Experiential Rewards are Great for Employers and Employees
Employees that are recognized for their hard work are nearly six times more likely to stay in their jobs. That’s just one of the reasons why 90% of companies offer some kind of recognition and rewards program.
Gift cards, gift baskets, and plaques are nice, but they rarely make a long-lasting impression on your employees. Offering travel and other experiential rewards to employees, however, can make your company stand out and is a great way to power reward and recognition programs that build loyalty.
Types of Experiential Rewards
There are several different types of experiential rewards including:
Travel and vacations
By far, the most impactful type of experiential reward is travel. Employee rewards and recognition platforms that offer travel build great memories that help employees view their job in a more positive light.
Not everyone has the same interests, however, especially when it comes to travel. Some want excitement and adventure. Others just want to relax on the beach. Others are more interested in learning about new places. Interests are as varied as the people themselves. The best employee rewards and recognition platforms let employees pick the type of trip they want to ensure rewards are more meaningful.
Benefits for Employers
Experiential rewards programs offer multiple benefits to employers, including improving engagement, employee retention, and recruiting.
You’ve probably seen all the stories about people leaving the workforce and “quiet quitting.” The fact is, employee engagement is at remarkably low levels. Gallup’s 2022 Global Workplace Report shows that only a fifth of employees are actively engaged at work. Most report they don’t find their work meaningful or rewarding. Incentivizing workers by using employee rewards and recognition platforms is a great way to improve engagement. Recognition rewards performance and loyalty, motivating employees to stay engaged and productive.
When it comes to retention, experiential rewards programs can be a big benefit. While helping create a great workplace experience for employees, it also gives them additional incentives to stick around. This is especially true for programs that allow employees to choose and customize their rewards.
Not only do experiential rewards programs help with employee retention, but they can be powerful tools for attracting new employees. Today’s top performers have multiple options for where they want to work. Employee rewards and recognition platforms can provide a competitive advantage when you’re trying to land high-caliber talent.
Benefits for Employees
Travel rewards for employees can create significant excitement within the workplace. With today’s concerns over price inflation, many employees are cutting back on discretionary spending. They’re less likely to book that dream vacation. If your business can give them that opportunity, it can be a significant motivator. It can also help improve productivity and employee wellness.
More than three-quarters of employees say they regularly experience burnout on the job. According to a study by Deloitte, 91% of those surveyed said they have an “unmanageable amount of stress of frustration” in their job. You can help reduce that stress with travel rewards for employees, giving them additional incentives beyond their paycheck. When they do achieve a reward and take that trip, it can do wonders for their overall mental health.
Travel rewards can certainly boost morale. Employees are more likely to be productive and go the extra mile knowing that there’s a reward on the line. At the same time, employees returning from trips are generally re-energized and ready to tackle projects. They are also likely to share their experiences with their colleagues, reinforcing the overall value of the travel rewards program and generating additional excitement in the workplace.
Deliver Unique Travel Experiences
Switchfly can help improve motivation, productivity, and retention by delivering a unique travel experience for your employees. Contact Switchfly today to learn more.