Cash rewards 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 sales incentive experiences to attract and retain younger generations.
We’ve shared our full report on Cash vs. Experience sales incentive rewards at the bottom of this post, but first we’ll go into a bit more detail about how sales incentive trips can improve workplace productivity and morale.
Why workplace rewards and incentives are necessary
Showing appreciation and recognising your team’s efforts can encourage a positive work environment, and incentive rewards are a great way to recognise employee achievers. Employee incentives offer a number of benefits to the workplace, including:
- Increased employee morale and investment in the company.
- Improved job satisfaction, which can help with retention.
- Higher productivity and improved performance.
Why cash incentives don’t deliver
Surely if you were asked whether you wanted £2,000 cash or a non-cash reward worth the same amount, you’d be tempted by the money. Most of us would be lured by the instant gratification that money could give us, but for long-term motivation, research suggests that cash may not deliver.
Cash incentive rewards can often lack the emotional impact needed for effective incentive programs. Experienced based rewards like incentive travel on the other hand, offer people a gift that they wouldn’t necessarily buy themselves. Incentive reward experiences can offer a more fulfilling reward to create longer-term satisfaction and productivity.
Incentive travel benefits
Integrating a travel event as part of a sales incentive reward can motivate employees over a long period, to drive business goals. A promoted sales incentive trip can create excitement amongst the team and provide a “money can’t buy” experience with significant workplace benefits:
- 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 - sales 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.
Cash vs. Incentive travel: free report
Find out more about research on employee rewards and how your business can benefit from incentive travel schemes by downloading our Cash VS Experience Report.