Travel is a powerful tool that can transform the way we think, feel, and work. For employers, offering travel rewards can not only boost employee morale and engagement but also provide a high return on investment. In this blog post, we'll explore the power of travel and how employee trips can transform company culture.
The Data
First, let's look at the data. According to a study by the Incentive Research Foundation, travel incentives have a higher perceived value than cash incentives. In fact, 77% of respondents in the study stated that a travel experience is the most effective reward. Additionally, the study found that travel incentives can increase employee performance by as much as 44%. These statistics demonstrate the power of travel rewards in motivating and engaging employees.
But travel rewards go beyond just improving performance. Employee trips can also transform company culture in significant ways. Here are a few intangible benefits that can result from offering travel rewards:
- Increased employee bonding: When employees travel together, they have an opportunity to bond outside of work. This can lead to stronger relationships and a sense of camaraderie that carries over into the workplace. Employees who feel connected to their coworkers are more likely to be engaged and productive.
- Improved communication: Traveling to a new place can be challenging, and employees often have to rely on each other to navigate unfamiliar surroundings. This can lead to improved communication and problem-solving skills. When employees return to work, they may be more confident in their ability to collaborate and communicate effectively.
- Exposure to new ideas and perspectives: Traveling to a new place can broaden employees' horizons and expose them to new ideas and perspectives. This can lead to increased creativity and innovation in the workplace. Additionally, employees who have traveled may be more open-minded and willing to try new things.
- Increased job satisfaction: Offering travel rewards can show employees that their employer values work-life balance and is committed to providing unique experiences. When employees feel valued and appreciated, they are more likely to be satisfied with their job and less likely to look for new opportunities.
- Positive brand association: When employees have a positive experience on a company-sponsored trip, they are likely to associate that positive experience with the company. This can lead to increased brand loyalty and positive word-of-mouth advertising.
The Benefits
The intangible benefits of offering travel rewards can have a significant impact on company culture. When employees feel connected to their coworkers, are confident in their ability to communicate effectively, and are open-minded and innovative, it can lead to a more positive and productive workplace.
But what about the cost? While travel rewards may seem expensive, they can actually provide a high return on investment. According to a study by the Incentive Research Foundation, travel incentives have a return on investment of 4:1. This means that for every dollar spent on a travel incentive, the company can expect to see $4 in return.
Additionally, there are ways to offer travel rewards that are affordable and still provide a unique experience for employees. For example, companies can offer local or regional trips that are less expensive than international travel. Alternatively, companies can offer travel rewards or vouchers that employees can use to plan their own trips.
The power of travel should not be underestimated. Employee trips can transform company culture in significant and meaningful ways. From increased employee bonding to improved communication and exposure to new ideas and perspectives, the intangible benefits of offering travel rewards are numerous. And with a high return on investment, offering travel rewards is a smart investment in both employees and the company's bottom line.
Switchfly is the leader in helping companies offer travel benefits that employees are excited to use. To discover what’s possible with Switchfly, connect with us today.
