Travel is a significant cost for many businesses. But travel isn’t just a line item, it’s an investment with the power to deliver returns for your organization. In fact, according to one recent study, the majority of CEOs and CFOs agree that an increased corporate travel budget correlates to increased revenue and profitability.
Corporate travel includes visiting prospects and customers, attending conferences and meetings, and in-person brainstorming and team building, among other initiatives. Traveling for both internal and external reasons generates direct and indirect value for an organization, the extent of which can’t be overlooked when evaluating budgets. As remote and hybrid roles continue to be part of many corporate structures, travel becomes more important for fostering relationships with coworkers and clients alike.
Problem Solving
In-person brainstorming sessions among coworkers who often work with one another virtually can lead to more innovative problem solving. These sessions may be part of a longer trip, such as an annual meeting or retreat.
Employee Morale
It’s important for employees to feel like they belong among their coworkers and within the organization as a whole. Travel can increase employee engagement, which in turn boosts productivity, among other benefits.
Professional Development
Employees learn from travel, whether they’re attending an industry-specific conference or watching a mentor engage with potential customers. Structured learning, such as product training, may also be more effective in person.
Employee Retention
Well-designed travel opportunities that benefit both employees and businesses can attract new employees and help retain existing talent. This results in significant savings for organizations.
Company Culture
Employee collaboration, engagement, morale, professional development, and retention, as well as the opportunity to travel as a representative of your company, all play a role in company culture.
Customer Acquisition
In many industries, traveling is a requirement for acquiring new customers. In-person meetings and conferences can open new markets as well.
Customer Relationships
Gaining new customers is important, but maintaining and growing existing relationships is paramount. Face-to-face interactions with key customers can make you a better partner while keeping you top-of-mind with decision makers as new needs arise.
Get the Most Out of Travel
Strategic investment in multiple aspects of the corporate travel process can further increase ROI.
1
Publish a clear travel policy that balances organization goals with traveler needs.
Consider how your travel policy can not only support business objectives but also enhance employee experience. Straightforward policies on perks like upgrades and bleisure (the addition of leisure elements to a business trip) could increase compliance, thereby enhancing both ROI and duty of care.
2
Use an efficient booking process that reduces decision fatigue and noncompliance.
Making it easier to book with your preferred platform than without it helps employees adhere to travel policy. It also reduces the decision fatigue employees may feel when looking online for flights and hotels, as well as any associated procrastination. An optimized, user-friendly tool like SAP Concur Travel makes the initial booking process more efficient, saving employees and managers time, while also re-booking at lower rates when available, further increasing the ROI of a trip (depending on the platform and bookings).
3
Demonstrate acceptance of travel as a beneficial tool for doing business.
Getting the most value from a corporate travel budget starts at the top. When leadership demonstrates and encourages travel as a worthy investment of both time and money, it’s easier for employees to make the most of in-person collaboration and even celebration with both internal teams and external partners.
