5 business travel management strategies for 2024

The world of business travel has undergone significant transformation in recent years, and the pace of change isn’t letting up. Technological advancements, evolving workforce expectations, and a heightened focus on sustainability and cost-efficiency have all shifted the landscape as we knew it.

This article will examine the key trends currently shaping the industry, as well as the business travel management strategies your company can adopt to help create a travel programme optimised for success.

Key trends shaping the future of business travel

1. The rise of bleisure travel

The concept of bleisure travel — a blend of business and leisure travel — continues to gain traction, driven largely by a younger workforce seeking a positive work-life balance. Allied Market Research estimates the global bleisure market was worth $315 billion in 2022, and expects it to hit $731 billion by 2032.

Companies are increasingly recognising the benefits of bleisure travel and its effect on employee satisfaction and retention. To capitalise on this trend, businesses should consider offering flexible travel schedules and providing destination tips so employees are aware of local attractions.

2. Emphasis on sustainability

Sustainability has become a critical consideration in business travel management. Companies are increasingly measuring and seeking to reduce their environmental impact. To meet their goals, they’re prioritising sustainable travel options, such as carbon compensation options and eco-friendly accommodation.

A growing number of businesses are partnering with CO2 experts to track and offset their travel-related emissions. Indeed, the voluntary carbon offset market is projected to grow from $2 billion in 2020 to around $250 billion by 2050.

3. Technological advancements

Technology continues to play a pivotal role in transforming business travel. Artificial intelligence (AI) and machine learning are enhancing travel management processes in myriad ways, from recommending hotels to predicting flight delays.

Additionally, AI-powered personal assistants are emerging as valuable tools for corporate travellers, providing personalised itinerary options and keeping road warriors informed about company travel policies.

4. ROI-focused travel

With costs front of mind for many companies, business travel is increasingly being evaluated based on its purpose and ROI. Companies are prioritising trips that align with strategic goals and deliver clear returns, such as closing deals or contracts. 

This shift towards more purposeful travel necessitates meticulous planning to help ensure that each trip contributes meaningfully to company objectives.

5. Wellness and well-being

Traveller well-being is becoming more of a focus in many company travel programmes. The pandemic heightened awareness of health and immunity, prompting many companies to integrate wellness offerings into every aspect of the business trip experience. This includes providing access to wellness amenities, safety protocols, and activities that support mental health and enjoyment, as well as promoting bleisure travel.

5 business travel management strategies to adopt

1. Implement flexible travel policies

One way to accommodate the growing demand for bleisure travel is by adopting flexible travel policies that allow employees to easily extend their trips for leisure purposes. Companies can do this by:

• Offering flexible booking options
• Making sure employees are informed about the possibility of adding personal days to business trips
• Encouraging employees to explore local attractions during their trips

Travel management solutions like Navan make it easy for travellers to add additional personal days to business trips while giving them access to exclusive discounts, expansive inventory, and 24/7 support. Plus, all personal bookings made with Navan are kept confidential from your employer.

2. Prioritise sustainable travel options

Organisations should prioritise sustainable travel options by partnering with eco-friendly suppliers and carbon compensation platforms. This can help reduce the environmental impact of business travel and contribute to corporate social responsibility goals.

Navan’s rail alternative pop-up lets travellers know whenever a suitable rail option is available during a flight search. Travellers can explore the rail options and then easily return to the flight search if they prefer.

3. Invest in efficient technology

Adopting advanced travel management technology can streamline processes and enhance the traveller experience. AI-powered tools can provide real-time travel updates, recommend accommodation, and assist with itinerary planning to improve efficiency and reduce costs.

Navan’s all-in-one travel and expense management solution incorporates intuitive technology to enhance the user experience, with real-time dashboards, automated approval flows, and a personalised booking experience.

4. Align travel with strategic goals

To maximise ROI, companies should align travel with strategic objectives and evaluate each trip based on its potential return. This involves careful planning and coordination to help ensure that business trips contribute to the organisation’s overall goals.

Consider introducing a post-trip reporting requirement for travellers to detail the outcomes achieved, whether in deals signed or relationships strengthened, compared to the trip’s objectives.

5. Enhance traveller well-being

Incorporating wellness into travel programmes helps maintain employee satisfaction and productivity. To do this, companies can encourage wellness options such as access to fitness centres and healthy dining options. They can also prioritise flights that don’t require early starts or late finishes where possible.

Companies can also give travellers access to apps like Calm or Headspace to promote relaxation and mental well-being, especially during long trips or busy schedules.

Looking ahead

The business travel landscape is being shaped by technological advancements, sustainability considerations, and evolving workforce expectations. By embracing these trends and implementing effective travel management strategies, companies can optimise their travel programmes, enhance employee satisfaction, and get more value from business travel.

Discover how your company can benefit from Navan’s modern business travel solution. Book a demo today.