Tuesday, July 23, 2024

Companies Elevate Employee Rewards with Luxurious Offsites

Share post:

Companies in India are redefining how they reward their top performers, focusing increasingly on luxurious offsites that include travel, family trips, luxury gifts, and unique experiences, as reported recently.

Rajeev Kale, President and Country Head for Holidays, MICE, and Visas at Thomas Cook (India), points out that sectors such as banking, insurance, automotive, manufacturing, and paint are at the forefront of offering premium rewards. These initiatives are aimed at acknowledging and supporting the ecosystem that sustains high-performing employees, including their families.

Examples of these extravagant rewards range from booking entire villages in Austria to organizing all-expenses-paid trips to sought-after destinations like Dubai or Singapore. Additionally, companies arrange exclusive meet-ups with cricket legends at prestigious events such as the recent India-Pakistan T20 World Cup match in New York. This trend underscores a broader shift towards valuing experiences over material products, particularly among Gen Z and millennial professionals.

Nikhil Krishna Malladi, Partner at Deloitte, highlights the growing recognition of family support in an employee’s performance. This shift towards family-inclusive rewards forms part of a comprehensive strategy to enhance loyalty and motivation among employees.

According to S D Nandakumar, President and Country Head for MICE at SOTC Travel, corporate budgets this year have reportedly increased allocations by 25-30% for these types of rewards. The focus on providing unique, high-quality experiences is seen as pivotal in retaining top talent and cultivating a highly motivated workforce.

This evolution in employee rewards not only signals a move towards more personalized and experiential incentives but also underscores the strategic importance of recognizing and nurturing talent in today’s competitive corporate environment.

Related articles

Bengaluru Man in Microsoft Hoodie Seen Driving Auto on Weekends

In a weird incident, a Bengaluru man wearing a Microsoft hoodie was seen driving a Namma Yatri auto-rickshaw...

Microsoft Server Outage: Flight Services Disrupted Across India

A major technical issue with Microsoft servers has caused significant disruptions to flight services across India. The microsoft...

Pee Safe Appoints Arijit Sen as VP-Sales to Drive Retail Expansion

Gurugram-based hygiene and wellness brand Pee Safe has announced the appointment of Arijit Sen as its new Vice...

Namma Yatri Raises Rs 91 Crore in Funding From Google

Namma Yatri, a Bengaluru-based ride-hailing company, has raised Rs 91 crore (about $11 million) in a pre-Series A...