Intent on finding an answer based on something more substantive than a guess, the Incentive Research Foundation set out to conduct a thorough investigation looking into the success of a top global company continually reaping the rewards of its incentive program. This is no flash in the pan success story; the company’s incentives program has been going for 18 years.
The overwhelmingly positive impact of the company’s incentive travel programs were undeniable, not only on individual performance but also overall office culture and morale.
The study found that participants of the incentive travel programs “tended to perform better and stay with the company longer than other employees.”
It also found that the organizational culture and business results improved in correlation to the program.
Furthermore, they discovered huge benefits in the destination where the incentive program took place. Their analysis found that local service providers and numerous others in the travel and hospitality industry experience great spurts of growth and development through these incentive programs. And when these programs were implemented regularly, destination economies were consistently supported, making this growth sustainable.
How did the company do it?
Although they chose to remain anonymous, this high-flying corporation shared in-depth secrets to their success. The company (that the study refers to as ‘XYZ Corporation’) employs “several thousand employees, is well established and has had an incentive travel program in place for 18 years.”
Through qualitative and quantitative research in the form interviews, surveys, employee performance records and net operating income per employee, the investigation was able to analyse the real effects of the program, and through their analysis, they pinpointed five significant components contributing to its success.
“The earning and selection criteria of the reward were clearly tied to business objectives;
Communication about the program and the progress participants were making toward goals was clear and consistent. Anticipation built throughout the year and kept employees motivated to achieve their objectives;
The design of the travel program, including desirable destinations, interactive sessions and leisure time for the earners, added to the overall excitement;
Executives and key managers acted as hosts to reinforce the company’s commitment to the reward program and recognition;
The company kept detailed records that prove the productivity of the earners and their contributions to the company’s financial performance.”
Taking the first steps to implementing a successful incentive programme
First off, select a destination that shows your employees that they are valued, a place CEOs, corporate leaders and mid-level employers will feel comfortable and equally excited about visiting. The destination should provide plenty of fodder for discussion, opportunities for socialising, and scope to make unforgettable memories. In order to get a good return on investment, companies need to implement incentive awards that have a lasting positive impact on the award winners. Trips should be tailored to individual interests in destinations that they’ll want to rave about.
by Luca on Oct 16, 2015
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