What do we mean?
Recognition. Reward and recognition are two very different things. Recognition, which often involves participation in an incentive trip, has several important advantages:
- It is earned, deserves unlike an award that can look like a lottery (hence the extreme importance of fairness in the process).
- It involves the inclusion in an elite group, joining the best.
- It generates a huge sense of accomplishment, of a job well done.
- It gives you a right that you can be proud (and you´ll boast about).
The eternal question: cash?
We all want money ... but what is a cash prize? It has a big problem: it does not generate memory. Paul explained that 29% use it to pay their bills, according to a study by WirthlinWorldwide. 18% do not even remember what they spent the money on. 11%saved it. Generally unexciting options... Paul reminded that we all have many things and it is hard today that a cash incentive or gift excites much. Unlike a unique experience.
Incentive trip works
According to a SITE study, the incentive trip individual increases performance by 22%, a figure that rises to 44% if we talk about team motivation.
Paul also gave two figures, the result of their surveys with participants in incentive programs (which have earned the trip... or not): 67% of those who did not win say they´ll work harder next year to win the trip. But the key is not having a program with a single award and a unique level of profit: 61% of participants say they have several levels of awards was more motivating (obviously ...).
And if you have not followed the trend of making more incentives "a la carte", 70% of participants believe that freedom in the choice of destination and activity encouraged them to improve their performance.
Incentives are back!
It is at least the conviction of Paul and SITE. The optimism of the incentive industry, which had been quite affected by the recession, has returned, and is now at its highest level in four years, according to SITE. And 87% of professionals surveyed by SITE expected improvements in activity in the sector in the coming years.
And if you doubt the strategic importance of incentives, consider this: 95% of executives are concerned about retaining the best employees, and 47% of the best employees are looking for another job. Perhaps it makes sense to offer unique experiences and the best recognition?