In previous blogs, we talked about how to increase the revenue of your company by leveraging incentive trips and staff retreats as a strategy to empower your team. If you haven't read that article, we invite you to do so here.
Now, we want to go deeper and explain to you thoroughly what you should know about how team retreats impact your company’s revenue, and we believe the easiest way to do this is by using an example.
Let’s dive in. Recapping what we were discussing before, Oxford Economics USA wrote in a 2009 study that incentive travel investments yielded a return of investment of more than $4:1 and stated that in order to achieve the same effect of incentive travel, an employee’s total base compensation would need to be increased by 8.5%.
In few and better-explained words, if you invest $100k (this is the average for a 4-5 days luxury travel for a 50 people team, including everything) in incentive trips for your team, it’d produce a ripple effect in them, improving their performance and getting more than $400k in additional revenue. Sounds good, right?
On the other hand, you can choose to increase the 8.5% of a $60k annual salary (as an average), which would be $5.1k. Now, $5.1k multiplied for a 50 members team is $255k. Now compare investing $100k to $255k. Which one would you prefer? For less than half the money, you get the same or even better results.
Even better, what if I tell you that you don’t have to go through the whole process to book hotels, flights, transportation and all the logistics required to organize a retreat for your team? With this budget, you have more than enough to hire a team of professionals who will take care of all the details of your dream retreat based on your needs.
You may think: “This is tricky.” But no, it’s as simple as it sounds, and sounds as good as it is. Are you ready to increase the revenue of your company? Contact the friendly experts of Globe Guides and they will show you how incredible and price-effective your next retreat will be.
By Daniel Saravia