Happiness Economics is a new point of view on economic utility. Profit is no longer in the sole focus of business activity. It is accomplished by a behavioural approach considering individual happiness. Using corporate incentive systems corporations are able to participate in this concept for their own benefit and the benefit of their employees. As a special incentive measure, incentive travel has the potential to affect employees`productivity and individual happiness with tangible as well as intangible values.
Table of Contents
1 Introduction
1.1 Problem Definition
1.2 Objectives
1.3 Methodology
2 Happiness, Economics and Work – Happiness Economics
3 Incentive Systems and Allocation of Incentive travel
4 Incentive Travel
4.1 Concept of Incentive Travel
4.2 Incentive Travel in Practice
4.3 From Special to Global – Why Incentive Travel is Important for Happiness Economics
5 Conclusion
A) Excursus: What is Happiness?
B) Excursus: Ground Domestic Product and Happiness
C) Excursus: Income and Happiness
D) Excursus: Theoretic Fundamentals of Incentive Systems
E) Excursus: Success-factors for Incentive Travel Programs
ITM-Checklist 1: 360-degree analysis
Objectives and Core Themes
This work explores the integration of Happiness Economics into corporate strategy, specifically examining how incentive travel programs can enhance both employee happiness and overall organizational productivity. It shifts the focus from traditional, purely monetary business metrics to a more holistic approach that considers the psychological and social well-being of the workforce as a strategic asset.
- Theoretical foundations of Happiness Economics in a business context.
- The role of corporate incentive systems in behavior modification and employee bonding.
- The strategic utility and practical implementation of incentive travel as an incentive instrument.
- Tangible and intangible value dimensions of travel rewards and their impact on social cohesion.
- Methods for aligning corporate culture with the happiness needs of employees.
Excerpt from the Book
4.1 Concept of Incentive Travel
The design and conceptualization of an IT program is not the focus of this paper. But to point out the correlation to individual well-being and also the strategic use, a short overview over the concept is needed.
According to the Incentive Travel Strategy Guide (1995), travels have the potential to impress even pampered by providing an unique experience, which normally lasts long in people`s minds even after its` execution. The special attributes marking out incentive travels from other incentive measures, are also assumed to be their unique value for employee motivation: Traveling itself is connected with a highly romantic appeal, what makes the program very promotable. And the social component creates camaraderie, improving the microclimate in the working environment. But these effects, in addition to the general incentive effects assumed and explained in chapter 3, are only reachable by elaborate conception of the program.
Many factors have to be considered, which are general elements of incentive programs. These are knowledge of the audience, the definition of the rewards, the tracking of the programs progress and the creation of ongoing communications. The special challenge caused by travels is the logistics. A high organizational expenditure is to be assumed, for the trips must not only run without problems, but also have to create a special impression to the rewarded. Surveys have shown that Employees value incentive travels more than money if the experience of the trip is recognized priceless, depending on entertainment, luxury, and also networking possibilities (Lallande 2008).
Summary of Chapters
1 Introduction: This chapter defines the research problem regarding the integration of Happiness Economics into business, sets the objectives, and outlines the methodology for the study.
2 Happiness, Economics and Work – Happiness Economics: This chapter provides a theoretical examination of Happiness Economics and its interdependence with labor productivity, work-life quality, and organizational culture.
3 Incentive Systems and Allocation of Incentive travel: This chapter discusses the theoretical basis of corporate incentive systems as management tools for behavior modification and employee identification with company goals.
4 Incentive Travel: This chapter explores the concept and practical application of incentive travel, demonstrating its dual role as a tangible and intangible motivational tool.
5 Conclusion: This chapter synthesizes the main arguments, suggesting that embedding Happiness Economics into corporate strategy creates a win-win situation for both the firm and its employees.
Keywords
Happiness Economics, Incentive Travel, Corporate Strategy, Incentive Systems, Employee Motivation, Productivity, Well-being, Corporate Social Responsibility, Behavioral Science, Job Satisfaction, Tangible Rewards, Intangible Values, Social Cohesion, Management Theory, Human Resource Management
Frequently Asked Questions
What is the core focus of this academic work?
The work examines the relationship between Happiness Economics and corporate incentive systems, specifically investigating how the implementation of incentive travel can foster employee satisfaction and organizational productivity.
What are the primary themes addressed?
The central themes include the shift from sole profit orientation to holistic corporate well-being, the mechanics of incentive systems, and the strategic value of travel-based rewards in enhancing the work environment.
What is the main objective of the research?
The objective is to analyze the interdependencies between employee incentives and individual happiness to determine how they can contribute to a successful and sustainable corporate strategy.
Which scientific methods are utilized?
The paper employs a theoretical level examination of Happiness Economics concepts, reviews underlying theories of incentive systems, and analyzes practical research studies on the effectiveness of incentive travel programs.
What is covered in the main body of the work?
The main body covers the concept of Happiness Economics, the theoretical underpinnings of corporate incentive systems, and the specific application and strategic impact of incentive travel in modern business environments.
Which keywords characterize this paper?
Key terms include Happiness Economics, Incentive Travel, Corporate Strategy, Employee Motivation, Productivity, and Corporate Social Responsibility.
Why is incentive travel considered more effective than cash rewards in some contexts?
According to the text, incentive travel offers unique intangible components such as shared experiences and social cohesion, which can have a more lasting emotional impact and higher motivational value than purely monetary rewards.
How does the author define the "win-win" situation for corporations?
The win-win situation is defined as an arrangement where companies align their strategic incentive systems with the individual happiness needs of their employees, resulting in increased productivity and long-term organizational success.
- Quote paper
- Dipl. Päd. Thilo Ketschau (Author), 2013, Happiness Economics and Incentive Travel, Munich, GRIN Verlag, https://www.grin.com/document/233160
