Business travel. It can represent progress, success, and growth.
Before the internet exploded, it was the primary way of doing business. But, as the internet has more and more advancements, combined with the effects of the pandemic, business travel is not what it used to be.
At the beginning of 2021, about 56% of Americans were working from home.
What does that mean for the business travel future? Let’s take a look on advice by Dr Ghosh.
Working From Home
This is one of the big reasons for the decline of business travel. Before the pandemic, only 6% of Americans primarily worked from home. Now, that number has gone up by 50%.
It means that more people are having virtual meetings, virtual events, trade shows, video calls, and Q+As via video. People have been resourceful with getting business done during the pandemic, but the result has been that there has been less need for people to have to do business in person.
As a result of business not being done in person, airlines have been forced to adapt to the new reality.
One of the most obvious problems is with international travel, as some countries are not even allowing people from other countries across their borders right now. Plus, those that are all have different requirements depending on where you are from for who is allowed in.
A travel consulting company may be more essential than ever to help you better understand the requirements of being able to travel.
For airlines, business passengers make up about 12% of the plane, but they bring in 75% of the revenue. The problem is, a lot of companies have significantly cut their business expenses, most by 80%.
Airlines losing over 60% of a flight’s revenue could be devastating, and not only make business travel possibly more expensive in the future but more difficult if flights that do not bring in enough revenue continue to get cut.
Pros and Cons
The future of business travel has its pros and cons. A major pro is that because flights are being cut, companies can say they are more sustainable by not contributing nearly as much to carbon dioxide emissions from flights.
There is also the fact that there is a lot of time saved. Some business is done on the other side of the world, which can be up to a 20-hour flight. Instead, an alternative can be a quick video call.
Money is also saved, considering a lot of companies are currently only using 20% of their travel budget right now.
The main cons can be that there is a less personal connection in business. Nothing can replace face-to-face in this regard. This can also make it more challenging to network and develop new contacts that you might need to get ahead. There is a belief that those contacts can be formed with informal time with a drink at the bar rather than a formal meeting.
Also, with less travel, it may make it more difficult to keep an eye on equipment, technology, and facilities that are a great distance from your company’s headquarters.
Evaluate Your Business Travel Future
These are just some of the possibilities that your business travel future could be. If this does not sound ideal for you, then you may need to develop some business travel ideas of your own.
Do you want inspiration? Check out our Business section for articles that can give you those ideas.