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Employee Reward Travel Regaining Popularity by Steve Robinson
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Employee Reward Travel Regaining Popularity |
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Travel & Tourism
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Given the available cheap travel options, including cheap airplane tickets and cheap vacation packages, companies are recognizing outstanding employee performance more often with travel rewards as corporate profits rebound and bad publicity concerning employee incentive travel is no longer a hot topic. That said, the trips are often not as long as or lavish as they were before the most recent recession. Recipients tend to fly coach and stay in the United States. Such programs are increasing because they work, particularly in decentralized organizations, according to the Incentive Research Foundation. These programs motivate employees and create experiences that are long lasting and meaningful. Incentive travel was particularly hard hit at the beginning of the recession following news reports of companies and government agencies outlaying big money on retreats at fancy resorts. The public outrage reached its boiling point in October of 2008 when insurance giant AIG executives spent over $400,000 for a trip to a luxury resort a week after the firm had received a $85 billion bailout from taxpayers. As the economy began to recover and the backlash eased, businesses have returned to incentive travel rewards. Experts believe that incentive travel is about 90 percent of what it was prior to the recession. This is reflected in higher sales being reported by resorts that historically have been meeting places of incentive travel groups. Free family trips, the opportunity for employees to interact with top executives, and bragging rights are reasons for the popularity of incentive travel. Businesses are returning to incentive travel because they know that rewards and incentives can increase their sales force productivity. Studies indicate that for every dollar spent on incentive travel $3 to $5 are added to a company’s bottom line.
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