To Fly or To Buy?
Incentivising Your Partners or Workforce
To Buy or To Fly?
When it comes to attracting and retaining the best talent in the business, motivation is the name of the game.
A successful workforce must be motivated towards common business goals and targets, but what’s the best way to incentivise your team and hold onto them, whilst rewarding them for their results?
You could spend your days standing behind staff with a megaphone, shouting “WORK, COME ON! SELL SELL SELL!” it worked for the Wolf of Wall Street, but let’s face it, it’s not really befitting to modern day corporate culture.
True motivation begins when your people buy into your values and feel part of the bigger picture, but in a world of ambitious sales targets, where markets are competitive and fast paced; incentives are undeniably vital.
So what exactly does that famous ‘carrot’ look like?
A lot of traditional organisations are still using cash-only incentives, but does that really offer value for money, or set your company apart from your competitors?
Money by itself, is the most expensive incentive according to a Harvard Business Review study, which says that cash incentives are purely transactional for the employee, where as other rewards can help form relationships.
An important internal communications and culture-building tool, an incentive trip not only provides your staff with the time away from their desks to cement great relationships, but also helps build goodwill, loyalty and advocacy.
Travel is the number one motivator for employees. It goes back to the fact that for brands to really engage with people, they need to create experiences.
It’s easy to be put off by the idea of travel – taking a group of people away sounds like it’s an expensive and timely thing to do, but companies who are willing to do more than just meet or beat industry pay grades will reap the rewards.
When purchasing travel and entertainment for a group, many ‘money can’t buy’ experiences become much more accessible and affordable, meaning you’ll be able to create an incredible adventure that really packs a punch and lives long in the memories of your workforce.
With incentive travel, the world really is your oyster!
Group travel opens doors for unforgettable and usually unobtainable activities, from igloo making competitions in Swedish Lapland, to sushi suppers up in the highest restaurant in the world. Or perhaps your team would prefer private shopping sprees in the souks of Marrakech or a dinner beneath the Eiffel Tower?
The principle also works well when incentivising clients or brokers.
As well as encouraging people to consider your company above your competitors, there are various touch points of an incentive programme, such as the communications campaign, venue, food or activity choice that can be tailored to build a real brand experience rather than just a business trip.
If you’re still wondering whether an incentive should be purely monetary, or whether it should offer an experience: you may be interested to know that a report carried out by C&IT Magazine, revealed that according to a Wirthlin Worldwide survey of 1,000 employees, 29% spent their cash incentive on bills, 11% put their money straight into savings and 18% couldn’t even remember what they’d spent their cash incentive on. That’s over half of employees with whom employers have missed an opportunity of building goodwill, loyalty and advocacy.
The reward for a great job well-done can also be an important internal communications and culture-building tool.
It’s worth remembering that live events are a way of reinforcing messages and bringing brand values to life.
There are various touch points of an incentive programme, such as event brand communications campaign, venue, food or activity choice that can be tailored to suit your objectives and offer a real brand experience rather than just a holiday for your people.
The next time you have an ambitious business objective or sales target to meet, consider the bigger picture and speak to Clive about designing an incentive experience. An incentive trip that represents what you stand for as a brand and provide something people wouldn’t be able to get elsewhere – whether that’s with cash or from one of your competitors.