“Experiential” rewards and a return to luxury are among the key issues that will impact investment in human capital this year, according to the 2016 Trends in Incentive Travel, Rewards, and Recognition report from The Incentive Research Foundation (IRF). Identified trends include:
- Cash is not necessarily king.The IRF’s study found that the most preferred award experience for large awards is travel, presented by executives and communicated via a public announcement, including the opportunity for networking.
- Merchandise and gift card programs lean toward luxury. Top merchandise options include: electronics (31%); open-loop gift cards (28%); luggage (24%); and watches (23%).
- Recipients want authentic, unique experiences. Incentive travel planners are responding with one-of-a-kind events, incorporating elements such as locally authentic cuisine and entertainment that reflects the feel of the destination.
- Integrating technology. The IRF’s study shows more than half of the market is using social media to enhance their rewards programs, and nearly a third are using game mechanics and techniques.
To read the full report, visit: http://theirf.org/research/irf-2016-trends-inincentive-travel-rewards-and-recognition/1692/