Corporate travel is as important to any business as any other meeting attended: conferences, client meetings, and entering new markets. Managing corporate travel can be challenging at times, particularly when dealing with multiple trips and events. Companies can improve their business travel processes and reduce their travel costs by employing effective strategies. Every employee should have the traveling advantages at least once in his lifetime. Studies showed that 80% of business travelers feel motivated after such travel with some form of perks, like better accommodations or additional leisure opportunities. The bigger perks for employees, the more satisfactory they are.
Reportedly, corporate travel spending is expected to reach $1.78 trillion by 2024, according to the Global Business Travel Association. Businesses should be managed more effectively than ever.
In the next guide, let’s get through an overview of corporate management travel and the rising trends for 2024 and offer business travel tips on how to helm the complexities of travel management for the coming year.
Why Corporate Travel Matters
Hosting corporate trips still remains an essential part of the growth strategies for most companies. Face-to-face meetings, participation in corporate events, and market explorations often bring opportunities that virtual meetings never hope to bring. Here are the reasons why corporate travel is important:
- Building relationships
Corporate travel brings a chance to develop relationships between clients and business partners through face-to-face interactions. 70% of professionals think that direct personal communication is more efficient for forming lasting connections.
- Networking opportunities
External meetings like conferences and trade shows provide a great number of opportunities that are valuable when networking, updating oneself about industry trends, and meeting potential partners.
- Explore New Markets
Corporate travel provides the opportunity for businesses to visit new places, learn about the local market, and establish a position in a wider area.
Trends in Corporate Travel Management for 2024
The year 2024 was no doubt an overload of new trends that are still changing the way companies are making strategies to run their corporate management travel. This is what you should expect businesses to transform into in the upcoming year:
- Sustainability Matters
Globally, more companies pay attention to their carbon footprint, especially when it comes to corporate travel. Well, 83% of global travelers report that they think more about the environment when booking travel options. Companies are working toward sustainable travel through the booking of direct flights and public transportation along with eco-certified hotels.
- Technology in Travel Management
Technology changes corporate event travel management, too. By 2024, it is predicted that up to 60% of companies will be using integrated travel management platforms to automate and streamline bookings, expense tracking, and employee monitoring in real-time. Automated booking, itinerary tracking, and expense reporting are the points where innovative technology can help leapfrog competitors.
- Personalized Travel Experience
By 2024, employees think that business travel will be tailored much to their needs. In the business world, workers are no longer under the one-size-fits-all corporate travel policy. Workers can now tailor even more options in their travel, such as on an airline, accommodation, or staying away for more personal reasons. The business world now refers to this as “bleisure” travel, as 90% of millennials seek some form of personalization in their business travels.
- Employee Wellness and Safety
80% of companies now include employee safety in their corporate travel policies. It is on employee well-being that issues occur in corporate management travel. Traveling is very exhausting, not only physically but also mentally, and companies are paying careful attention to make sure the employees feel comfortable in their accommodations, have a reasonable schedule for traveling, and have enough time off after long flights.
- Expense Management while Traveling
Business travel can quickly add up in expense. However, with the integration of travel booking tools and expense management systems, a company will be able to track every single person’s expenses and identify areas where a company can cut back. In fact, in a Deloitte study, companies have saved as much as 20% in travel budgeted funds through optimizing travel spending.
- Travel Flexibility
Thus, at a time when unforeseen events like cancellation of flights and amendment of health regulations could become the main reasons for cancellation, it has to go through flexibility. To that extent, companies have no other option but to opt for flexible bookings and gear up to make travel plans flexible as the situation changes. According to the latest survey conducted by Amex Global Business Travel, 75 percent of businesses now rank flexible arrangements in support of unexpected changes as the most important feature of their travel service.
Business Travel Advice for 2024
Corporate travel management does not have to be an unpleasant chore. Here are some easy tips to make planning and benefiting most from business travel in 2024 much easier:
- Set a Clear Travel Policy
A clear travel policy would let the employees know what is allowed and what is not. The document should include preferred booking channels, standards for accommodations, forms of transportation, and reimbursement procedures. Companies with defined travel policies have a 30% chance of keeping their travel expenses low.
- Centralize Travel Bookings
Through corporate travel management software, all the bookings would be managed centrally; therefore, budgeting and expense tracking would be facilitated. It also enables better control over company policy compliance. Companies that use travel management software typically decrease their travel spend by 10-15%.
- Stay Flexible
Flexibility is the word for 2024, especially with such events as canceling flights or changing health regulations. Opt for flexible bookings wherever possible and be prepared to go with the flow should your travel plans change accordingly. Be open to change as it comes. For 78% of business travelers this year, flexibility ranks first.
- Travel Expenditure Optimization
Create a real-time monitoring system for the following expenses related to travel. It’s really easy to track spending and which places costs can be cut down when a corporate credit card or an expense management system is in place. Through analyzing travel data, therefore, one can make more responsible financial decisions for future trips.
- Safety and Well-being Over the Top
There should be knowledgeable employees in the area on measures of health and safety when traveling. These include COVID-19 protocols, keeping track of travel advisories, and measures put in place in case emergencies occur.
Conclusion
Corporate management travel will find a balance between very advanced technology and flexibility through the policies renewed at the end of 2024, but this time, employee welfare will be given priority. They will be updated on the trends by infusing best practices to bring on smooth processes, cost-effectiveness, and an effortless experience in general.
Sustainability, personalization, and travel management platforms are the key enablers of ease and optimization for all stakeholders. 76% of the companies use sustainable, technological, and employee wellness in their travel plans and therefore show increased satisfaction among employees and other stakeholder groups.
Keep your company up to date on these travel trends and tips so that corporate travel becomes efficient, cost-effective, and enjoyable for everyone in the year 2024.