business travel in an autonomous and optimized way. It also offers customized services, such as the creation of incentive trips for companies. Unique experiences that make a lasting impression and offer a solid return on investment to our clients.

Put our expertise to work for your company. Whether you are developing your incentive travel strategy or taking your current program to the next level, we can help.