Cost savings and traveler satisfaction are equally important to business travelers when they think about travel management at their organizations, according to new findings released today by the Global Business Travel Association Foundation (GBTA) and Executive Travel Magazine. The survey of over 1,000 travelers was evenly split between…
Cost savings and traveler satisfaction are equally important to business travelers when they think about travel management at their organizations, according to new findings released today by the Global Business Travel Association Foundation (GBTA) and Executive Travel Magazine. The survey of over 1,000 travelers was evenly split between “Executive Travelers” (51%) who hold C-level positions including president, vice presidents, owners and partners, and “Staff Travelers” (49%) including managers and supervisors.
Overall, more than nine out of ten business travelers report that cost savings (93%) and traveler satisfaction (94%) are important with regards to travel management at their organization. However, according to all survey respondents more than half of companies (55%) still do not have a strategic managed travel program in place.
Executive Travelers Identify Travel Management Opportunities
The survey findings highlight a number of opportunities for managed travel programs from the Executive Traveler standpoint:
- Nearly half (48%) feel that professional travel management is important.
- More than a third (36%) said that travel management is more important now than it was two years ago.
- Almost half (54%) believe their companies have not yet quantified the money saved by travel management policies; another 19% are unsure if their organization tracks these figures.
Staff Travelers Largely in Compliance With Travel Policies
The survey also took the pulse of current trends in managed travel from the Staff Traveler perspective:
- A large majority (70%) reported that travel policies within their organization are communicated very or somewhat clearly
- Almost all (90%) “always” or “usually” comply with travel policies.
- About half (52%) feel their company’s travel policies have remained about the same compared to 12 months ago, and another 44% believe they have become stricter.
“There is no question that a strategic managed travel program makes it possible for companies to efficiently budget and use all of their resources to reach their travel objectives and foster business relationships,” said Joe Bates, director of research, GBTA Foundation. “There is a growing premium on successful travel programs, especially during a period where companies need to invest in travel to bolster revenues. Companies will be better positioned for success utilizing all of the knowledge and best practices available, such as implementing a travel management program.
“At the same time the CEO is working to manage travel costs, he recognizes the critical importance of supporting the employee in his travels. And the traveler recognizes the importance of budgets and policies to maximize company results. This synergy is especially relevant for a successful balance of revenue growth and cost management.”
Janet Libert, editor in chief of Executive Travel Magazine said: “Since the survey’s respondents are more interested in cost savings and customer satisfaction, there are many opportunities for companies to help business travelers meet and exceed these goals.”
The full report is available exclusively to GBTA members and offers detailed insight for travel managers interested in the perspectives of C-level executives and travelers and current trends in business travel.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
