For years, we’ve heard a lot about incentive trips, team retreats, and these kinds of events that many companies use worldwide to celebrate success, foster teamwork, show appreciation to your team and encourage your people to achieve new goals. In this article, we want to emphasize and talk more about incentive trips or travels.
Incentive trips are mostly used aimed at sales departments, but we see a big potential in improving team performance and helping your team feel like an important part of your company. This is a much-desired recognizance for their daily effort that goes way beyond the basic salary and some additional commissions.
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%
Nowadays, many companies are still afraid or reluctant to implement incentive trips as a strategy to increase revenues and profits on their businesses, however, the numbers don’t lie: In 2015, 46% of U.S. businesses used incentive travel, U.S. Businesses spent $22.5 Billion on trips, and organizations that provided non-cash rewards such as incentive travels had 3 times higher revenue increases.
Broadly, we can understand incentive trips as an investment, instead of as expenditure. Whether you’re truly looking to organize this incentive to motivate and empower your team because you do care about them, or looking to steer your ship to more profitable waters, the true fact is that incentive trips won’t jeopardize your investment, one way or another you’ll raise your revenue. Hence, we really encourage you to learn more about this strategy that has been used in the most largest and powerful businesses for many years, with wish-fulfilling results.
Now that you’ve learned a little more about what incentive trips mean to your company’s numbers, we’ll be sharing soon everything you ought to know about collateral benefits on your crew due to incentive trips.
You don’t have to keep struggling or strive to build different strategies to improve your revenue and leverage your team to pursue the same goal. You have found a jaw-dropping tool with incentive trips!
By Daniel Saravia