Keeping and retaining the best talent is one of the top concerns of CEOs for the growth of their company. Finding new ways to motivate and develop a high performing, winning sales team takes creativity and the ability to identify that “thing” that drives performance. It is the “thing” that is okay to talk about, the “thing” that family also experiences the benefits and the “thing” that will make a difference to inspire. Having incentive is what these companies use to keep this amazing talent. Incentive travel is an effective way to motivate and reward employees, sales teams, or partners, and it can have a positive impact on company performance and culture.
What is Incentive Travel?
According to Society of Incentive Travel Excellence (SITE), it is the “Unleashing human potential through extraordinary motivational experiences.” So, why is incentive travel different from other programs? It is memorable and unique. Those who earned the trip experience something that they couldn’t have if they booked and traveled on their own. Unique experiences drive excitement long after the event. This provides great material so they can share the experience through social media. It is also a worthy topic for conversation at their next social gathering. It is something they can share with their significant other who also drives them to perform. Let’s talk about the social media posts that attendees post highlighting their remarkable experience. Not something that is socially acceptable when we get a bonus check.
Companies typically use this to reward for higher sales goals or increased productivity. Also, it reduces accidents and waste. SITE states that Incentive Programs are increasingly implemented to keep top performers and value employees. On the other hand, some companies focus on the loyalty of sales professionals and their top customers.
Incentive travel has a higher perceived value than cash. Based on SITE Index research, for every dollar spent on incentive travel, a business increases $12.50 in revenue and $3.80 in profits. The research states that employee based compensation needs to increase by 8.5% to achieve the same effect as incentive travel.
Worried you can’t afford this? Incentive travel pays for itself with the increased revenue, still leaving plenty of profits. It also promotes the loyalty of your top sales team, and your company as a great place to work. This in turn enhances teamwork.