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.
