Personal Corporate and Business Travel Management
The corporate travel industry is a massive sector of American business. In 2019 alone, there were 464 million domestic business travel trips, which brought almost $790 billion to the economy. Although the coronavirus pandemic has brought these numbers down in the last two years, the sector is slowly recovering and will likely surpass the 2019 levels in a few years.
What are TMCs?
TMCs (travel management companies):
- Are specialized and dedicated travel corporations that help you customize your plan for your business trips.
- Plan your internal travel policy, deal with vendors and suppliers, make bookings, and help you manage costs and expenses.
- A TMC works directly with companies to analyze and streamline travel programs.
- Manage, report, book, and attend to your particular business travel needs.
- Arrange your transportation, organize events and meetings, control travel costs, and provide duty of care support.
The corporate travel industry is still recovering after the disastrous coronavirus pandemic. A robust recovery is expected in the following years, and companies are getting ready to offer employees a chance to travel and connect with co-workers and clients. Business travel remains very attractive for both small and large corporations, and most employees expect to have multiple work-related trips during the following year. So what are the significant trends in the corporate travel industry? Let’s take a look:
#1 – Events are slowly getting back
Even though the pandemic is not officially over, conferences, meetings, workshops, and many other events are slowly returning. This means more employee travel opportunities and more optimistic predictions from corporate travel industry leaders. There is a strong demand in the sector, and it is expected to grow even more in the future.
#2 – Travel is a significant incentive for employees
Corporate business travel is a significant perk for many employees. Companies focus more on flexible travel policies to attract employees and create a better work environment. Business travel can be attached to personal travel, creating an attractive alternative for employees looking for something new. A recent study has shown that 25 percent of companies offer a financial stipend for personal vacations attached to business trips.
The global corporate and business travel industry is massive. In 2017, companies spent almost $1.33 trillion on business travel, and the figure is expected to rise after the pandemic. Company travel can be a complex endeavor for many businesses, so hiring a corporate travel agent or a travel management company (TMC) can be a great solution to get the best personalized services. So what are the main differences between these two concepts?
- Travel agencies work as simple travel platforms where you can book separate services
- TMCs implement and streamline all the delicate aspects of your travel needs
- On the other hand, a TMC will implement special technology to streamline your travel needs; you can better establish your goals and track your travel needs
- TMCs have better access to packages and provide personal attention and higher quality of service
- TMCs provide a broader set of services than travel agents; most of them are tailored to your specific business needs
Which option is better for you?
To determine what you need, you have to know several aspects of your business. For instance:
- How do employees like to travel?
- What are their typical destinations?
- What type of travel policies do you want to implement?
- Do you need 24/7 unique travel solutions?
Make sure you answer these questions precisely – a TMC is usually necessary if you need special boutique corporate business travel services. If not, you may use a travel agent, which offers simpler, essential services.
The corporate travel industry is slowly recovering after the coronavirus pandemic, but the costs associated with company travel are still uncertain. Travel companies are still struggling to stay afloat, and prices are unstable in many areas – transportation, hotels, and restaurants. One thing is for sure – corporate business travel is getting more expensive, but are the new costs worth it? Let’s try to answer this question in this short article:
Business travel – the pros and cons
Business travel has been a major source of income for the corporate travel industry for decades. It’s a great way to connect with co-workers, it helps build professional relationships, and it helps you get to your clients. Business travel is also an amazing perk for employees, helping create a better work environment in many companies. However, business travel may reduce productivity, as employees may find it hard to work while traveling. What’s more, business travel is expensive, and many small companies simply cannot afford it.
Common Corporate Business Travel Expenses
- Accommodation – No matter what type of business travel you want to enjoy, you will need a place to stay during your trip; negotiating accommodations can be a major problem for some companies.
- Transportation – Getting around while traveling is important, no matter where you travel; public transportation, shuttle, and taxi services are some of the most common transportation options.
- Food and Drink – Employees often expect the company to cover their meals while traveling for work; however, these costs can add up, especially if the destination is particularly expensive.
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Good company travel programs are focused on your company, offering boutique services, and looking to form a long-term professional relationship. Americans make over 400 million long-distance business trips every year, accounting for about 16 percent of total long-distance travel. This makes business travel an important part of the economy, and it has to be done in a personalized way, focusing on your needs and comfort. So what should you pack for your next business trip? Let’s see:
- Packing cubes – this is a neat way to pack your clothes and other small items; it makes organizing things much easier, and it’s perfect for long-distance trips;
- Shoe bags – you’ll likely carry an extra pair of shoes while on a business trip, so you should bring a couple of shoe bags with you; they offer protection for your shoes, and they won’t get dirty;
- Underseat carry-on – this extra bag is a great way to get more space – use it to carry your laptop or other small gadgets;
- Portable phone charger – a great idea if you are constantly on the go during your business trip and simply don’t have enough time to charge your phone;
- Travel adaptors – they are critical if you travel internationally and the power sockets are different (like in Europe);
1.4 billion people travel every year, and corporate travel is a large chunk of this number. So how do you make sure your business trips are well-planned, comfortable, and safe? Let’s take a closer look:
Have a good TMC by your side
Having a good TMC by your side makes corporate traveling much easier. They help you streamline everything about your trip, from booking hotels and airfares to communication and travel documents. If you don’t have a TMC, you’ll have to do it all on your own.
Focus on the details
When you work with a TMC, you won’t have to worry about the small details. Your TMC will take care of all those small details that may create stressful, unpleasant situations. Your trip will be as enjoyable and pleasant as possible. TMCs will analyze risk factors, like delayed or canceled flights, and will make sure your corporate or business travel runs smoothly.
Keep an eye on the schedule
Always be aware of the schedule of your trip – what should you focus on? What is the main goal of the trip? Pay attention to what is important, what to focus on, and what problems you should avoid. Always be alert and ready to make changes and avoid issues and unpleasant events.
Make the Most of Your Corporate Business Travel
Navigating the corporate travel industry can be a daunting task — That’s why it pays to have a dedicated TMC by your side. Meet with a Telios Travel agent today and see how you can improve and personalize your corporate travel experience.