Dr. Amarendra Bhushan Dhiraj is the CEO and editorial director at CEOWORLD Magazine, the leading global business magazine written strictly for CEOs, CFOs, top managers, company directors, investors, senior executives, business leaders and high net worth individuals. Visit www.ceoworld.biz
Industry leaders such as Apple, Amazon and Google attribute 80% of their value to intangible assets such as brand image, ideas, human capital and partnerships. The common thread among this kind of asset is that you can’t own it — intangible assets reside in the hearts and minds of hard-working employees and organizational leaders.
Employers can enjoy remarkable improvements by offering generous incentives when workers put their best foot forward. According to the Incentive Research Foundation, well-thought-out, non-cash incentives drive commitment and an emotional bond between employees and their company.
Resultantly, a growing number of employers are offering intangible rewards, which are also known as alternative currencies. Simultaneously, a growing number of hard-working employees crave recognition.
The following are 10 reasons why you should offer corporate luxury cruises and incentive travel.
You can easily cater to each recipient’s needs with a luxury incentive travel package. Whether an essential IT employee guided you through the latest cyber storm unscathed or a top manager doubled sales for the quarter, you can assemble an indulgent incentive that hits home. You can choose from myriad destinations and activities that will delight and satiate your most diligent and discerning personnel.
Once word gets out about your company and its lavish culture, internal stakeholders will naturally associate your organization with opulence. This sentiment breeds an intuitive desire for success and a winning atmosphere.
Establishing your enterprise as an elite organization is an excellent way to compel employees to work toward meeting company goals. Also, a culture of luxury boosts morale and encourages employees to strive for optimal performance.
Incentivizing a team toward aggressive growth is a process. It requires the commitment of the entire team. Once you establish this culture, no one wants to feel subpar. A winning atmosphere and incentive plan inspire workers to achieve.
To maintain your competitive edge and attract top talent, you must deliver the needs and wants of job candidates. A culture of luxury will attract the talent that you need to outperform marketplace opponents. Once the word is out that your firm is one of status, you’ll attract the best and brightest job prospects in the industry.
You can keep employees motivated and inspired by offering luxury incentives and high-culture rewards. Spectacular incentives indoctrinate a sense of healthy competition among staff members. With the right motivation, employees work smarter and harder so that they will earn rewards.
Millennials are the largest segment of America’s talent pool. It’s time to think about how you will tenure your best staff members. Young professionals want to know that you will take care of them when they perform well. What’s more, they aspire to earn the roles and achieve the lifestyles of their accomplished superiors.
Travel promotes physical and mental well-being. In due course, luxury travel incentives equate to healthier employees. Healthy employees are more productive and will produce more profit for your organization.
A luxury incentive creates more value than cash any day of the week. A cash reward allows employees to buy something, but the value created by the purchase will fade quickly. A luxury incentive, however, is a positive memory that your best employees will eternally equate with your organization. You can show that you appreciate your employees and create a positive sentiment that will last a lifetime by offering a luxury gift.
Luxury travel enables your corporate champions to take a break from stress and responsibility. In the process, workers have a chance to reinvigorate their faculties and senses. After the excursion of a lifetime, your employee will return to work with fresh eyes and a mind flowing with ideas.
When you lavishly reward driven, successful staff members, other companies and employees take notice and they will spread the word. Incentivized employees are brand ambassadors for your organization. A luxury excursion will give employees fodder for stories that will send “wows” around the room. Few people discuss the mundane, and if they do, even fewer people remember. However, people love to talk about extravagance. They will preach the gospel of your enterprise to all who will listen.
It’s no secret that the battle is heating up for the world’s top talent as industry undergoes its latest transformation. Leaders who do not offer intangible rewards face two unattractive alternatives. They’ll have to make do with second-rate talent or pay exorbitant salaries to attract exceptional job candidates.
If you hire underperformers, it’s unlikely they’ll do more than keep your organization chugging ahead at its current rate. You can kiss innovation goodbye.
Even throwing money at the problem may not produce the desired results. If you attempt to stimulate performance solely with remuneration, you’ll most likely attract self-motivated job candidates. This type of professional is likely to magnify organizational shortcomings by promoting a culture driven by numbers and metrics. However, by offering extravagant incentives, you can attract the kind of talent that’s willing to perform — with the right motivation. I&FMM.