Every business is looking for ways to attract top talent, retain key talent, keep employees motivated and productive, all while seeking an advantage in the market.  It can be a challenge, especially when the market is highly competitive and changes at the speed of light.  However, establishing a non-cash reward and recognition program, along with solid goals, measures, a positive mindset, and a great corporate culture can help any business achieve a significant market advantage.

Here are 10 reasons why travel incentives must be part of any business growth toolbox:

  1. The U.S alone spends over $22 Billion a year on business travel incentives.6
  2. Over 85% of businesses in the U.S. use non-cash incentives such as travel to improve productivity, keep employees motivated, attract new talent, etc.8
  3. Non-cash incentive programs are 50% – 150% more likely to be linked to employee retention, satisfaction, and performance than cash only incentive structures.1
  4. 95% of employees are more motivated by travel incentives than by higher pay.4
  5. 100% of Best-in-Class companies who pride themselves with the highest customer retention and growth in sales rates, offer travel to reward the success of sales at the end of the year.5
  6. Of the top 300 high-performing companies the use of non-cash programs is to reward their sales people (90%), employees (88%) and channel partners (81%)7
  7. 93% of executives in top performing companies do not merely use non-cash incentives, but they are also strong supporters. They believe in the value of non-cash rewards and recognition programs and use them as a competitive advantage for the organization.7
  8. Organizations that provide non-cash rewards such as incentive travel have 3 times higher revenue increases.7
  9. Productivity rises 18% when a travel incentive program is used.2
  10. A well-crafted incentive program will yield a 112% ROI.2

The data is clear.  If incentive travel isn’t part of your business strategy your organization is missing valuable opportunities for a market advantage.

Are you considering a travel incentive program? Contact Gavel International to help plan a program that maximizes your budget and results in raving reviews from attendees.


Sources:

1http://theirf.org/research/irf-white-paper-establishing-the-intangible-non-financial-value-of-awards-programs/2471/
2http://theirf.org/research/measuring-the-roi-of-sales-incentive-programs/175/
3 http://theirf.org/research/rewards-and-recognition-as-a-vital-compensation-component/193/
4 https://www.businessinsider.com/paid-vacation-motivates-better-than-cash-2013-11
5 Aberdeen Research – http://theirf.org/research/7-incentive-travel-stats-everyone-should-know/1386/
6 http://www.incentivemag.com/News/Industry/Nearly-$77-Billion-Spent-Annually-on-Incentives-in-U-S-/
7 http://theirf.org/research/ten-things-top-performing-companies-do-differently/2229/
8 http://www.incentivemag.com/News/Industry/Incentive-Federation-$90-Billion-Market-Size/

Peter