Globally leading business management platform, VoyagePerkthrew TThe Value of Business Travel Report, which reveals that 76% of CEOs say that increasing travel budgets would have a positive impact on their company’s revenue.
The study is based on a global study commissioned by TravelPerk in the US, UK, Germany and Spain of 2,000 business travel decision-makers, including C-suite executives, as well as a TravelPerk customer survey of more than 5,200 business travelers and travel administrators. This comprehensive report examines how companies around the world are investing in business travel to drive growth, engage employees and stay ahead of the competition.
Despite economic challenges, 61% of U.S. companies plan to invest more in business travel (compared to just 44% of European companies), with an average expected increase of 23%. The top three reasons for this increase in investment are expanding into new markets (50%), attending conferences and events (47%) and increasing focus on business development (46%). This investment is fueled by the tangible benefits of in-person meetings, new business development and corporate meetings.
C-suite executives also attributed 33% of their company’s total sales growth in 2023 to in-person meetings. Globally, for SMBs and mid-sized businesses, every dollar invested in business travel generated $12 in additional revenue, primarily driven by new customer acquisition.
“In today’s fiercely competitive environment, companies are recognizing the immense value of business travel,” said Avi Meir, CEO and co-founder of TravelPerk. “From increasing employee engagement and revenue generated by in-person meetings to completing tasks that can only be accomplished on-site, business travel is more than just a cost center—it’s an investment in growth, innovation and company culture.”
In the United States, CEOs report that business travel significantly improves employee morale by 82%, compared to the European average of 65%. The savings have a positive impact on employee retention and increase company revenue by 85%. In addition to the value it brings to businesses, business travel provides professional development opportunities for workers. Nearly three-quarters (73%) of employees say it increases their knowledge and experience, and 63% say it gives them more opportunities to meet customers and partners. Additionally, 87% of employees say in-person social events boost morale and engagement. Business travel helps develop vital soft skills through face-to-face interactions. Organizations looking to win the war for talent should consider business travel as a key way to attract and retain workers.
“Having experienced this myself, I can say that travel and face-to-face meetings are tools for change to create connections and interactions,” says Lenke Taylor, HR manager at Personio. “By viewing travel not as a business necessity or a simple cost line, but as a strategic opportunity for collaboration and alignment, organizations can harness the full potential of an international talent pool and cultivate a truly connected community. »
