A few compelling reasons to maintain business travel
At this time of year it is time to close budgets for the coming year and evaluate the importance of business travel. Many company executives may be considering significant cutbacks. Due to the pandemic and the advancement of technology, business leaders may be tempted to replace travel with online sessions via videoconferencing. The cost is lower, but there are other considerations to take into account.
According to the ‘Back to Blue Skies’ survey from American Express and American Express Global Business Travel, business travel:
Increases the bottom line. A great argument to CFOs is that 85% of respondents admit that business travel generates higher profits and revenue. It's easier for travelers to seal business deals and forge key network connections in person than via Zoom.
It enhances and attracts talent. When looking for new job opportunities, 85% of business travelers surveyed say that the ability to travel for work is important in deciding between one job offer and another. In addition, more than 80% of company decision-makers say that business travel is essential for recruiting and retaining employees.
Builds company culture. An important aspect for pandemic recovery: 88% of business travelers and 87% of decision makers state that travel strengthens company culture. Mainly because it allows workers to learn from each other, especially new employees.
Impulses innovation. According to 88% of business travelers, going abroad helps them improve their creativity and innovation, two essential values for companies that want to evolve and improve their results.
And THERE'S MORE
According to the survey, travel also:
Improves the social skills and character of workers. As a result of their travels, employees acknowledge having developed leadership skills (88%), feeling more engaged at work (88%), improved problem solving (86%), increased their productivity (84%) ) and developed empathy (82%). All of these traits contribute to better job performance. And that's vital to a company's success.
Join remote teams.
Hydred and remote workers may have become somewhat disconnected from their coworkers over the past year and a half. However, allowing them to travel together can restore relationships. In addition, CFOs can invest in off-site business retreats, conferences and meetings to improve team cohesion and employee collaboration.
Supports diversity and inclusiveness. Nearly 90% of business travelers and managers surveyed note that business travel has improved their understanding of different cultures. This helps companies ensure that all people and their particular idiosyncrasies are represented in the workplace.