75% of millennials prefer spending their money on an experience rather than accumulating more possessions.Businesses are using this fact to their advantage by crafting corporate travel incentive programs to get the best from their teams. But what exactly is a travel incentive program, and how can a company use one to grow their business?
Some companies extend their corporate travel incentives to VIP clients who bring in a certain level of business. Some maintain a strict employees only policy on their trips, while others allow partners to join. As we alluded to earlier, there are no set rules. It simply comes down to the nuance of each business. For the program to be effective, the reward needs to have substantial appeal to its intended audience. Management will need time to reflect on the program's intended business objectives and what makes their team tick.The return on investment for travel incentives is multifaceted. Most programs have a critical financial or customer-related metric at their core. But as we will shortly see, there are a host of other less tangible benefits to choosing travel rewards over a cash bonus system. When planning your program and the nature of the prize, it's vital that you keep these less apparent benefits in mind.Too often, companies combine incentive getaways with AGM's, other corporate events, or patronizing team-building exercises to justify the cost. But this approach reduces the rewards element of the trip and can result in losing the motivational aspect that is the program's true purpose. The best trips combine subtle opportunities for teams to bond and share experiences but allow employees to relax and celebrate their achievements.
Working towards a common goal can unite a previously fractured team or motivate junior team members to reach out and learn from experienced colleagues.