According to the Incentive Research Foundation and the Incentive Federation’s 2016 Incentive Marketplace Study, there are several key factors impacting the incentive industry today. Number 1, the industry is growing. One of the major drivers of this growth is in non-sales incentives. The service economy continues to grow, and it’s predicted about 90% of the jobs coming into the economy in the next 10 years will be service related. This means engagement is key, so employers must look beyond standard compensation in order to ensure a dedicated and inspired workforce.
Secondly, non-cash incentives continue to grow, with almost 85% of all US companies using them.
It comes as no surprise the Millennials are said to be impacting incentive travel, but the extent of that influence is subject to debate. While they may be driving certain changes, it is unclear whether or not those changes are unique to Millennials or apply across a broader spectrum of age ranges.
And finally, travel disruption is of major concern. Everyone in the industry is looking at how to best deal with increased incidences of terrorism, political unrest, weather disasters and disease epidemics, not to mention the impact of the sharing economy, with companies like Airbnb and Uber changing the marketplace at a rapid pace.
If you’d like to learn more about how to design and create incentive programs that get results or have questions like What is Incentive Travel?, feel free to give VIKTOR a call. And if you’d like to learn more about the key trends shaping the incentive industry, you can read more here.