by Lacey Pfalz
Last updated: 9:00 AM ET, Thu August 10, 2023
Global Business Travel is more complex and more popular than before the pandemic, but it’s likely the way it’s planned will need to change, according to a new study.
The research, titled “Navigating Global Business Travel,” conducted by The Harris Poll and Mastercard Global Foresights, Insights and Analytics surveyed 541 travel decision makers in the U.S., Canada, Italy, Germany, Australia and India to determine the current status of business travel on a global level, and pinpoint ways it may need improvement.
Modernization is Required
While the growth of remote or flexible work opportunities continues to rise, so does our opportunities for business travel. In fact, 90 percent of travel decision makers believe this growing work method will increase the opportunities for business travel across the next decade.
But while this is a good sign for the business travel industry, which was battered during the pandemic, 87 percent also agree it’s time to change the way business travel is traditionally done. As our methods of working have adapted over time, so must our ways of traveling for work.
One way companies may modernize their business travel is by creating a position that handles a company’s corporate travel. Eighty-five percent of travel decision markets agree that the title of Chief Travel Officer, or one like it, will be commonplace among corporations and companies within the next ten years.
Travel decision makers are also increasingly aware of how artificial intelligence can help manage and plan business travel, and so many are considering investing in the new technology to do tasks like providing travel recommendations to employees.
Additionally, more corporate business travel decision makers are focusing on sustainability tracking. Nine in ten decision makers consider things like carbon emissions while planning corporate travel.
Hybrid and Remote Work Models Lead to More Travel
Travel decision makers across the globe are seeing greater levels of business trips and higher travel expenses — and 86 percent agree the hybrid or remote work transitions have made organizing business travel more complicated.
With this, 92 percent believe that corporate cards will become virtual. This way, corporations can track traveler spending while the traveler can have easy access to funds without currency exchanges or using their own payment methods to be refunded later.
Business travel is also key to retaining a healthy work environment for employees. Just under half of decision makers believe that cutting business travel in the next three years would lead to more than 10 percent revenue loss and over 10 percent employee turnover increase.
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