Would you like to learn some of the strategies fortune 500 companies are using to choose the right travel incentives for their employees?
Do you want to know how these corporate travel incentives can help to boost your employees’ loyalty?
Employee engagement is the emotional commitment that an employee has towards the company. It was found that businesses achieved 21% higher profitability with better employee engagement.
On the other hand, dissatisfied employees increase the company’s costs due to high attrition. Therefore, employee engagement is key to productivity.
Travel perks are the latest forms of incentives. Businesses engaging with their employees have evolved from monetary incentives to 1st, 3rd, and 5th anniversaries.
Thus, travel incentives for employees are a great addition to your rewards and recognition program. Given that most of us were homebound due to COVID-19 restrictions, travel incentives will come as a welcome break to any worker.
Here are the ways to select the right travel incentives for your staff.
Travel Incentives Should Be Professionally Planned
The first consideration of a travel incentive is that professionals should plan it. It would be best to begin by setting goals or criteria to win the travel incentive and having an arbitrary method of giving out incentives and depicting favouritism. It can also hinder employee morale as they do not know what they can do to be incentivized. Therefore, having a professionally planned travel incentive program is key to success.
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Always Create Awareness About Your Company’s Travel Incentives
Once you have the criteria in place, you announce them to the stakeholders to work toward it. You can like it to vital organizational goals or individual KRA’s. When employees know that they need to perform based on specific parameters, they will work toward those goals.
The Right Travel Incentive is Always Well Executed
A well executed program is when the holiday itself is well-planned. It means that based on your budget, you can decide the number of days, the location, the perks and amenities, and the number of people each employee can bring along. These details need to be laid out in a document to avoid ambiguity about the finer details.
You can have right holiday travel incentives for individual employees or teams based on the business needs. Therefore, planning things is necessary to ensure that the program’s purpose is met. Perks like this can help you manage your team morale in tough times effortlessly.
Luxury All the Way
One report suggests that a well-planned, luxurious holiday incentive program can help reduce attrition by about 30%.
Do not cut corners when planning an incentive program. Most employees can afford an average holiday, and motivating them requires something more. Therefore, you should ensure that you book luxury destinations, lavish hotels, entertainment allowance, airport pick-up, and places to visit. It is the much-deserved break your employees need after putting in that extra effort to achieve the goals.
Measure the Results of Your Holiday Incentives
You need to devise tools that help measure the employee’s performance before the program and after. Implementing a travel program is all good, but you need to make sure that you measure its impact. It will help justify the cost of the right travel incentives.
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Final Word on Choosing the Right Travel Incentives for Your Staff
The right travel incentives are a win-win because they boost the morale of the company employees, and help them perform better. The company, in turn, benefits from lower attrition and higher profits. Therefore choosing the right program using the above tips can help you increase employee engagement drastically.