Increased budgets and tailoring incentive travel and other recognition to suit more unique tastes are among the workplace incentive and recognition trends identified by the Incentive Research Foundation (IRF) in its “2016 Trends in Incentive Travel, Rewards and Recognition” report. IRF researchers analyzed existing proprietary research, solicited input from hundreds of industry professionals and reviewed incentive industry and business publications.
Key motivation trends highlighted in the IRF report include:
• Budgets are up…and so is oversight. The IRF’s latest Pulse Study found that 67 percent of planners will increase incentive travel budgets between 1 and 10 percent this year. Merchandise and gift card programs are also flourishing —
40 percent of respondents say the economy is having a positive impact. Of course, as budgets rise, there is increased scrutiny of incentive programs, resulting in an ongoing demand for better analytics.
• Merchandise and gift card programs lean toward luxury. Merchandise and gift card reward trends from IRF’s most recent Pulse Study reveal increasing confidence in the economy and a return to luxury items. Top merchandise options include: electronics (31 percent), open-loop gift cards (28 percent), luggage (24 percent), and watches (23 percent).
• Recipients want authentic, unique experiences. Millennials are redefining what “luxury” means and seeking “authenticity, singularity and social value.” Incentive travel planners are responding with one-of-a-kind events, incorporating elements such as locally authentic cuisine as a reflection of culture and entertainment that reflects the feel of the destination. Millennials are demanding “social impact travel” where fun and sun meets the ability to have a social impact.
The IRF funds and promotes research to advance the science and enhance the awareness and appropriate application of motivation and incentives in business and industry globally. The full 2016 trends report is available in the research section at theIRF.org.
