Northstar

Planner's Portfolio Meeting Strategies 14 MAR-APR 2020 MEETINGS & CONVENTIONS MCMAG-ASIA.COM ROI should gauge more than a programme's effect on the bottom line WORDS JENNIFER GLYNN AND TINA G WEEDE I nnovation is not limited to technology and science - there is also plenty of disruption in the way companies attract, retain and grow relationships with partners, employees and customers. The time-tested approach to incentives is now evolving to re!ect changes in employee behaviour with the goal of building enduring engagement that results in greater pro"ts, stronger company culture, and image. "Do this, get that" has been the model embraced by incentive programmes for more than two generations. While this approach is important, it does not represent the full story. As identi"ed in the 2019 Incentive Travel Industry Index, the most signi"cant impacts of incentive travel, beyond bottom-line bene"ts, are how they foster workplace relations, enhance company culture and improve the personal and professional development of the quali"er. Measure holistically In the past, programmes were focused exclusively on reaping good "nancial results. This remains key, but it has become increasingly important to measure the total holistic e#ects that incentives have on an organisation. It is not just the incremental lift in production, performance and pro"tability that should be considered when measuring the e#ectiveness of an incentive; now, we need to look at retention rates, individual growth within an organisation, brand advocacy, engagement and, crucially, the impact on corporate culture. When our high-potential, high-performing employees are engaged, studies show Accurate measurement of ROI in incentive programmes that our customers are more engaged, too, leading, inexorably, to higher overall pro"ts. Incentives for all It is exciting to see that incentives are now being used for employees outside of the sales channel. Leaders are seeing the need to recognise and reward those who live out the core values of the organisation, drive new development and assume responsibility for taking the brand into the future. With employee engagement on the decline, this is yet another reason to provide incentives for those high-performing individuals, regardless of their positions. Incentive travel results in a revenue increase of more than US$12.50 for every dollar spent, according to the Incentive Research Foundation. What is more, travel incentives can educate, improve morale, build team spirit, increase loyalty and strengthen the emotional connection with those who represent our brands. These are all important attributes of successful companies. For the last two years, the index has shown increases both in spend and in the number of quali"ers participating in incentives. Now we are tasked with how to measure the soft variables, an important part of a true return on investment. CREDIT: UNITONEVECTOR/GETTYIMAGES JENNIFER GLYNN is managing partner with strategic sourcing rm Meeting Encore and Intuitive Conferences + Events. She is also SITE's president. TINA G WEEDE is president and CEO of Peerless Performance and serves as the vice president of research and content and on the board of trustees for the SITE Foundation. She is a past president of Recognition Professionals International.

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