Future of Business Travel

What Does the Future of Business Travel Look Like?

The state of business travel has changed significantly during the COVID-19 pandemic and in its aftermath. Business travel decreased by almost $500 billion in 2020.

Now that the dust is clearing, where do we go from here?

Let’s learn all about the future of business travel.

Staying Safe

In the future, health and safety will continue to be prioritized when it comes to business travel. More specific plans will have to be in place to ensure that everyone stays safe while they conduct business travel.

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Businesses will have to have specific protocols in case of health emergencies, such as a new or continuing pandemic. That’s especially notable for the future of business air travel, which was particularly affected by the pandemic.

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Remote Work Could Expand Travel

Remote work has become much more popular due to the pandemic. Remote work also makes it easier for employees to travel for business at any time. That will allow for people to have meetings in person, which is still important in a video conferencing-dominated world.

Because remote work has become more mainstream, people can work from across the country and around the world. That means that many businesses will allow for expanded business travel, and let people reside in far-flung places and just fly in for meetings.

Smaller Budgets

Unfortunately, because so many meetings can be conducted remotely, virtual meetings are likely to become more common. This means that many businesses will reduce their travel budgets in favor of having more remote meetings.

This could really go either way. Some companies could restrict the amount of business travel they allow, while other companies will expand the amount of business travel they do and cut down on in-office contact instead.

Some companies will allow employees to work from wherever they choose and just have them fly in for meetings or other essential circumstances, completely transforming the nature of business travel.

It all depends on the nature of the company, the company culture, and the industry that a specific company is in.

Travel Will Be Based on What’s Essential

Ultimately, the future of business travel will probably be determined by what’s essential. Whatever travel offers the best return on investment will likely continue to be approved.

Travel that’s less likely to be financially viable approved less often than in past years.

For major events, businesses are likely to cut down on the number of people invited. That’s not only to avoid the possibility of superspreader events, but to cut down on unnecessary expenses. 

The Future of Business Travel Is Here

Hopefully, you now understand how the future of business travel could generally affect the economy and your company in particular.

Looking for more information about the intersection of travel and business? Check out the rest of this blog for more information.