Second White Paper in the Site International Foundation “Incentives Move Business” Series
The Site International Foundation has released a new White Paper, “Incentive Travel: The Smart Business Proposition,” as part of its “Incentives Move Business” series. The paper focuses on how incentive travel and motivational events, when properly designed, can help companies achieve many corporate business objectives and provide a measurable return on investment.
Companies today face more varied challenges – challenges first caused by worldwide recessions and then triggered by slow recovery. According to a recent report by Towers Watson and WorldatWork, companies are experiencing increased difficulty attracting and retaining high-potential and skilled employees necessary to compete globally.
Incentive travel programs have been proven to increase sales, boost productivity, retain customers, hold on to top talent, promote teamwork and decrease turnover, among other results. A study by the International Society for Performance Improvement found that incentive programs could increase performance of an individual by 22 percent and of a team by 44 percent. Similarly, companies that recognize their employees outperform companies that do not by 30 to 40 percent, according to a study by the Incentive Marketing Association’s Recognition Council.
As reported in “Incentive Travel: The Participant’s Viewpoint,” a joint study by the Site International Foundation and Incentive Travel Council, “The spirited intentions and business objectives of today’s incentive travel programs are as diverse and unique as the participant base itself…Traditional approaches can greatly impede an organization’s ability to consistently and effectively drive targeted participant behaviors as a result. The urgency to identify and adopt new approaches has never been greater.”
“Motivational programs that fail are often due to poor program design in areas of rule structure, award selection, promotion and measurement,” commented Jane Schuldt, CITE, CIS, President of the Site International Foundation. “Understanding the objectives of a program, how they align with overall compensation and recognition, and defining what motivates participants are keys to a program’s success.”
Like most serious business strategies, designing an effective incentive travel program is a task for professionals. To generate bottom-line results, the process demands cooperative efforts among corporate managers who identify objectives, skilled planners who create a program to achieve those objectives and experts who can deliver an incentive travel experience that is meaningful, motivational and memorable
Download the “Incentives Move Business” White Papers here.
The Site International Foundation thanks sponsors IHG (InterContinental Hotels Group), Viktor Incentives & Meetings, Maritz Travel, Creative Group, Inc., and Minding Your Business for their support of this White Paper.
About the Site International Foundation The Site International Foundation has provided research and educational programs that assist business executives, practitioners, and professionals since 2006. The Foundation is the research arm of Site, a membership community that represents 90 countries and nearly 2,000 professionals who deliver best-in-class solutions and insights to maximize the business impact of motivational experiences regardless of industry, region or culture.