An organization has to incur costs amounting to 1.5 to 2 times the salary each time any employee leaves their job voluntarily. In addition to incurring recruitment and training costs, employee turnover disrupts business processes and results in a loss of productivity.
That is why; companies focus on keeping the employee turnover rate low and the employee retention rate high.
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| Business travel rewards can make the trip easier, more organized and worth the cost. Here are 10 benefits of Business Travel Rewards. |
Most organizations these days engage, motivate, and retain employees by providing a variety of incentives or rewards. Many companies these days incentivize employees differently and excitingly by giving business travel rewards. Unlike other employee incentives, business travel rewards create opportunities for high-performing employees or teams to enjoy all-inclusive paid trips.
Most employees expect employers to replace monetary rewards with experience. Also, 65% of employees remember business travel rewards longer than monetary rewards. Hence, a surge is being noted in the number of organizations supporting business travel incentives and spending on incentive travel. If your organization is evaluating various forms of employee incentives, you should keep in mind some of the key benefits of business travel rewards.
10 Important Benefits of Business Travel Rewards for Companies and Startups
1. Keep Employees Engaged and Motivated
Business travel rewards, like other employee incentive options, help businesses engage and motivate employees. But employees remember business travel incentives longer than employee incentives with monetary value.
Hence, it becomes easier for companies to boost the productivity and creativity of high-performing employees consistently by keeping them motivated over a longer period.
2. Meet Employee Expectations
You can reward the efforts and achievements of employees by giving both monetary and non-monetary rewards. But younger employees these days prefer experiences to monetary rewards.
Business travel rewards create opportunities for businesses to provide employees with a unique experience. The incentive travel experience helps companies attract talent by differentiating themselves from competitors.
3. Reduce Work-Related Stress
Many employees these days experience stress due to repetitive work or static work environments. They expect employers to create opportunities to reduce work-related stress. A company can keep employees stress-free by allowing them to engage in incentive travel. Employees will feel refreshed and become more productive after spending a few days in a popular travel destination.
4. Employees Shar with Peers
Often employers do not notice the monetary incentives given by high-performing coworkers. But business travel rewards are more tangible than employee rewards with monetary values. Employees always notice when one of their coworkers engages in incentive travel.
Also, they ask the traveler to share her experience. Hence, business travel rewards encourage other employees to get incentive travel opportunities by performing better.
5. Foster Healthy Competition
Working professionals feel rejuvenated and recharged after vacations. But they want vacations to save money. Business travel rewards make high-performing employees enjoy exciting vacations at zero cost. Every employee will aspire to enjoy company-sponsored vacations by achieving targets and outperforming coworkers. Healthy competition among employees helps businesses increase productivity and revenue simultaneously.
6. Beat Competitors
Most companies these days retain talent by implementing employee reward programs. But a large percentage of organizations still incentivize employees by giving a bonus, spot award, or gift cards.
Business travel rewards help companies differentiate their employee incentive programs from competitors. Also, travel incentives help businesses gain competitive advantages by boosting workplace productivity and increasing revenue at a time.
7. Increase Sales Productivity and Revenue
A business has to incur additional expenses to support incentive travel. But the investment helps it to increase revenue significantly.
The statistics compiled by Incentive Research Foundation suggest that a company can increase sales productivity by 18% and sales revenue by 300% by replacing cash-based incentives with non-cash incentives like business travel rewards. Many companies these days increase revenue by incentivizing salespeople with business travel rewards.
8. Reduce Employee Turnover Rate
No organization can control employee turnover rates without motivating and engaging employees continuously. Business travel rewards create opportunities for employees to explore more holiday destinations by boosting their performance and outperforming coworkers.
Also, they remember incentive travel longer than gift cards and cash rewards. The increased job satisfaction will help companies to reduce the number of employees leaving voluntarily.
9. Attract Top Talent
Skilled professionals these days compare potential employees using many criteria, including company culture. They assess company culture elaborately based on real-time information posted by existing employees on social networks and other digital platforms.
Business travel rewards help organizations differentiate and transform their company culture. Hence, many companies use incentive travel as a strategy to attract and hire quality candidates.
10. Option to Extend Incentive Travel Programs
It is common for companies and startups to incentivize salespeople by giving business travel rewards. But many companies these days boost workplace productivity by giving business travel rewards to employees from various teams. Also, a surge is being noted in the number of B2B companies getting higher ROI by giving business travel incentives to external stakeholders like channel partners and loyal customers.
Conclusion
Companies and startups these days use business travel rewards as a strategy to curtail high employee turnover costs. But decision-makers explore ways to simplify incentive travel and control incentive travel costs. They implement travel management software that allows employees to book their choice of flights, hotels, and car rentals at negotiated rates. Also, the software keeps employees safe during incentive travel trips by providing up-to-date information and on-demand assistance.
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