By its very nature, incentive travel should have an air of luxury and absolutely must be enticing in order for it to function as an incentive. It simply cannot be a run-of-the-mill trip that the potential participants could easily throw together themselves. Incentive travel packages must be memorable, meaningful, perfectly planned and expertly executed.
That being said, incentive travel planners are under increasing pressure to cut costs and deliver travel packages that fit into new, reduced travel budgets. As they struggle to meet the demands of their supervisors or client companies, while staying within budget, incentive travel planners are now constantly looking for ways to lower travel expenses. The trick is to find ways to cut costs without cutting corners.

Here are some ways that travel planners are adapting to the changes that have come with this economic downturn:

1. Opting for all-inclusive incentive cruise
2. Choosing lower-cost domestic and international destinations
3. Opting for lower-cost food, beverage and hotel choices
4. Planning more free time into the travel schedule, as opposed to offering multiple planned activities
5. Reducing the number and cost of pillow gifts, or cutting them out completely

When determining the best way for you to cut costs without cutting corners, keep in mind that a lower-cost destination choice coupled with upscale pillow gifts and luxury amenities will deliver a more memorable, enjoyable trip, as compared to opting for a stripped down travel package at a high-end destination.

Don't let the competition take your top producers. A new research report from Deloitte reports, for the first time since initiating its longitudinal study of global talent trends and strategies in January, those executives surveyed are more inclined to believe the worst of the economic crisis has passed.

At the same time, there are many companies at risk for not implementing talent or innovation strategies required to seize the opportunities presented by a recovering economy. Here are highlights from the study:

• The worst may be behind us. For the first time since this study was launched in January 2009, more surveyed executives now believe the worst of the economic downturn is over, as opposed to impending, by a decisive 31 percent to 7 percent margin.

• Reducing headcount is secondary to training and retention as a top talent priority.

• Less than half (48 percent) of surveyed executives reported layoffs in the last quarter, down from 61 percent in May.
Surveyed executives are ramping up retention initiatives to keep key leaders and high-potential employees on board.

• Nearly one-in-three executives surveyed (31 percent) reported they are increasing career path opportunities—a jump of 11 percent from January (20 percent).
 

So what are you doing to keep your most talented producers in the game?