Corporate travel is roaring back — not as a shadow of its pre-pandemic self but as a reimagined driver of business growth and connections. In 2024, business travel booking volumes have surged to 118% of 2019 levels among long-term Navan customers, underscoring the resilience and evolving importance of in-person meetings.
While technology continues to facilitate remote work, face-to-face meetings remain the cornerstone of deal-making, team-building, and company expansion.
But this resurgence comes with shifts in patterns and priorities.
Internal meetings, office visits, and conferences have all claimed a larger share of travel purposes, signaling a rebalancing of corporate priorities. Meanwhile, blended trips — where employees extend business travel for leisure — have skyrocketed by nearly 275% year-over-year, reflecting the growing desire for balance in professional and personal lives.
Amid this transformation, the stakes for travel risk management have never been higher. Companies must adapt to these new realities with strategies that protect employees, manage costs, and support business continuity.
Here’s how organizations can embrace modern travel risk management to meet the demands of this dynamic era.
Key Insight
Travel booking volumes in 2024 are consistently exceeding 2019 levels. Bookings through August 2024 are averaging 118% of monthly booking volume for a cohort of current Navan customers who have used the platform since 2019.
The resurgence of corporate travel highlights the strategic importance of in-person meetings for business success and underscores the increasing need for robust travel risk management.
Business travel is inherently unpredictable. Health emergencies, geopolitical disruptions, and logistical issues are just some challenges companies face when sending employees on the road.
With proper planning and oversight, these risks can support employee well-being and maintain operations. According to a 2023 survey by Everbridge, a company specializing in critical event management — preparing for, responding to, and mitigating risks during emergencies — only 24% of organizations have a solid travel risk management program, as defined by the ISO 31030 standard. In other words, most companies are underprepared to manage travel-related risks effectively.
When implemented thoughtfully, travel risk management safeguards employees while minimizing operational downtime. For example, organizations with a dedicated risk strategy report faster recovery times during crises and higher employee confidence in corporate travel safety.
Understanding the potential hazards of business travel is a critical first step in creating an effective travel risk management program. Risks can be broadly categorized into health, geopolitical, and logistical concerns:
Health risks: Business travelers may encounter region-specific illnesses, limited access to healthcare, or even global health crises like pandemics. According to the CDC, the cost of addressing an unplanned medical emergency abroad averages $10,000.
Geopolitical risks: Political unrest, terrorism, or sanctions can pose significant threats. Regions experiencing instability can disrupt travel plans or even put employees in danger.
Logistical risks: Weather-related flight cancellations, lost documents, or inadequate accommodations can help meet business objectives. These risks are among the most common and can often be mitigated with proactive planning.
By identifying risks and leveraging these tools, organizations can create a robust strategy that reduces uncertainties and empowers employees to travel confidently.
A proactive travel risk management plan is essential for safeguarding employees, delivering duty of care, and maintaining business continuity. This involves creating clear policies, implementing effective mitigation strategies, and preparing emergency response protocols that address various contingencies.
Establishing a comprehensive travel risk policy is the foundation of effective risk management. Policies should outline:
Effective communication is equally important. Employees must understand the policies and where to access resources during travel. Pre-trip briefings and an easily accessible handbook help everyone be prepared.
A 2023 study from International SOS found that 75% of organizations with well-communicated policies saw higher employee confidence in travel safety.
Risk mitigation strategies are designed to reduce exposure to potential threats. Some common approaches include:
By incorporating these strategies, businesses can minimize disruptions and enhance traveler safety.
A robust emergency response plan addresses unexpected incidents — from medical emergencies to natural disasters.
Key elements include:
Regularly testing these plans through drills or simulations helps ensure preparedness and can reduce response times when incidents occur.
Technology is pivotal in modern travel risk management because it provides real-time insights, improves communication, and enables rapid responses to potential threats.
By leveraging technology, companies can create a safer, more efficient travel experience while meeting their duty of care obligations.
The Navan Effect on PayFit’s Travel Program
When PayFit, a leader in Europe’s payroll software market, faced increasing travel complexities across France, Spain, and the UK, it turned to Navan. The partnership streamlined PayFit’s travel management, reduced costs, and enhanced duty of care with features like real-time traveler tracking and 24/7 support. Employees praised the seamless app experience, while HR and accounting teams gained valuable time with simplified reporting tools.
Read the complete case study to discover how Navan can transform your travel program.
Selecting the right partner for travel risk management is crucial to safeguarding your employees and helping to ensure seamless business operations. A reliable solution provider supports traveler safety and simplifies risk management processes through advanced technology and expertise.
When evaluating travel management solutions, focus on the following criteria:
Navan’s travel management platform provides businesses with the tools to create a robust travel risk management framework. Key features include:
Travel risk management is essential for safeguarding employees and maintaining business resilience in an increasingly dynamic world. With the right mix of clear policies, proactive planning, and cutting-edge technology, organizations can turn potential challenges into opportunities for confidence and growth.
Companies can enhance safety measures, streamline processes, and create a seamless travel experience by choosing a trusted partner like Navan.
Ready to elevate your travel risk management? Get started with Navan’s tools today.