Incentive travel is travel for business people that are provided to encourage businesspeople to become more successful. It motivates employees as well as partners to achieve better levels of productivity as well as achieve certain business objectives. It sometimes acts as a reward for participants to earn based on a specific level of achievement specified by management.
Why is incentive travel important for successful companies?
Incentive travel is incorporated by all successful companies for many reasons.
- Attract talent – All companies know that it is in their best interests to retain staff rather than hire new staff. Incentive travel is great because it reminds all members of the staff that hard work, as well as their talent, is appreciated.
- Motivation – Incentive travel is a great tool when used for motivation. Incentive travel helps set up the company for success because employees feel motivated to work harder. It also sets employees up for personal success because it motivates them to work harder.
- Create unique experiences – A blog which specifically talks about incentive travel, IncentiveMag, has said that it is important to incorporate experiences that employees can connect with a specific destination or location. Experiences help employees make a connection as well as gives them great memories.
- Learning – People are usually attracted to experiences where they can learn about new and interesting things. Incentive travel programs are a great platform for employees to learn on.
- Happiness – Many studies have shown that happy employees are more productive than their unhappy counterparts. Happier employees also tend to stay long hours in the workplace in order to spend more time with their colleagues.
What makes Singapore an ideal destination for incentive travel programs?
Singapore is a fabulous place for incentive travel programs. This is because there are plenty of exciting opportunities that you can only find in Singapore. There are amazing world-class venues which can be reached by Singapore’s fast as well as the efficient transport system. The transportsystem in Singapore connects all parts of the country with each other because it has been designed well.
Events also leave smaller carbon footprints because of the smart as well as sustainable practices which help minimise cost in addition to energy usage. The kicker in choosing Singapore for an incentive travel program is that it has access to some of the biggest markets in the world. In addition to all of this, Singapore is the cream of the crop when it comes to industries such as applied health sciences, design, aerospace and logistics and so on.
Tips for planning a corporate incentive program
Planning a corporate incentive program is never easy. However, by following these tips, you can make sure that your corporate incentive program is a success:
- Determine your goals – You need to outline what you want to get out of this corporate incentive program. Whether it’s for employee morale or educational purposes, your goals must be clear.
- Select the right target group – It’s not as easy as choosing random people from random teams and having them all go together for a corporate incentive travel program; you need to pick people that work well together. You also need to think about the value that the target group will get out of the travel program.
- Establish a performance tracking system – A performance tracking system is essential to measure incentive program results. Performance tracking systems should not be ignored.
- Understand applicable tax implications – It’s not fun to come back from a fun travel experience to surprise tax implications. Understand all the applicable tax implications before planning out a travel program.
- Determine budget – There are plenty of different corporate incentive travel programs for different budgets. Take into account what your company can afford before going all out on an itinerary.