Dive Into Trending Topics: SITE Foundation White Papers
Featured White Paper - Risk Assessment and Management for Incentive Events
With recent acts of terrorism and the Zika Virus making headlines, risk management is high on the corporate agenda. When incentive events have the potential to be impacted by acts of violence, weather or natural disasters, government or labor unrest, transportation disruptions, or medical emergencies, mitigating risk is a vital concern that should be addressed at the onset. Evaluating risk and planning how to manage it plays a major role in whether a program is acceptable to a client’s risk management department.
Read more in this featured white paper, provided by the SITE Foundation.
More White Papers from the SITE Foundation:
Incentive Travel: The Smart Business Proposition
Understand how this applies to Making the Business Case for Incentive Travel. Read more here.
Incentive travel and motivational events, when properly designed, can help companies achieve many corporate business objectives and provide a measurable return on investment. 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.
In this featured white paper, sponsored by Creative Group, IHG (InterContinental Hotels Group), Maritz, Minding Your Business and Viktor Incentives, learn how incentive travel produces ROI for businesses.
Wondering how you can begin tracking ROI in your own business? Learn the tools for Making the Business Case for Incentive Travel.
Cash vs. Non-Cash Incentives: Why Use Non-Cash?
Some economists believe that non-cash gifts are inefficient. The argument goes like this: Since it is impossible for the gift-giver to know exactly what would give the recipient the most pleasure, the giver should just give the person cash and let them choose what to purchase. This argument is often heard in the reward and recognition sphere as well. Many managers seem to believe that employee satisfaction will be maximized if they are allowed to freely choose their incentives. This belief of managers is often reinforced by employees themselves. Raise your hand if you have ever heard (or said) this: “Those travel and merchandise awards look great, but we have asked our employees and they told us that they want cash.” If this belief was followed, it would indeed be bad news for an industry that sells over $75 billion of non-cash incentives.”
“The 'Incentives Move Business' White Paper was published to raise awareness and educate businesses and the general public to the facts supporting the positive impact incentive travel and motivational events have, not just on companies, but on the U.S. economy,” says SITE Foundation Past President Stephen Powell.
Travel is the sixth largest U.S. industry in terms of employment and is a top 10 employer in 48 states. In 2010, the incentive travel, meetings and events segment of tourism and travel accounted for $92 billion of all business travel expense and 6.3 million jobs in the United States, or 45 percent of all travel-related employment.
Travel incentives and motivational events are business tools proven to increase sales and profits, boost productivity, retain customers, hold on to top talent, increase company loyalty, promote teamwork and decrease turnover. When properly designed, planned and executed, incentive travel programs can be self-liquidating and will produce a measurable and verifiable return on investment.
Thank you to sponsor, IHG (InterContinental Hotels Group) for their support.
Download the White Paper (PDF) for more findings on the impact of business travel on the U.S. economy.