Employees are without question the backbone of any company. They are why your company thrives, and in some cases, why your company struggles. Employee morale is more important than it ever was before. Keeping your people happy can mean better performance and ultimately a better bottom line.
According to Forbes, checked-out employees cost U.S. companies up to $550 billion a year. Finding innovative ways to keep those employees engaged is necessary to keep your competitive edge, and it can be an effective way to get your company out of a performance slump. In order to keep employees motivated, companies need to incentivize performance.
We’re all familiar with the holiday bonuses, but sometimes those bonuses do not achieve the expected results. Monetary incentives do not catalyze collaboration where people are working together toward a common goal. And monetary bonuses can have rigid goals associated with them, goals are just too lofty for certain employees, ignoring the fact that those employees may contribute to the greater good of the company in other ways. If those employees work in a sales environment and miss those goals on a regular basis, they could get frustrated, which could ultimately hurt morale.
Meetings, Incentives, Conferences, and Exhibitions (MICE) travel programs are growing in popularity to fill the gaps many employers see in traditional bonus programs. Incentive travel is essentially a trip paid for and organized by a company. These trips are given to employees who meet specific goals or complete specific accomplishments during a given time frame.
These types of programs have shown an increase in boosting employee morale and improving motivation, but how? What makes travel reward programs for company employees so effective?
They increase productivity in multiple ways, but we’ve decided to explore some of the more immediate and critical aspects of an incentive travel programs. Below is a list of how incentive travel improves employee morale for any industry.
An Award Everyone Can Enjoy
Options for employee incentive programs have several challenges, the most of obvious being that people weigh the value of incentives differently. Depending on who you ask, the same reward can be horrible or amazing. Some employees need financial bonuses, depend on them even, while others just consider bonuses as part of their agreed upon salary and will not go out of their way to hit goals.
Travel incentive programs, in contrast, in that most people would enjoy an all-expenses paid trip, especially if your company collaborates with an incentive travel agency to create a memorable one. With the assistance of experienced professionals helping you create and plan the trip, your employees are sure to maximize their productivity to qualify for the program and load up their instagram feed with pics of exotic locales.
If you do decide to reward your people with free trips (as either work anniversary gifts or sales incentives) morale, motivation, and efficiency will spike. This type of program not only makes people happy and gives them something to look forward to, its experience-based, and the millennials covet experiences more than other generations.
You Care About Your Team
Employment rates may be good right bow, but the there is a palpable lack of motivated and competent candidates for job positions within your company. Consistent high performers are still few and far between. In order to retain these highly valuable employees, companies need to find alternative methods that both incentivize and evoke empathy. Companies are supposed to care about employees.
Travel programs show your employees that you truly value the hard work and the efforts they’ve made for the company. This type of program also demonstrates to your employees that you’re willing to put just as much effort into the reward as they do into the company’s success.
Employees who feel unappreciated or unnoticed are often the ones using their lunch breaks to search the classifieds or sneak away for interviews with other companies. These employees are not disloyal—they are playing it smart. No one wants to work for a company solely focused on maximizing effort without allowing them to reap any reward. You want your employees to feel valued and appreciated so they remain with your company for many years to come.
By rewarding employees with incentives like travel, you are clearly demonstrating that you value their efforts, their contributions, and their hard work in making the company successful.
Even during the most stressful times in the workday, employees often report feeling motivated knowing there is a reward to enjoy after the project or task is accomplished.
Strengthen Workplace Relationships
A company whose employees cannot communicate effectively and work together productively will slow down your entire company’s success. Many minor issues become major ones, and you end up with a backlog of problems to mend that should not exist in the first place.
Personal relationships can heavily influence a company’s success and the employees’ abilities to help achieve it. Thus, focusing on methods that strengthen personal workplace relationships can have the desired effect of both motivating and encouraging more efficient and successful collaborations among employees.
Travel incentives can help by providing your employees with a common goal— they will need to work together and work together better in order to qualify for the reward and enjoy the trip together. They will more quickly work to avoid minor issues and find faster ways to fix them without allowing them to grow into major problems that slow down their goal.
Incentive travel destinations are a big deal. You can’t promise a trip to Des Moines (not that there is anything wrong with Des Moines) and expect the enthusiasm a trip to Thailand would bring. When everyone is working toward a common goal like a trip, they start to form stronger relationships. Planning on a shared travel experience not only boosts employee morale, but it becomes a team building opportunity. Your company can use this travel incentive as an opportunity to create themed team building events before and during the trip. These events can help keep everyone focused on the same goal and build stronger relationships.
Reset and Refresh Before the Next Project
One unexpected benefit of a travel incentive program is not with what happens before or during the trip, but what happens with your employees after they’ve returned.
Trips are as much self-care as they are entertainment. Spending time with colleagues outside of work, away from other responsibilities has often been proven to increase employee satisfaction and productivity.
VIKTOR EMBARK is one example we offer in our incentive travel platform. From announcing to managing to reporting on any travel program, it drives excitement and makes our your life as an employee easier.