It seems obvious: if people work for money, motivating them with more money makes sense.
So it throws a real spanner in the works when experts in employee engagement, BI Worldwide, release a report showing that although 80% of companies’ employee motivation budget is allotted to money, and 64% of employees indicate a preference for cash incentives, further studies suggest “that the brain views cash as cold and valueless whereas a non-cash reward stimulates imagination and emotion.” These insights go onto suggest that when it comes to profound and longlasting employee motivation, travel incentives could be more beneficial.
But how do incentive travel experiences motivate employees? We take a look...
1. They deliver experiences: Whereas cash rewards often go toward mundane payments like gas and electricity bills, incentive travel provides memorable and affirming experiences. “BI Worldwide's research found that less than 20% of cash bonuses are spent on rewards, with the other 80% spent on bills and household items.”
2. They create anticipation and excitement in the office for months preceding the trip.
3. Incentive travel can become a unique perk to your company. Employees that work for a company that offers in-demand travel incentives will be deterred from moving to another company that doesn’t offer the same experiences, ultimately enhancing company loyalty, and reducing employee turnover.
4. They provide an opportunity for employees to socialise in a relaxed environment and by extension, team build.
5. Although cash incentives provide instant gratification the effect can be short-lived. Cash rewards usually succumb to a fate of ‘easy come, easy go’ but the positive effects of an exciting travel excursion are likely to last long before and after the duration of the trip.
6. Trips and destinations can be tailor-made to suit specific industries or teams. An event management team would learn more by taking a trip to Brazil’s Mardi Gras than they’d ever learn in the office, environmentalists might head to antarctica for onsite research, and for almost anyone with a pulse, a journey to a beach in Spain is bound to win hearts.
7. They enhance office spirit and build morale after periods of pressure, exhaustion or simply after a long grey winter.
8. They give your employees a break. Employees that work too hard without any respite reach a point of diminishing returns. Your employees will return more motivated and productive than before.
9. It could save you money. When considering the cost to value ratio, travel seems to offer greater overall benefits for the company than cash rewards would.
10. By selecting the right destination they positively enhance employee well-being. Choose a place in the sun that offers a wealth of active activities for your employees to get involved in between relaxing and sipping on cocktails. Ultimately you want to provide travel incentives that create happier, healthier, more motivated employees who return to work chuckling over their shared holiday memories. Happier employees are bound to want to work harder, with a better attitude which ultimately leads to improved productivity and higher sales.
11. They create great PR for your company. Your employees will talk about the travel experiences that their company makes possible. The more word-of-mouth, the better. By making your business a place people want to work, you’ll attract more skilled and in-demand employees who value their position in your compan
Of course there are occasions in which cash rewards are preferable. If employees are struggling to cover their bills, the prospect of a lavish trip award would be inappropriate. It’s important to gauge the economic conditions of your employees to ensure that your incentives reward most effectively.
To find out more about top incentive travel in Europe and resorts in Costa Blanca, contact AR Hotels. Their hotel portfolio includes Conde Nast Johansens top choice for meeting and conferences in Spain. AR Hotels not only offer first class meeting facilities, but also extensive team-building opportunities at dreamy beachside locations. And with spas, gourmet cuisine and layers of luxury available at special rates, they’re a failsafe choice when it comes to luxury resorts in Costa Blanca.