Business travel, also known as Corporate travel, can be defined as the trips taken by a person or a group on behalf of their employer for work-related purposes, regardless of the length of the travel. In simpler terms, it is a journey principally taken for business interests.
It typically involves congresses, seminars, corporate events, networking, conferences, collaboration, meeting up with a client, visiting members of staff from a different branch, etc.
One common term used in tourism to represent Business Travel is MICE, which means Meetings, Incentives, Conferences, and Exhibitions.
As much as corporate trips are important for each company to flourish and build connections, some professions require their members to travel more often than others. For example, professionals like sales representatives, civil servants, consultants, event planners, etc require to travel more than other lines of work. Although it might appear that these work-related trips are a new process embedded in corporate work culture as a result of globalization but if you really think about it, since the dawn of time, man has traveled for the purpose of trade and business. Surely with the larger availability of various transport methods, the frequency of traveling is improved.
A corporate expense report and travel software provider by the name Certify evaluated that around 445 million business trips take place each year. This data perfectly showcases the importance of Business Travel on a global level. It’s fair to conclude that Business Travel provides a lot of advantages to an organization in terms of business operations. Let’s dive into why business travel is of great value.
Facts on Business Travel and Tourism
- Global Business Travel Association statistics from 2017 show that during that year, around $1.33 trillion was spent on business travel worldwide.
- A World Trade Organization study forecast suggests that the global business travel market will reach $ 2.71 trillion by 2027.
It is quite evident from the data that business travel contributes immensely to the local as well as the global economy. To get right into the crux of the matter, business travel has single-handedly influenced the travel and tourism industry in an extreme manner. It has been able to generate millions of dollars into the worldwide travel and tourism industry year after year.
Other than travel, corporate trips also contribute to the hospitality industry.
Taking corporate trips holds importance for the magnification and promotion of a company. With the growing globalization, it has become crucial for businesses to network and tap into potential clients outside of their local zones. Corporations benefit greatly from it, especially when it comes down to working for a business deal or handling customer issues. It improves the brand visibility of a company on a global level.
How Business Travel Adding some “personal” into the professional
Personal interactions lay the groundwork for existing or future relationships. In the growth pattern of any company, face-to-face conversations for any professional reason is as important as it gets. Whether it’s about closing a business deal or participating in a conference to discuss and make decisions about certain aspects of the company, business travel is of utmost importance to provide presence and enhance the value of the organization. It is one of those activities that can garner a significant amount of customers, promotions, sales for a company. It increases the chances for organizations to get high-profile projects.
Drawbacks of Business Travel
Traveling for work is a beneficial opportunity for recreation. It’s a fantastic way to acquire exposure, travel to exotic locations, meet new people, learn new skills, and much more. When it comes to Business Travel, there are numerous benefits, but just as a coin has two sides, this glamorous-looking corporate process has its drawbacks as well. There are many inconveniences faced by professionals when it comes to taking business trips.
- One of the common ones is loneliness. Regular business travelers have to visit new places and meet new people which is considerably exciting but at the same time, these employees have to spend a lot of time entirely on their own.
Whether it’s about traveling to the location of work alone or staying in hotel rooms all by themselves for many days, eating meals alone, and much more.
- Traveling for work to different places sounds like a fun idea. But it also involves the risk of visiting locations that an individual could particularly hate. Some find difficulty in adjusting to new places as well.
- Sometimes the locations for work are quite pretty and worth exploring but the work priorities might not give employees enough freedom to enjoy the new place. After all, it’s a business-related journey and not a vacation.
- People who travel often due to work struggle a lot with making time for their family. They always end up missing important moments and functions in their personal life.
Effect of Pandemic on Business Travel
In the wake of the coronavirus pandemic, the growth of many industries was disrupted and the Business Travel landscape also took a hit. Due to various travel restrictions, the world was bound to work from home and conduct all business meetings online. This catastrophic pandemic reshaped the entire world’s operations and functioning.
According to Stastics, the business travel market on a global level could lose $810.7 bn USD as the after-effects of the pandemic.
Pandemic changed the outlook for Business Travel on an extreme level. Various aspects of Business Travel have changed over these couple of years. Technology has redefined ways of communication in this digital era, but no matter how many innovative ways the world would invent, it will always be difficult to maintain professional relationships over the internet.
Modern telecommunication tools have made it possible to meet people, organize activities and handle events over electronic devices. This practice is great for the pandemic situation but in the long run, it will become essential to get back to traditional ways of managing and enhancing business models through Business Travel.
In the end, personal engagement can never be substituted by technological shortcuts to building work relationships. Hope you enjoyed this blog on business travel, we will be covering more such articles on SafarKaSaathi to give you better insights about different types of travels.
Interested to know more about travel? Read our blog on Family Travel to know more