Luxury Rewards Elevate Recognition for India's Corporate Elites

In a groundbreaking move, India Inc. is elevating corporate recognition with exclusive luxury rewards that redefine excellence. From picturesque Austrian villages to meet-ups with Bollywood celebrities, top performers across banking, automotive, and insurance sectors are being pampered with unparalleled travel experiences, premium gifts, and unique incentives.

This trend underscores a significant shift towards holistic appreciation, blending high-end travel, luxury goods, and personalized experiences to celebrate exceptional achievements.

When tasked with creating an unparalleled experience for top-performing channel partners, Rajeev Kale of Thomas Cook (India) booked an entire village in Austria—the picturesque Ybbs an der Donau along the Danube. This set a new standard for corporate offsites.

Unique Rewards for Top Performers

Corporates across sectors such as banking, automotive, and insurance are rewarding top performers, partners, and distributors with unique travel experiences, luxury watches, and bags, as well as meet-ups with Bollywood celebrities. Family trips feature prominently in the rewards and incentives list.

Increasing Demand for Premium Experiences

Rajeev Kale, President and Country Head for Holidays, MICE, and Visa at Thomas Cook (India), noted the growing demand for premium experiences across various industries, including manufacturing, banking, insurance, paint, and automotive. He highlighted programs such as a cricket tournament at Auckland’s Eden Park with professional commentators, celebrity New Zealand cricketers, and live barbecue counters curated by 48 chefs flown in from India.

Corporate Spending on Luxury

Raj Rishi Singh, Chief Marketing Officer and Chief Business Officer, Corporate at MakeMyTrip, observed a significant increase in corporate spending on premium experiences. Companies are focused on creating distinctive moments for their teams and partners, ranging from Bollywood-inspired adventures to gala events with celebrities. Leading sectors in this trend include banking, insurance, FMCG, paints, chemicals, automotive, and pharmaceuticals.

Luxury Goods as Gifts

Luxepolis, an online marketplace for certified pre-owned and discounted luxury goods, reported increased corporate demand for products like Tumi bags and gift vouchers redeemable for various brands. Founder Vijay KG noted that pre-owned luxury watches, such as Rolex, remain highly valued gifts, with corporate requests coming from the infrastructure, retail, and real estate sectors.

Non-Monetary Recognition

Krishna Malladi, Partner at Deloitte, observed a shift from monetary rewards to holistic recognition of the ecosystem supporting top performers. Companies are appreciating family support, offering holiday trips, and providing non-monetary recognition through gifts that also enhance brand affiliation.

Celebrating Excellence

A Tata Motors spokesperson mentioned that the company celebrated excellence by rewarding top performers with Indian Premier League (IPL) tickets this season. Amit Sharma, HR Head at International Tractors Ltd, shared that the company sponsors family trips for top performers. Amit Damani, Co-Founder of StayVista, noted that companies are increasingly seeking end-to-end holiday experiences for their top performers and families.

Exclusive Corporate Events

Monish Shah, Founder and CEO of DreamSetGo, highlighted recent corporate events featuring cricket legends Sourav Ganguly and Waqar Younis after the high-energy India versus Pakistan T20 World Cup match.

Club Membership Benefits

Krishna Gautam, Business Head, Direct Hire, IT at Xpheno, mentioned that companies are offering onsite travel trips with immediate family members, covering all costs for 10-day to two-week trips to destinations like Singapore and Dubai.

At Bajaj Electricals, Chief Human Resources Officer Suman Kumar Ghosh explained that top achievers are inducted into the Sarvottam Club, which includes benefits such as an all-expenses-paid luxury international trip to prime destinations. This year’s plan includes a trip to an exotic location, offering local sightseeing and unique cultural experiences.