Cash vs. Experience: there's no better incentive than travel
As millennials make up an increasing proportion of the working population, the way sales teams are rewarded and incentivised is changing dramatically.
Millennials are fuelling the growth of the so-called ‘experience economy.’ According to research conducted by Harris and sponsored by Eventbrite, more than three in four millennials (78%) would choose to spend money on an experience or event over buying something desirable. The study concluded that: “For this group, happiness isn’t as focused on possessions or career status. Living a meaningful, happy life is about creating, sharing and capturing memories earned through experiences.”
For companies, this means that cash rewards are becoming quickly overlooked in favour of life-changing experiences to attract and retain younger generations. Incentive travel rewards also provide:
- Longevity and loyalty - being awarded a once-in-a-lifetime trip away for good performance will make your employees feel valued and special, motivating them to work harder and increasing both retention and loyalty to your brand.
- Enhanced relationships - incentive trips encourage team bonding outside of the pressure of the office environment. Sharing a once-in-a-lifetime experience with your team means that you are more likely to connect on a deeper level, which can be carried back to the workplace.
- Health and wellbeing benefits - incentive travel can have added health benefits for everyone involved. Travel not only boosts brain health and creativity, but also reduces stress.
Find out more about how your business can benefit from offering incentive travel rewards by downloading our Cash VS Experience E-Book here.
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