More than 90% of the leading companies are firm believers that non-cash incentives for their employees can provide their business the edge to be the best in the market. The executives of the leading companies have admitted that non-cash incentives have helped them overtake their companies. If you want your company to be thriving and gaining huge amounts of profit, you must start and continue an incentive travel plan for the employees.
The employees if rewarded for their hard work would guarantee a better production rate and decreased rate of attrition. This step will help your company to retain your top performers and also attract employees from rival companies. If you already have an exclusive club for managing incentive travels, you should constantly look for ways to improve it and look forward to encouraging the employees to meet the target and achieve the goals.
What is Meant by Incentive Travel?
Incentive trip or incentive travel is a program that is adopted by many companies to give their employees a non-cash reward for their performance. This is one of the most successful and popular cashless rewards given to the employees. This program is very helpful to encourage the partners, customers and staff to increase sales greatly. It also helps to retain the best employees and motivate the other employees so that they can be on the receiving end.
Every company comes up with unique names for their incentive trip program planning team, however some of the most common names given to this team by various companies are listed below.
- Winner’s circle
- President’s club
- Achiever’s club
What Are the Things Included in an Incentive Trip?
There are several aspects which must be taken into consideration if your company is planning a President’s club or already has one. The club must be able to plan the whole trip and ensure that the company pays for the following things during the trip.
- Luxurious accommodations
- Aesthetic destination
- Extra allowance
- Dining options
- Fun activities
- Transportation costs
- Awards night
- Games and entertainment
As we can see that the incentive trip needs a lot of planning, so the club must be efficient and take all the responsibility for the planning.
What Are the Advantages of Incentive Trips?
There are several advantages of incentive trips and they are highly beneficial for the company. Some of the advantages of an incentive tour are explained below.
- Increased production rate: A well-planned incentive trip has proved to increase the production rate by a staggering 20-25% in only 6 months’ time.
- The attrition rate is decreased: With a professionally planned and well-executed incentive trip, the attrition rate is decreased by around 30%.
- Builds a better company culture: An incentive tour once a year gives the employees a target that they could look forward to. It enables them to create memories beyond the cubicles and the cabins. The employees are satisfied personally and the bond between the employee and the company grows stronger.
Kinds of Incentive Trips
There are primarily two kinds of incentive trips. Both of them are explained below.
- Sales incentive program: More than 50% of the companies utilize invention trips to increase the production and the revenue. The companies usually give the details of the trip at the last quarter of their sales kick-off. The requirements to be eligible for the trip are also mentioned then. The employees are motivated for the trip and hence complete their goals.
- Channel incentive program: This incentive trip program is arranged by the manufacturer for the retailer, if they are successful in meeting the goals discussed earlier. Your business can largely depend on the channel sources through their source revenues. Channel retailers deal with various products even those manufactured by your rival companies; therefore, these cashless incentives help a lot to convince the retailer to be favourable for the company’s better future.
In a Nutshell
If you want your company to be among the top companies in the world, incentive trips are something that should be planned and executed as soon as possible. The company’s mindset should be able to include an incentive tour program within the current year. If you want to make your own business successful, get professional assistance for setting up an itinerary for incentive trips for your employees.