Analysts have identified several trends for the coming decade that affect how businesses are redefining what is truly valuable. One of the more interesting trends that may seem somewhat unexpected in this economy is the stepped-up war for talent and its effect on the business travel industry. Because employee work/life balance has a positive driving effect on productivity, traveler well-being is taking precedence over greater savings that sacrifice comfort and overall satisfaction. Surprising? Perhaps. But as companies demand more efficiency, responsibility, and know-how from their remaining and prospective employees—they are finding it more cost-efficient to provide traveler comforts, rather than lose the best of the best. Experts predict that this will be combined with tougher compliance measures to manage the company’s stricter budgets.
In terms of balancing traveler well-being with greater control over travel policy compliance—the corporate housing/relocation market is the easy leader.
For most organizations, being able to offer spacious apartments with kitchens, living space, and a variety of amenities is a selling point with employees. Coupling this with corporate housing providers’ clear-cut pricing—many offer budget tracking tools, inclusive rates (utilities, Internet, and the like), and no hidden fees—positions corporate apartments to become the pacesetter in a brave new economy.
And, with a brave new economy comes the nearly unanimous need for open and honest dialogue between suppliers and buyers. Companies are looking for someone to offer greater ease in doing business.
In a time where travel managers are looking to minimize costs—this sentiment among corporate buyers only can increase the stress of doing business. Again, this is where corporate and relocation housing providers have the upper hand. With many corporate housing providers, the strategy is to make buyers into business partners with a “what’s good for you will be good for me” attitude. Many offer streamlined billing and some even offer spend visibility through advanced reporting. From a buyer’s perspective, these all add up to savings that unburden travel managers from a price standpoint—but also give increased efficiency and transparency that answers the most resounding complaint from companies… the desire for more forthright communication and a partnership that truly delivers overall value.
