Offsites may never be the same again. Corporates across sectors such as banking, auto and insurance have loosened their purse strings for top performers, partners and distributors this season and are rewarding them with unique travel experiences, luxury watches and bags as well as catch-ups with Bollywood celebrities and other rewards. Travel, including trips with families, figures high on the rewards and incentives list.
“The demand for premium experiences for performers extends across manufacturing, banking and insurance, paint and the auto segments,” said Kale, president and country head for holidays, MICE and visas. “The programmes that we have pulled off include a cricket tournament at Auckland’s Eden Park with professional commentators and celebrity New Zealand cricketers, and live barbecue counters at the stadium curated by 48 chefs flown in from India.”
MakeMyTrip has observed a “significant” increase in corporate spending on premium experiences, said Raj Rishi Singh, chief marketing officer and chief business officer, corporate, at the company.
“Companies are aiming to create distinctive moments for their teams and partners ranging from Bollywood-inspired adventures to gala events with celebrities,” he said. “The sectors leading this trend include banking and insurance, FMCG, paints and chemicals, auto and pharmaceutical companies.”
Luxepolis, an online marketplace for certified pre-owned and discounted luxury goods, said corporates have been seeking products such as Tumi bags and gift vouchers redeemable for other brands.“They are also looking at pre-owned luxury watches as a gift. The intrinsic value of a Rolex is not lost on people even if it is pre-owned,” said Luxepolis founder Vijay KG. “We see corporate requests for products and vouchers coming in from the infrastructure, retail and real estate space.”Rewards for top performers are shifting away from money toward recognising the ecosystem that supported the performance in a holistic way, said Krishna Malladi, partner at Deloitte.
“Appreciation for families’ support, holiday trips, and non-monetary recognition through gifts that also drive greater brand affiliation are some of the means through which organisations are rewarding performers beyond bonuses,” he said.
Tata Motors celebrated “excellence” by rewarding top performers with Indian Premier League (IPL) tickets this season, a spokesperson said.
International Tractors Ltd is sponsoring family trips for top performers, said HR head Amit Sharma.
With more millennials and Gen Z employees at companies, there has been a shift away from gifting products toward experiences, said Amit Damani, cofounder of StayVista.
“More companies are reaching out to us for end-to-end holiday experiences for their top performers and families,” he said.
Monish Shah, founder and CEO of DreamSetGo, said some of the recent experiences arranged for corporates include a recent event with cricket legends Sourav Ganguly and Waqar Younis after the “high-energy” India versus Pakistan T20 World Cup match.
Companies are offering onsite travel trips with immediate family members, said Krishna Gautam, business head, direct hire, IT, Xpheno.
“This would include 10 days to two weeks of all-costs-covered trips to countries such as Singapore and Dubai as rewards for top performers,” he said.
At Bajaj Electricals, employees are recognised as top achievers by being inducted into the Sarvottam Club, said chief human resources officer Suman Kumar Ghosh. “Membership in this club brings with it a range of benefits, most notably an all-expenses-paid, luxury international trip to a prime destination,” he said. “This year, we are once again planning a trip to an exotic destination, where they will enjoy local sightseeing and unique cultural experiences.”
S D Nandakumar, president and country head for MICE at SOTC Travel said this year has seen a significant rise in demand for premium, bespoke travel experiences that go beyond traditional conferences or incentive trips with an approximately 25-30% increase in corporate budget allocations towards unique experiences.
“What is noteworthy is that corporates are looking beyond traditional tours and opting for offbeat locations such as the Garden Route, South Africa, high adrenaline infused sky diving (Mossel Bay), adventure trails and safari and wildlife experiences,” he added.
