There has never been a better time to optimize business travel. In a world now considered ‘post-COVID,’ enhanced freedom of movement has made business leaders across the U.S. more conscious of the benefits of face-to-face meetings. Gone are the days of enforced Zoom meetings and online conferences, where WiFi and personal connections are shaky at best.
Business travel in 2024 isn’t just a way to meet new clients and provide training; it’s becoming an opportunity to gain a competitive advantage across industries. In this post, we’ll look into how some companies are transforming the very idea of business travel to gain ground against competitors and improve market share.
How Has Business Travel Changed Since 2019?
U.S. companies now spend about 73% of what they did on business travel in 2019, reflecting steady year-on-year growth since the pandemic. However, spending has yet to fully return to pre-pandemic levels due to several factors. Many meetings continue to be held on platforms like Zoom, and the rise of remote work has led to teams being more geographically dispersed, reducing the need for frequent in-person travel. Additionally, more companies are factoring in their carbon footprint as part of their corporate responsibility, opting for more sustainable practices, which often means cutting back on travel.
Despite this, business travel is forecasted to reach its pre-pandemic peak soon, and a new generation of employees is desperate to make connections and find opportunities outside of the office. In one U.K.-based survey, American Express revealed that 59% of all workers aged 18-24 were planning a business trip in the next 12 months. Young people are keen to make up for time lost during the pandemic, with many using the latest tech to do so more efficiently than ever.
Automation and AI Are Making Business Travel Easier
As companies embrace automation's benefits, they’ve realized that it helps alleviate the biggest headache of business travel: expenses. The Amex Trendex Business Travel Report suggests that most business travelers find expense reporting easier than five years ago, with many claiming that it’s gotten even more manageable over the past 12 months.
AI is also offering businesses a huge advantage against competitors regarding business travel. The same Amex report claims that 82% of companies surveyed are using AI to manage business travel, up 13% from the year before. These AI tools are used for all aspects of business travel, from planning and scheduling to expense reporting and even for the booking process.
This level of high automation gives businesses a huge competitive advantage over those who fail to adapt, as less time is spent on admin, and more time is put into maximizing the trip itself. Scheduling automation, specifically, allows employees to find new areas of opportunity during business trips that might have otherwise been overlooked.
Getting More From Less
While business travel spending is still down compared to 2019 figures, this doesn’t necessarily mean we’re getting less out of business trips. In many cases, business trips are becoming far more efficient than in previous years, with many leaders meeting with two or three clients in a single trip rather than completing three separate trips. Globetrender first coined the term “objective stacking,” which describes trips that complete a series of objectives rather than achieving a sole purpose. They argue that business travel in the future will mean trips that “build in time to meet clients, conduct reconnaissance, forge deals, investigate expansion opportunities, conduct competitor analysis, or they might even want to tag on a vacation.”
Another way for companies to streamline trips is to book a charter jet to give more flexibility to a business travel schedule. Instead of relying on commercial airlines and missing meetings through delays and cancellations, a charter jet gives companies the freedom to meet with multiple clients across the country in a single day. This offers a solid competitive advantage in 2024 when other businesses might compromise through impersonal Zoom meetings and conference calls.
Longer Leashes in 2024
It’s often been the case that the more flexible and supportive a company is, the more loyal and responsive the employee will be. We’re seeing this idea taken to new heights, with some companies even contributing to the additional cost of a ‘leisure’ trip so that employees return to work refreshed and committed after a short break.
This type of travel seems to be a natural consequence of the rise of remote and work-at-home opportunities that businesses now offer. If you can trust staff to work at home, you can trust them to work from anywhere. Offering mini-vacations or booking a business trip can garner further loyalty and employee satisfaction. The figures seem to support this, with Forbes reporting that “bleisure trips currently reach a worldwide market value of nearly $600 billion. Research indicates this market is expected to grow by around 500% or more over the next decade.”
Stay One Step Ahead With Your Business Trips
In a rapidly changing corporate environment, businesses must stay on their toes to satisfy their employees. Adopting the latest tech, trusting your staff, and rewarding them with unique opportunities are going to be vital to maintaining a competitive advantage in 2024
