How to Obtain & Retain Top Talent With Incentive Travel Rewards
For the first time since industrialization, companies are now faced with a larger generation exiting the workforce than entering. As Baby Boomers retire, Generation X is not large enough to replace them and are followed by a large and less experienced worker staff – the Millennials. This structural change to workforce itself has helped drive employee rewards and recognition to center stage, as CEOs and senior management must strategize to retain as many top performing Baby Boomers for as long as possible, while simultaneously “training up” Millennials at a much faster rate than previous generations. In this changing environment, it is easy to understand why surveys show that over 90% of CEOs said they either need to or are already changing their attraction and retention strategy to obtain and retain top talent in these changing times.
As well, Millennials are looking for a much different employment contract than Baby Boomers, preferring entrepreneurism and a much shorter-term than in the past. They are looking for company brands that are innovative and value driven; Brands that carry those values through to multiple kinds of benefits and offerings to their employees.
Be sure to consider your training and retention strategy, so that the expertise, experience and wisdom of older workers remains in your organization and Millennials are ready for the challenges presented to them. Ensure that company values are clearly stated and well-supported throughout the organization.
Companies that implement Incentive Programs into their offerings see a much higher rate of obtaining and retaining top talent. Every year, according to the most recent figures, roughly $11 billion is lost due to employee turnover. Incentives are a great means of curbing those losses. Incentives Give Millennial Employees Reason to Stay, as they are at an age where they’re finding what career will define them going forward. As a result, most Millennials view their current occupation as transitory. In fact, 44% of millennials actively seek to pursue additional career opportunities over the next two years. Incentive programs can help reduce that statistic.
Over 65 percent of participants strongly agree that Travel Awards are remembered longer than cash payments. Employees like their incentive programs, and having a system in place in your company is a proven way to ensure increased retention in 2017/2018.
ABOUT TRASFORMATIVA TRAVEL
Trasformativa is a US based travel company with offices located in Durham, NC and Clarksville, VA. We are focused exclusively on transformational travel. Our experienced and qualified travel agents offer many different types of transformational travel opportunities. We work with individuals and groups of many sizes to help them find a true difference. Most of the people who contact us are luxury travelers and leaders of groups who are traveling together. This includes, yoga or fitness instructors, health and wellness professionals, human resource directors, sales managers, CEO’s, church group leaders, corporate trainers, personal chefs, wedding planners, brides, corporate travel professionals, and also individuals looking to plan an exciting and out-of-the-way trip for a group of their friends.
https://trasformativa.com/wp-content/uploads/2017/10/stats.jpg10261188alisonfreyhttps://trasformativa.com/wp-content/uploads/2017/09/T-logo.pngalisonfrey2017-10-15 16:50:522018-10-08 18:07:17Engagement and a Changing Talent Pool