You work with a fabulous team, so it is only natural that you would be looking for ways to keep them happy, motivated and aspiring to improve, but what is the best way to do that?
For a long time reward programs took the form of cash based bonuses, and naturally everyone loves cash, but does it really motivate?
Research indicates that, ‘what people want’ and ‘ what they expect’ is not what it used to be. The question is: “Are you in touch with what your employees really want?” or does your company need to take a look at human motivation and behavior and perhaps propose a revised set of incentives?
We have a fantastic idea: Incentive trips
1. Make it meaningful and memorable
Cash is nice, but it seems that financial rewards are usually spent on day-to-day living expenses and quickly forgotten. So researchers suggest that cash lacks the ability to motivate in the long-term.
Conversely, when employees earn holidays they gain indelible memories and experiences that they can recall and share. Let’s face it, we don’t get excited about other people’s bank balances, but everyone loves a new and fascinating vacation story.
2. People don’t always know or say what they want
It seems that 85% of the time people state they prefer cash to other incentives, yet it seems few people do anything memorable with it. 29% pay bills, 11% purchase household items, and 18% cannot recall how it is used [1]. As a result, it is far better to give employees something they will remember and will inspire them, or the benefit will vanish as quickly as the cash.
3. Luxury experiences are more thrilling
Tangible rewards are much easier to promote and get excited about. They can be a topic of conversation and can fire the imagination of those likely to receive them. The idea can be shared with friends and colleagues, which creates a much higher perceived value [2].
And since we add a volunteering element to all our trips there is the added advantage of a social or environmental “feel good” element that your CSR department and marketing department will probably want to give you money for.
4. Cash rewards have become mere salary [3]
According to Dan Pink’s recent research, its seems cash has been used for so long it is no longer an incentive. It is merely perceived as an entitlement and no-longer serves to motivate.
5. Guilt-Free indulgence
People love life’s little luxuries, but when they have to cough up their own cash, guilt enters the equation. However, a “free” work sponsored voluntourism adventure is entirely guiltless and allows them to enjoy the luxury and feel positive about their achievements and their company.
So are you convinced yet, that it is time to try an incentive trip? Well, there is a way to make your incentive trip even more rewarding.
Sources:
[1] Worthlin Worldwide
[2] Incentive Federation study
[3] Daniel Pink, Drive – The surprising truth about what motivates us
