In its recently released fifth annual business travel survey, SAP Concur highlights the challenges faced by certain traveler profiles and suggests that companies may need to revise their business travel policies due to inflation.
According to the study, nearly half (49%) of employees are in favor of traveling for business in the next twelve months, marking a four-point increase compared to last year. The survey, conducted by Wakefield Research on behalf of SAP Concur, interviewed 3,850 business travelers and 700 travel managers in 25 different markets across Europe, Asia, and America. The findings also reveal that 40% of respondents believe business travel is important for maintaining strong relationships with corporate customers, while 38% see it as necessary for building relationships with new customers.
However, the current inflationary period poses challenges to these commercial needs. Approximately 34% of respondents stated that their organizations now require travelers to stay in lower quality accommodations or less secure areas due to the economic situation. Additionally, 40% of travel managers reported significantly higher costs for the same trips taken in the past. More than 90% of travel managers believe that their company’s travel policies will change during the year. Balancing flexibility for business travelers, cost control, and travel security is seen as a difficult task, with 22% of travel managers identifying direct booking by business travelers as one of the biggest threats to their business in terms of business travel.
The study also sheds light on glaring issues of inclusion within business travel. Six out of ten business travelers believe that they have not always had the same opportunities for business trips as their colleagues, citing factors such as gender, sexual orientation, physical appearance, and health conditions. Furthermore, a significant proportion of young people and women feel that they have fewer business travel opportunities compared to their older counterparts and male colleagues, respectively.
As the world gradually recovers from the Covid-19 pandemic, employees are eager to resume their pre-pandemic business travel habits. However, the challenges posed by inflation and the need for inclusivity in business travel highlight the importance of companies adapting their travel policies to meet the evolving needs and expectations of their employees.
What are the challenges faced by business travelers due to inflation, and how does this impact their travel experience?
SAP Concur’s latest business travel survey reveals the obstacles faced by specific types of travelers and suggests that companies may need to reconsider their travel policies due to inflation.
The study shows that almost half of employees (49%) are looking forward to traveling for business in the next year, a four-point increase from last year. The survey, conducted by Wakefield Research for SAP Concur, interviewed 3,850 business travelers and 700 travel managers across Europe, Asia, and America. The findings also indicate that 40% of respondents believe business travel is essential for maintaining strong relationships with existing clients, while 38% see it as necessary for building relationships with new customers.
However, the current inflationary period presents challenges to these business needs. Around 34% of respondents report that their organizations now require them to stay in lower-quality accommodations or less secure areas due to the economic situation. Additionally, 40% of travel managers have noticed significantly higher costs for the same trips compared to the past. Over 90% of travel managers anticipate their company’s travel policies will change over the year. Balancing the flexibility needed by business travelers, cost control, and travel security is seen as a tough task, with 22% of travel managers identifying direct booking by business travelers as one of the biggest threats to their business travel.
The survey also reveals issues of inclusivity within business travel. Six out of ten business travelers believe they have not always had the same opportunities for business trips as their colleagues, as factors like gender, sexual orientation, physical appearance, and health conditions come into play. Moreover, a significant portion of young people and women feel that they have fewer business travel opportunities compared to older colleagues and male counterparts, respectively.
As the world gradually recovers from the Covid-19 pandemic, employees are eager to resume their pre-pandemic business travel routines. However, the challenges posed by inflation and the need for inclusivity in business travel underscore the importance of companies adapting their travel policies to meet the evolving needs and expectations of their employees.
