Employee travel rewards are common and have been since the days of service crystals and 5- year pins. But the way they are being applied in today’s employee reward environment is changing and evolving. Here are three ways employee travel rewards are changing and can be used to maximize effectiveness.
- Technology Extends Reach: Technology has changed every aspect of our lives, and employee rewards are no exception. Technology helps extend the reach of employee reward programs, allowing employees to accrue more points or credits towards rewards, as well as allowing employers to engage employees in different ways, like through gamification. According to the latest IRF 2016 Trends in Incentive Travel, Rewards, and Recognition study, over 30% of employers use gaming techniques in their employee reward and recognition programs. Technology also allows employers to build their programs to include large incentives like travel and to measure them to assure employees are earning the larger more expensive rewards.
- Gift Card Programs Show Confidence: The prevalence of gift card programs shows confidence in the economy, in investment in employee incentive programs, and confidence that larger rewards such as employee travel rewards can pay off. 38% of the responding employers to the 2016 IRF study plan to increase their rewards budgets in 2016, leaving options for larger incentive goals like employee travel rewards. So while gift cards are smaller spot rewards, they also act as indicators for the larger employee incentive and reward climate.
- Non-Cash is Playing a New Role: "Three quarters of all U.S. businesses leverage non-cash rewards and recognition to motivate and engage their workforce on some level, spending over $77 billion annually," according to the IRF study. But in order for the non-cash reward to be most effective, it must be delivered appropriately. Using non-cash rewards for non-core job responsibilities maximizes their effectiveness and your program’s efficiency. Non-core job responsibilities can include tasks and projects that employees raise their hands to get involved in.
The value of employee incentive programs is rising and employee travel rewards are gaining popularity in the face of increasing incentive value, the continued rise of non-cash rewards, and technology extending the reach of rewards and the ability to track employee efforts. How are you using travel rewards in your company?
