Recent research by the Global Business Travel Association shows a strong year ahead for business travel. In 2022 companies reached 63% of 2019 levels for domestic business trips and 50% for international travel, and this is only predicted to continue rising. So, despite concerns over economic headwinds, 2023 looks promising.
How are economic challenges affecting business travel? The cost of everything is on the rise, including airfares (expected to increase by 8%) and ground transportation (7%). But research shows these economic pressures will not deter business travel in 2023, with 75% of travel planners confirming they don’t intend to limit trips due to these concerns.
Demand for the full recovery and return of business travel isn’t the only industry trend we’ve identified. Business travelers are also demanding better experiences. With recruitment and retention being such a pain point for many employers, it's in their best interest, no matter their sector, to meet these growing needs. So, how can you provide your employees with the top business travel experiences they’re looking for? Below we’ve provided some tips to get you started…
Employees increasingly demand blended travel (business trips which seamlessly blend in leisure time) and bleisure trips (extended trips to include leisure days). Research shows 76% of business travelers plan to take a bleisure trip and 71% a blended trip (also known as flexcation) in the next twelve months. This isn’t much of a surprise when the ‘working from anywhere’ trend is changing how we all live, work, and play. Employees want to not only tack on a couple of days around a meeting or event to explore the area but also look for opportunities to carry out their duties while traveling for extended periods. And it’s not a bad thing for the industry, either. Airlines and transport companies have found that peak travel times are being spread across the week as more and more people adopt new working lifestyles - which could lead to cheaper business trips.
41% of travel planners have already received requests when booking business trips for employees. How can you, as a business, make this work for you? Blended travel and bleisure may not seem appealing at first glance; if you dig a little deeper, it becomes clear how it can be very beneficial to your business. For example, meeting employee expectations can help fuel motivation in their role and dedication to the company - which is crucial to consider with current staffing shortages.
Employees want a say in where they will be staying on business trips. We know that can be tricky when trying to adhere to company travel policies - but offering a more personalized experience can gain you some massive appreciation points from your employees - which will pay back tenfold in their performance. Plus, with tech-powered platforms, such as pre-vetted business travel marketplaces, you don’t have to sacrifice your company’s accommodation standards. Instead, you can filter options to meet company requirements using the Smart Home Match™ feature and present employees with fully compliant options to choose from. They’ll feel trusted and will appreciate being involved in the process, and you’ll still be adhering to policies - it’s a win-win situation!
When done well, business travel can provide an incentive to keep employees engaged in their careers and your company. But, when trips become inconsistent, employees will receive varying experiences - and not every experience will be good. The solution to this is to standardize what you offer to your employees.
How can you offer the same quality accommodation when booking in different states and countries? Use a business travel marketplace that offers quality, pre-vetted accommodations across the globe. 3Sixty, for example, has 800 suppliers spread over 60 countries, offering its users over 1 million accommodation options. And the best part? Every housing option will provide your employees with the highest quality and top travel experiences.
Business travel is evolving and being increasingly led by the traveler. Companies trying to keep employees engaged and incentivized can allow travelers to extend trips to mix in some leisure time. Go one step further and meet expectations by getting employees involved in the booking process and offering a standardized travel experience for all employees when using a quality travel marketplace.
At 3Sixty, we understand that managing traveling employees can be challenging. That’s why we created a simple, all-in-one employee accommodation booking platform, so that you can manage their trip with ease.
Ready to start giving your employees top travel experiences? You can try our marketplace today with this demo.