June July 2019

A fresh resource for people who plan and manage meetings, events, business travel, promotions and incentive programs. Providing you with inspiration, guidance and great ideas.

Issue link: http://read.uberflip.com/i/1121269

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Page 47 of 67

48 | Ignitemag.ca | June | July 2019 corporate incentives + rewards New gift offerings, industry trends and useful advice to maximize value on your reward spending New thoughts on the ROI of incentive travel programs by Alex Newman Value Validation Tracking the ROI on your incentive programs isn't some make-work project for businesses, says Rick Garlick, a hos- pitality sector expert specializing in employee engagement. "It could actually protect you in an economic downturn." Garlick is vice-president, strategy consultant, with Magid's Travel, Leisure and Hospitality (THL) practice in Minneapolis, Minn. He has been researching incentive programs for a while, ever since the recent "Great" reces- sion when rhetoric around "wasteful spending negatively impacted incentive programs." He recently spoke to the Global Meeting & Incentive Travel Exchange emphasizing how important it is to develop metrics to measure ROI on travel incentive programs. The programs do work, he says, especially with employee engagement which is a big predictor of productivity and profitability—you just have to know what you want to accomplish and how to measure once done. It's especially important now, he adds, when many indi- cators point to an economic slowdown in the next year or so. When that happens—and it will, he insists—the smart companies will already know what programs to keep to ensure a hedge against economy dips. "My message to the industry is get your house in order," Garlick says, "by measuring the effects of your incentives now."

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