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Innovative Travel Management Company

Corporate Travel Management Trends

7 Trends That Will Define Corporate Travel in 2022

The coronavirus pandemic has wreaked havoc in the business travel industry. For the past two years, the industry has struggled, but a robust industry momentum is pointing to a full recovery in 2022 and beyond. Companies are trying to offer their employees the chance to travel in order to connect with co-workers and clients, but they are also focused on finding better tools to save time and money in the process. Both large and small companies are trying to implement modern, unified travel and expense management solutions in order to facilitate bookings, reimbursements, and travel support for their employees. These unified, all-in-one solutions are critical in 2022 when business travel is expected to recover to pre-pandemic levels and beyond. Although many employees still work remotely, business travel remains an essential activity among the world’s workforce. What’s more, the appetite for travel has not shown any signs of regress. Data shows that 47 percent of business travelers expect to take 3 to 10 work-related trips over the next 12 months. Corporate Travel Rebound Business travel is still an essential activity for both employees and business owners, even though health restrictions have not been lifted in many areas. Similarly, events, meetings, conferences, workshops, and other events are slowly getting back. Some events organized in December 2021 have had high attendance rates, with some larger events welcoming almost 20,000 delegates from across the country. The major players in the industry are optimistic, as there is a strong commitment and pacing through already signed contracts for major events. One thing’s certain – people had enough online meetings and conferences, and want to go back to real-life events. Safety protocols may change from one event to the next, but both travelers and managers must be ready to adapt. Many employees work remotely, and this trend is expected to remain high. In some industries, employees will work remotely for longer, and this will spur meaningful business travel. People still need to connect with co-workers, third-party service providers, and clients. A recent study shows that 60 percent of remote workers expect to travel more in 2022 when compared to 2021. Similarly, 63 percent of business travelers are excited by the idea of regular get-togethers with coworkers and clients. Keeping remote employees connected via regular physical contact is critical, and business travel is the ideal solution. Business travelers are still concerned about staying healthy, but they are more confident than in 2021, thanks to easy vaccination procedures and strict hygiene regulations. However, their main concern is the access to timely information about possible changes in travel procedures. To alleviate this concern, companies must focus on improving communication between travel departments or managers and their employees. A recent study has shown that almost 80 percent of employees struggle with finding reliable information about changes in travel procedures. This leads to problems in scheduling and planning business trips. Other concerns are related to staying healthy while traveling (58 percent of travelers), understanding the company’s travel policy, planning and estimating costs (49 percent of travelers). Travel and Enviroment A 2019 survey of 1,200 business travelers has revealed that 92 percent of respondents said that they are very or somewhat concerned about the impact of business travel on the environment. More than 80 percent of them consider that the employer should try to offset their business travel. Other studies have suggested that companies that don’t try to solve this issue may find themselves at odds with their clients, employees, and investors.

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Business travel is a major perk for some employees, and it can be attached to personal travel, or vice-versa. Many companies are looking at ways to develop flexible policies that combine business travel with personal travel. Some companies are even finding ways to support this type of business + personal travel financially, providing incentives and flexible travel plans. 25 percent of companies interviewed in a recent study have confirmed that they are open to providing a financial stipend for personal vacations attached to business trips. Travel and Expense Management Platform This boils down to how businesses can increase cost efficiency, especially as it relates to business travel expenses. Now, most companies simply can’t afford the inefficiencies that come with old legacy systems. All-in-one travel and expense solutions are the keys to efficient business travel in 2022. These solutions reduce manual labor, reduce costs and provide real-time management visibility. Companies can get a competitive advantage and provide better travel opportunities for their employees. Companies are looking for ways to evolve their spending approach, particularly in the business travel sector. The post-pandemic period is ideal to try to create an all-in-one management plan for both business travel and related expenses. Ideally, a company should have a single, easy-to-manage system that is highly adaptable to this changing economic environment. According to a recent study, almost two-thirds (64 percent) of managers are interested in a solution that provides better unification of all expenses, including business travel. A simplified, unified platform reduces complexity for managers, reduces costs, and provides a better experience for employees. For instance, travel inventory needs, travel support and booking can be managed from a single platform. The risk of errors is reduced, and technology gaps are avoided – the unified system makes it easier for every participant to take advantage of the services. Moreover, holding one group accountable is easier and solving management issues is simpler. Simply put, a user must be able to book, manage, and get travel support in one place, online, and easily accessible from anywhere in the world. The management advantage is enormous, as costs are also reduced across the board.

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