The business travel industry is changing. How should you respond?
As Brad Pitt’s character in the film Moneyball says: ‘Adapt or Die.’
What will 2020 hold for your company and its travel? At any given moment, there are significant trends impacting the business travel industry. The companies that stay ahead of those trends are the ones that will be able to save while still meeting their business travel objectives.
This is true across all industries. In the 2011 film Moneyball, Brad Pitt plays Billy Beane, the general manager of the Oakland Athletics. During one scene, he says a line that sums it all up: “Adapt or die.”
Business travel is a big business that continues to grow year after year. As the business travel industry grows, new research provides insight into 3 current trends impacting business travel in 2020 and beyond — and how you should adapt for survival.
1. Millennials in the Workforce
Millennials are the generation made up of those born roughly from 1981 to 1996. The oldest Millennials are now in their late-30s and the youngest are now entering their mid-20s. About 25% of survey respondents indicate that Millennials make up 40% or more of their traveling workforce.
As Millennials become a larger and larger portion of business travelers, they are pushing the boundaries of corporate travel policies (according to 54% of survey respondents) and they are demanding more consumer-like support tools and resources.
That said, few companies are changing their travel policies in response to Millennials’ collective desire for a more consumer-driven approach to business travel. Only about 20% of survey respondents have made changes to their policies in response to Millennials and their growing presence in the workforce.
2. New Technologies
The vast majority of companies expect to increase the amount of time spent evaluating travel-related technologies in 2020 any beyond. About 70% of survey respondents expect to evaluate or implement new travel technologies in the next 5 years.
These new technologies are impacting both corporate roles and travel programs. About 73% of survey respondents suggest that new technology has influenced how roles are structured, and about 42% of respondents state that new technologies are making a “moderate” to “very strong” impact on travel programs.
Again, actual travel policies have been slow to respond to new technologies, just as they have been slow to respond to the growing presence of Millennials in the workforce. Only 32% of survey respondents state that they’ve changed travel policies in response to new technologies.
3. Integration Issues
Technology integration is a huge consideration when companies make buying decisions. About 57% of survey respondents indicate that tech integration is in their top 3 priorities when making travel management company (TMC) decisions, and about 66% suggest that tech integration is in their top 3 priorities when making meetings management technology decisions.
As integration issues continue, there’s a growing emphasis on traveler safety metrics. Only a small majority (52%) of survey respondents indicate that they use safety metrics when measuring travel success. Expect that percentage to grow as the importance of safety and risk management increases in the coming years.
Navigate Change With JTB Business Travel
Are you looking for a travel management company that can help you navigate new trends in a constantly evolving business travel industry? At JTB Business Travel, we use a common sense approach as we help our corporate clients save money while ensuring their travelers enjoy the best possible experiences.Get in touch to learn more about what we can do as your travel management company.