2024 Incentive Travel Index
Inspiring Research Foundation 2024 Incentive Travel Index (ITI) was presented in October with SITE at IMEX America, but key points were discussed in a recent webinar hosted by IRF President Stephanie Harris. Joined by: Chris JohnsonDirector of Corporate Events and Sports Partnerships Land O'Lakes and Richelle SewellChief Revenue Officer a 10The webinar focused on motivating professionals on how to deliver outstanding travel programs within the budget constraints of ITI reporting. Although the survey conducted for the study was international (2,800 respondents from 19 countries), the group focused primarily on data reported by 56% of North American respondents representing third-party incentive travel companies, Enterprise program owners, vendors and DMOs. Here are some highlights from the panel discussion: More business options Cash Reward Travel Awards; Surveys show travel awards are expected to increase by 37% in 2025 and by 45% two years later. Only half of the respondents said they Budget Matching inflation; the rest said the budget was flat. The group's…
The future of incentives
IRF and SITE are raising awareness of the motivation industry as a next-generation career path by creating a new course and seeking volunteers to teach it. According to the information just released by SITE 2024 Incentive Travel IndexAttracting and retaining industry talent is a top concern for planners, with 44% of North American respondents citing it as a long-term challenge. As motivation planners look to the future of the industry, it is clearly critical to recruit and develop a workforce that possesses both technical skills and a passion for improving performance. Planners likely know that the motivation industry offers a variety of exciting career opportunities. However, SITE found that a lack of awareness of what the industry does and its career opportunities has been a major barrier to recruiters entering the workforce. Motivational content is not common in colleges and universities. SITE’s message to incentive planners on this issue: “The incentive industry is at a crossroads. With more than 75%…
2024 Incentive Travel Index
Incentive travel buyers expect activity and per-person spending over the next two years to exceed 2024 levels. However, they also reported concerns about rising costs, attracting talent to the industry, and safety concerns. Incentive travel index is a joint initiative of the Incentive Research Foundation (IRF) and the Society for Incentive Travel Excellence (SITE), and is conducted in partnership with Oxford Economics. This annual study reports on destination preferences, program content, budgets and perceptions of the strategic importance of incentive travel. This year’s report also takes a pulse on hot topics such as technology, artificial intelligence, climate issues and sustainability. “Key workplace trends are increasing the strategic importance of incentive travel,” said IRF President Stephanie Harris. “Retention of talented employees and a competitive advantage in recruitment are considered increasingly important, and more recently Trends such as a new generation of qualifiers and leaders and a more distributed workforce.” “Incentive travel buyers are increasingly looking for something new, with more than…
Are your incentives gender specific? – Prevue Conference and
Incentives are not gender neutral—according to a study by IRF, women and men tend to respond differently to different types of incentives, recognition, and rewards. Men and women may work equally hard to be rewarded by their employers, but it may be more effective if companies tailor incentive, recognition and reward programs based on gender. Women make up nearly half of the U.S. workforce—more than half of the white-collar workforce—but they tend to be less satisfied than their male colleagues about nearly everything related to their jobs, including how their work is recognized and rewarded. While individual preferences vary based on a variety of factors, “there is strong evidence that men and women prefer different rewards, perceive rewards differently, and respond differently to incentives and rewards,” concludes an action academic study titled Differences in Men’s and Women’s Workplace Reward Preferences and Outcomes by the Incentive Research Foundation (IRF). The differences outlined in the report include: Women are more likely to…
Companies with outstanding performance vigorously promote incentive travel
New research from IRF shows that high-performing companies motivate employees with incentive travel and gift cards more frequently than lower-performing companies. According to a new white paper from the Incentive Research Foundation (IRF) and Insperity, top-performing companies use a variety of incentives to recruit, retain and motivate employees, but incentive travel and gift cards are most commonly used. It also found that non-cash incentives are most effective in improving employee performance and business results. The study, titled Driving growth through total rewardsAnalyzes how top-performing companies design and manage their total rewards programs to maximize employee performance. The study examined multiple parameters, including organizational performance, culture and talent acquisition and retention, and the key outcomes that each individual reward element could deliver. The study also broke down the results by specific industries: professional services, healthcare, retail, finance, technology and manufacturing. The most important insights from the white paper include: Non-cash rewards and recognition are key to reinforcing behaviors that drive business…
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