Reward and recognition trends

Social Recognition and Non-Cash Rewards

Social recognition, an increase in non-cash rewards and recognition, personalised real experiences, time off, social responsibility, and incentive travel are all trends in rewards and recognition. Among other things, the trends have increased the effectiveness of rewards and recognition in motivating people and increasing organizational efficiency.

Incentive Travel: The Most Important Trend

I believe that incentive travel is the most important trend in employee rewards and recognition. Over 40% of US businesses employed incentive travel to recognize and reward top-performing workers, channel partners, and salespeople (Larson, 2017). Because of its effectiveness in inspiring and aligning personnel toward accomplishing established goals and objectives, incentive travel is an important trend. Incentive travel also aids in boosting sales and driving targets.

Incentive travel is more efficient than other reward and recognition trends is that travel has universal appeal and any holiday is highly desirable and creates longevity in anticipation of the event and memories created from the holiday experience. Incentive travel is also better than cash rewards since the intent of the reward ends as soon as the cash is finished while the remembrance of the purpose of award in incentive travel takes longer. Incentive travel also engages, motivates and inspires the employees to give their best to achieve targets leading to improved teamwork and morale. The experience makes employees know their efforts are worth and offers public relations for the company as employees share their experiences with other employees. Incentive travel allows organizations to tailor the budgets to fit the needs due to its scalability and the experience improved employee loyalty reducing turnover.

References

Larson, J. (January 26, 2017). Four employee recognition ideas from the IRF 2017 Trends Study. Insights. Retrieved on December 1, 2015 from https://www.itagroup.com/insights/employee-recognition-ideas