For the first time in four years, business is being conducted outside of the shadow of the COVID-19 pandemic. After years of Zoom meetings and online conferencing, business travel is back on the rise.
Businesses across the UK, particularly in Cheshire, are investing more than ever to send employees across the country and beyond for in-person meetings, conferences, and events.
The advantages of this are undoubtable. Stronger connections can be forged in person and meetings needn’t be restricted to a 30-minute or one-hour time slot in a Google calendar. But how exactly are UK businesses investing in work trips in 2024? How are they ensuring a return on investment? And what does this mean for the future of British business travel?
What qualifies as a work trip?
For the purpose of this article, a ‘work trip’ is defined as a journey specifically taken for work purposes. This does not include daily commutes, holidays, or remote workers. Some things that would qualify as a trip include attending a conference or workshop, visiting a construction site, or meeting with clients in person.
A recovering market
A recent study by American Express revealed that ‘most UK businesses plan to maintain or grow business travel spend’ over the next year. Of all generations surveyed, it seems clear that there is a strong desire for Gen Z workers to travel for work, with 59% of all workers aged 18-24 planning a business trip in the next 12 months.
This could be for any number of reasons. The pandemic has most heavily impacted this generation’s careers, and business trips are a great way to grow networks and find opportunities that were more limited at the outset of their careers.
This view is reflected by employers, with the Vice President at AMEX, Lee Sullivan, claiming that “businesses continue to see the value in travel as a way of driving growth and boosting employee engagement Some might’ve once seen work trips as an opportunity for employees to slack off but this view seems outdated in a post-pandemic world, with millions of workers globally being trusted to work from home with, in many cases, improved productivity.
The AMEX study cited “Almost three-quarters (74%) of Gen Z employees also say they typically work longer hours when on business trips.” It’s almost as if employees feel obligated to repay the trust from employers with higher output and increased performance.
How much are businesses investing in business travel?
In short, a lot. In a recent economic report conducted by the Confederation of British Industry’s (CBI) Economics team, commissioned by the Business Travel Association (BTA), much of the data supported the idea that businesses are growing their investment in work trips across the UK. They estimated that business travel contributes around £30 billion to the British economy annually, a huge driver of economic growth and GDP.
In an extract from the same report, we can see that business investment in work trips is not just beneficial for the individual and the business, but also for the wider economy and industries supported by work trips:
“Business travel expenditure contributed £10.4 billion GVA and 79,900 FTE jobs were a result of the initial expenditure of businesses organising travel through travel management companies (TMCs). The business travel sector sees a close relationship with hotel providers, restaurants, transport services, and other travel agency services. In terms of jobs directly supported, the largest number is in hotel and restaurant services (27,600 FTE jobs) followed by air transport (9,700 FTE jobs).”
This is where we start to understand the significance of the resurgence in business travel in post-COVID Britain. Work trips are essential to the growth of our economy while also benefiting individuals and employees.
And as more private equity firms invest in Cheshire businesses, more money is being made available to support work trips and build connections across the country.
With so many business trips being made across the UK, you might be wondering exactly how people are getting around the country.
How do employees travel for work?
It’s no surprise that the most popular form of transport for work trips is the car. With many offices situated on industrial estates on the edges of towns and cities, public transport can often be time-consuming and inefficient.
This is completely different in London, however, with regular underground services in a well-connected city making public transport a favourite for business travel. London’s roads are also notoriously congested and roadworks make them unreliable.
With so many small airports and jet charter services available in the UK, flying privately is growing more popular among businesses looking for an edge when it comes to efficiency. In Cheshire particularly, many individuals travel to London every week for work, and you can save a staggering amount of time by flying privately.
One article suggests that high net-worth travellers could save up to 2.5 months per year by flying privately instead of commercially when making business trips. Now, this isn’t something that most employees could consider, but for those valuing their time at over £1,000 per hour, private jet services would be beneficial when considering marginal gains in a fast-paced corporate world.
Are work trips worth it?
Absolutely. It’s clear to see that there are so many advantages to business travel for the employer, employee, and the wider economy as a whole. If you want to enhance your career opportunities, make more connections, and expand your horizons, then make sure you go on at least a few work trips every year.