According to a recent study, less than half of all executives believe that the process of global recovery is under way. Only 10% of businesses are actually prepared for the challenges of climate change.
There is no doubt that world travel is on the rise, as the world population increases, and the global economy improves. The question is, how is this affecting business? According to a new survey conducted by IATA, the trade association for the international carrier industry, the global economy is recovering from its recession, and business travel is one key factor.
According to a summary of the survey conducted by The Economist, “the number of business visitors to foreign territories has recovered to pre-crisis levels, from a low of about 5m in 2009 to a high of 6.6m last year.” The results of the survey were presented at the recent IATA Annual General Meeting in Long Beach, CA.
Business travel is a massive part of the global economy, and in recent years, concerns have grown that the sector is not robust enough to withstand the effects of business travel-related incidents, such as cyber-crime and airline fatalities. As such, there is increasing pressure for companies to take more responsibility for the welfare of their employees and the safety of their employees during business travel.
At the SAP Concur Travel Industry Summit, taking place today, 17. In June, new research was presented on what companies should do to encourage their employees to return on business trips.
The SAP Concur Global Business Travel Survey polled nearly 4,000 business travelers worldwide between April and May 2024.
The survey shows that while travel stress has reached an all-time low (31%, down from 45% last year), 89% of business travellers believe their company has a duty to keep travel safe by offering employees more choice in terms of accommodation and flights, allowing them to stay in four and five-star hotels, choosing direct flights and booking better seats.
Travel-related stress has reached pandemic proportions among business travelers. (Photo via SAP Concur)
Flexibility is another important factor for the business traveler. The free choice of accommodation, flight and travel date is ten percent more important than, for example, issues related to vaccinations. B. the desire that everyone they meet during their trip be vaccinated.
The generation that wants the most flexibility is Generation Z: 59% prefer the right to decide where and when they work. Generation Z and Millennials believe that companies will give travelers more control over their trips – over 90% in both generational categories.
Gen Z business travelers expect more from their company when they travel (Photo via SAP Concur)
Although companies plan to continue business travel as before the pandemic, without implementing a health and safety policy, 31% plan to ask their company to restrict travel, and one in five respondents are willing to find an alternative workplace if necessary. This desire was much more prevalent among the younger generation, 59% of whom were willing to travel less or look for another job.
A whopping 96% of travelers are willing to go on a trip in the next year, and the majority insist that their company send them on a trip. The baby boomer generation is the most likely to insist on being sent on a trip – just under 75%.
Of those who travel for business, the concern is that their work, personal life and career will suffer if they can’t travel quickly, while 41% just want a new experience.
If the desire to travel for business is restored, those responsible for business travel should have expectations that did not exist before the pandemic. Nearly 100% of travel managers worldwide think this year will be more challenging than last year, with new and revised policies, last-minute changes and cancellations, and government regulations the biggest challenges. All of the executives surveyed indicated that their company would implement some form of travel security protocol in the future.
Business travelers around the world have developed a new outlook on travel, which could lead to problems for businesses in the future. However, enterprises must also take into account the needs of their workers, particularly as regards health and safety.
Click here to view the full report.”Travel is fundamental to our daily life. It is used for work and leisure. Most of us travel for pleasure and business. Travel can be a valuable business resource, but it also has drawbacks as the use of travel for business can result in a loss of productivity, inefficiency and possible safety and security risks..
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