Incentives
An incentive is a stimulus or a supplemental reward that serves as a motivational device for a desired action or behavior, or as a reward for a task carried out by the recipient of the reward. In simple words, an incentive is defined as something that encourages someone to do something or work harder.
It can be called business-related travel that is designed to provide motivation or incentives to help businessmen, investors, and traders become more successful.
Incentive tourism is usually undertaken as a type of employee reward by a company or institution for targets met or exceeded, or a job well done. In simple words, the “I” from MICE comes into play when you want to reward your star employees or loyal customers and providers.
How do incentives work?People respond to incentives and to their opposite, disincentives. An individual will feel compelled to respond favorably to something which promises great personal rewards at minimal cost or risk. The same individual will most probably turn away from things that deliver little or no benefit, especially if they do so only at a lofty cost. Those things are most likely to be ignored and avoided. “Human choice is thus influenced by economic incentives and by changes in economic incentives” - Lawrence Reed.