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:
- The U.S alone spends over $22 Billion a year on business travel incentives.6
- 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
- Non-cash incentive programs are 50% – 150% more likely to be linked to employee retention, satisfaction, and performance than cash only incentive structures.1
- 95% of employees are more motivated by travel incentives than by higher pay.4
- 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
- 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
- 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
- Organizations that provide non-cash rewards such as incentive travel have 3 times higher revenue increases.7
- Productivity rises 18% when a travel incentive program is used.2
- 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.
5 Aberdeen Research – http://theirf.org/research/7-incentive-travel-stats-everyone-should-know/1386/
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