FREQUENTLY ASKED QUESTIONS
1. Why are in-person meetings more effective than virtual meetings?
A conference call never ends in a handshake. Face-to-face meetings build stronger client and employee relationships. In addition, when holding meetings outside of the office, meeting attendees will disconnect from everyday distractions and focus on the material presented. Collaboration with colleagues builds teamwork and comradery, ultimately making your company stronger and more productive.
2. What are incentive trips and why are they effective?
According to the Incentive Research Foundation (IRF), “Incentive Travel Programs are a motivational tool to enhance productivity or achieve business objectives in which participants earn the reward based on a specific level of achievement set forth by management. Earners are rewarded with a trip and the program is designed to recognize earners for their achievements.” When properly planned and marketed, an incentive trip provides ROI and ROO on multiple levels. According to 2018’s Incentive Travel Industry Index, the top five benefits of incentive trips are as follows: 1) Increased sales and/or profits for the company; 2) Improved engagement (employees or channel partners); 3) Increased individual productivity; 4) Better relationship-building between employees and management; 5) Improved retention (employees or channel partners).
3. Why is employee engagement important?
According to Gallup, a company with expertise in attitudes and behaviors of employees, and Claudia St. John, President of Affinity HR Group, employee engagement creates the following within an organization:
- Absenteeism = -37%
- Turnover in high turnover positions = -25%
- Turnover in low turnover positions = -49%
- Theft = -27%
- Customer satisfaction = +12%
- Productivity = +18%
- Profitability = +16%
4. Why is incentive travel more effective than cash incentives?
Cash has a very low shelf-life and minimal impact on ROI. Memories of experiences last a lifetime and non-cash rewards are 2-3 times more effective than cash rewards. More value is psychologically placed on items earned that one would not normally purchase for him or herself, rather than cash which is spent on everyday expenses. The “trophy value” of incentive trips also encourages peers to work harder to achieve the same the following year.
For every dollar spent in travel, businesses benefit from an average of $12.50 in increased revenue and $3.80 in new profits. An employee’s total base salary would need to be increased by 8.5% to achieve the same outcome.
( data points sourced from siteglobal.com )
5. How does a partnership with Global Eventures increase your meeting or incentive trip’s value?
TRANSPARENCY: Transparency is the cornerstone of Global Eventures’ business practices. We don’t mark-up vendor costs, hide fees, or limit vendors to only those with higher commissions. We also manage the budget with the goal of staying within, or below cost.
SITE SELECTION & CONTRACT NEGOTIATIONS: We operate as an extension of your team, conducting site sourcing based on the requirements of your event. Our broad knowledge of hotels and venues around the world helps us find the perfect location for your event. We negotiate complicated supplier contracts to obtain the best rate with the best terms. These services are at no cost to our valued clients.
RELATIONSHIPS: Relationships make a difference! Global Eventures is continuously building relationships with supplier partners by attending worldwide industry events. These relationships allow Global Eventures to source the best rates and services for our clients.
EXPERIENCE: Global Eventures’ meeting and incentive event specialists each have over 17 years of extensive experience solving complex or unexpected problems. They have worked with a myriad of corporate industries on countless successful events that have exceeded client expectations.