We have all heard the mantra that you have to spend money to make money. And, while that is generally true, there are also lots of ways to waste money trying to incentivize and engage your workforce. So how can you tell the difference between a good and bad investment, especially when you are swamped with emails and meetings and reports? You need assurances that whatever choice you make spending company dollars will be worth it.
The choice is easy when it comes to incentive travel rewards programs. Travel packages are not just good for your employees, but are also good for your bottom line.
1. You will make the money back, and then some.
Travel incentive packages pay for themselves. According to the SITE International Foundation, every dollar you spend on travel will translate into $12.50 in increased revenue and $3.80 in new profits. That means you can set aside company dollars in confidence, knowing that travel incentive packages have a documented return on investment.
2. Satisfied workers = productive workers.
A well-rested and relaxed employee means a more motivated and engaged one. Studies have shown that happier employees are physically and emotionally healthier, taking fewer sick days. And, while it feels good to know your staff is satisfied, it feels even better knowing that this translates into saved dollars for your company.
3. More bang for your buck.
A recent Harvard Business Review article pointed out that cash bonuses are the least economical way to reward staff. Most staff view extra money rewards as a way to meet basic needs -- to pay for groceries, or summer camp, or a new roof for their home. Travel rewards, on the other hand, feel luxurious to your employees. A little upfront investment in travel will translate into a greater payoff in staff satisfaction.
4. Go big or go small.
Not every company can afford to send their sales teams on a luxurious trip around the world. The great thing about travel incentive packages is that they can be effective on any budget - big or small. Working with an experienced company like Docherty Incentives & Meetings can help you plan a travel program that meets your objectives while staying within your company’s means.
5. Others will notice, in a good way.
Word travels fast. When your employees return from their reward trip and share stories of their travels with family and friends, it will make your company look good. And, when a rival company’s employee finds out about your stellar travel rewards, it just might make them consider their loyalty to their current employer. Travel programs can be free PR, in a good way.
6. Go team!
Spending time together outside of the office is rare for many staff members. Employees are so busy filling quotas and meeting deadlines that taking time to chat with colleagues can feel like an afterthought. Travel provides an unforgettable chance for your employees to bond with each other, fostering greater teamwork (and profits) back at work.
7. Inspire loyalty.
Happy employees not only take fewer sick days, they are also more committed than unhappy ones. At a time when high employee turnover is eating up profits in many companies, your commitment to recognizing and rewarding staff will inspire loyalty -- which is another great way to keep your bottom line looking strong.
8. Hit those targets.
Every company wants to reach their goals of increasing sales and profitability, maintaining performance, boosting morale, and rewarding exceptional performance. Travel incentive packages can help you hit all your targets, keeping your company moving in the right direction.
9. They deserve it.
You ask a lot from your employees and they are rising to the task. Paychecks are important, but sometimes it’s that extra touch that can make an employee feel valued. An unforgettable travel program will show them how much you appreciate their contributions to the company. And, an appreciated employee is more likely to be motivated to perform, which is also great for your company’s overall performance.
So what are you waiting for?
If you are thinking through a change in your company’s incentive or employee recognition program, get in touch with us at Docherty Incentives & Meetings. We can walk you through the options and help you choose something that is right for your company, and your bottom line.