It’s been said so many times that a happy and motivated workforce is crucial to the success of any business. Yet some businesses are still reluctant to do this with their team members.
A big struggle faced by managers today is identifying the most effective methods of incentivising their team in order to achieve and exceed business goals. It is known that incentives can provide fantastic ROI for your business. So, we shouldn’t be scared of the idea, that it needs to always be a huge spend.
There are a variety of ways to incentivise your employees, for example these could be cash bonuses, healthcare, additional leave, memberships, or gifts etc. It can be difficult to pin point which method of incentivisation is the most effective in motivating your employees. But consider understanding the needs or wants of your team and tailor it to meet these.
The results have been proven to provide great reward for businesses. The ‘Society for Incentive Travel Excellence’ (SITE) has conducted research into why using travel as an incentive tool delivers results. The infographic details the benefits of motivating staff through incentive travel.
As can be seen, 87.5% of participants of incentive travel said the experience made them feel more appreciated, whilst 80% of participants said it increased their feeling of loyalty towards the company which aids in employee retention.
(The full report: The Participants’ Viewpoint of the Incentive Travel Market in the United Kingdom)