Companies around the world are now more willing to increase their spending on travel incentives as a way of rewarding staff.
More than half of incentive travel planners will be increasing their budgets in 2015according to a survey from the Incentive Research Foundation (IRF), and will spend an average of around £2,300 per person on incentive trips.
“As the need to train up potential new leaders grows in the next decade, so will the need for incentive travel and motivational meetings that inspire and connect attendees,” says IRF president Melissa Van Dyke.
Another global survey by SITE finds that 52 per cent of planners expect their bookings of incentive travel to increase within six months, a four percentage point improvement over the previous year.
And80 per cent of buyers are similarly optimistic about having higher budgets for the following six - 12 months.
This growth and optimism for incentive travel is also reflected by the experience of CWT Meetings & Events.
Account manager Simon Hubbard says: “We have definitely seen a rise in incentives. Most companies are increasing their budgets this year, but there’s an air of caution which is being seen in the shorter lead times.”
Price and securing “best value” remain a priority for incentive buyers and those working in the EMEA (Europe, Middle East & Africa) region should benefit from apredicted five per cent drop in average costs per attendee per day for meetings and events this year, according to the CWT & GBTA Foundation 2015 Global Travel Price Outlook (GTPO).
Demonstrating return on investment (ROI) or return on objectives (ROO) from an incentive trip also continues to be an important element for incentive buyers to justify these trips.
To find out how CWT Meetings & Events can create memorable travel rewards for employees, please visit www.cwtme-engage.co.uk
Top trends in incentive travel
In search of the unique: Incentive planners are looking for experiences as part of their trips that beyond the traditional excursions.
Morality trail:Corporate Social Responsibility (CSR) will remain an important part of incentive planning and will be included in the budget for trips.
Planning on the go:The use of mobile and smart devices to organise all elements of an incentive trip is becoming more important for planners.
Versatile venues: Planners are looking to use venues and accommodation that can provide a wide range of facilities and activities and the availability of added extras.