After the disruptions caused by the COVID-19 pandemic, business travel or corporate travel regained steam in 2022. But market analysts believe that the strong comeback of business travel will be impacted by a slew of external factors – global inflation, economic slowdown, and surge in COVID-19 cases.
Global inflation will continue to increase the average cost of business trips, while economic slowdown will make enterprises cut down business travel spending. At the same time, the surge in COVID-19 cases in China will make companies avoid several prominent business travel destinations.
The volatile environment will make many existing business travel trends obsolete and create many new trends in corporate travel. Your business can improve the business travel management process only by identifying and adopting emerging trends early and regularly.
Here are some of the trends you must consider and adopt to manage business travel efficiently in the future.
Emerging Trends You Should Consider to Boost Business Travel Management
Demographic Changes
At present, millennials constitute a significant part of the corporate workforce. But the number of Generation Z joining the corporate workforce has been increasing consistently.
The millennials and Generation Z differ from each other in the category of travel booking choices and preferences.
For instance, millennials prefer staying in hotels, while Generation Z prefers home stays to hotels. Likewise, Generation Z expects employers to support leisure travel.
The demographic shift will make it essential for businesses to include new and additional options in their travel policies.
Unconventional Accommodations
While making travel policies, organizations define which employee can book what category of hotels. But many business travelers these days prefer unconventional accommodations over hotels to make their travel experience different.
They seek options like homestays, boutique hotels, and holiday apartments to book. Enterprises have to meet this expectation of employees by allowing them to choose from conventional and unconventional stay options.
Also, they will reduce the prices of these unconventional accommodations by negotiating and partnering with suppliers.
Sustainable Travel Products
Enterprises know the impact of business trips on increasing carbon emissions. As a result, they have been focusing extensively on reducing carbon emissions while making travel policies.
Hence, the organizational travel policies will encourage employees to book sustainable travel products and services.
At the same time, the employees will explore ways to reduce carbon emissions while planning business trips. Therefore, a surge will be noted in demand for sustainable accommodations and transportation options.
Self-Travel Booking
While making business travel policies, organizations allow employees to book their choice of flights, accommodations, car rentals, and other business travel products.
They make it easier for employees to book a business trip by onboarding travel management software that offers a self-travel booking tool.
But enterprises will ensure that employees do not violate organizational travel and expense policies. Also, they will encourage employees to make cost-efficient choices while self-booking through rewards in cash and kind.
Duty of Care
Employees traveling for work are constantly exposed to unprecedented risks like health issues, political instability, terrorism, etc.
Companies are legally obligated to safeguard employees from these risks during business trips. Hence, enterprises will protect employees’ personal wellness by formulating robust duty-of-care plans.
They will ensure the safety and security of work travelers by providing up-to-date information and real-time support.
Many companies will partner with global health and security service providers to keep employees safe during international business trips.
Bleisure Trips
Bleisure is currently one of the hottest trends in business travel. Enterprises will continue to support bleisure travel to keep employees stress-free and motivated.
But enterprises will support bleisure travel in a variety of ways. Some companies will allow employees to indulge in leisure activities during downtime, while others will allow employees to extend business trips for leisure purposes.
At the same time, many businesses will facilitate bleisure travel as part of employee reward programs. Hence, bleisure trips will remain an important trend for business travel management in the future.
Travel Cost Control
Inflation is likely to persist as a major economic problem for businesses in the near run. The rise in prices of flights, accommodations, and other business travel products will increase the average business trip consistently.
Hence, business travel management strategies will focus extensively on keeping costs under control. Enterprises will reduce costs by getting business travel products at lower rates through partnerships and negotiations.
At the same time, many companies will incentivize employees to choose cost-efficient booking options.
Travel and Expense Management Automation
Many organizations these days prefer travel management software over travel agents and travel management companies.
They invest in cloud-based solutions that automate travel and expense management software. In addition to making it easier for employees to organize and arrange business trips, the software simplifies the recording, tracking, and auditing of travel expenses.
Hence, businesses will continue travel automation by implementing feature-rich travel management solutions.
Next-Generation Technologies
Businesses have been managing business travel more efficiently by leveraging cutting-edge technologies. They will continue to leverage next-generation technologies like artificial intelligence (AI) and blockchain in the future.
For instance, they will use AI-powered virtual travel consultants to help them analyze historical travel expenses, conduct industrial benchmarking and find out cost leakages and saving avenues.
Likewise, enterprises will use blockchain widely to safeguard storing and sharing of information related to business travel transactions.
Conclusion
The business travel landscape will remain volatile in the near run. The volatile environment will change business travel trends frequently.
Your company or startup can get a higher ROI of business travel only by identifying and adopting emerging trends proactively.
You can detect emerging trends early by analyzing real-time travel and expense data of employees. Your business needs travel management software that detects emerging trends by analyzing large amounts of travel and expense data using analytics.
The software will help you detect emerging business travel trends effortlessly by providing data insights. You can leverage actionable insights to finetune business travel programs by adopting new trends regularly.
At the same time, the travel management software will help you control costs without affecting the experience and safety of business travelers.
