The rapid development of technology has permanently changed the nature of business travel, according to a new study.
International Workplace Group’s Hybrid Horizons Report reveals routine meetings between global employees are now mostly taking place online, with more than three in four (77%) of bosses saying online tools have allowed them to run more efficiently.
However, the global flexible workspace provider’s research found that business travel was still highly valued by 87% of chief executives, who thought that technology was no replacement for all-important face to face meetings or strengthening key relationships.
Other factors cited by respondents as shaping the future of business travel included rising travel expenses, geopolitical uncertainty and environmental concerns.
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The option to work from flexible workspaces between meetings has also led to an extension of business trips by 61% bosses who wanted to drive efficiency. More than one in four (26%) now extended their travels to allow for extra meetings, while a similar proportion (23%) have attended conferences or industry events to get the most from their trips.
Carried out among 500-plus leaders, the report highlights how they are prioritising their spend on strategically important meetings, with a third citing escalating costs as a key factor influencing their post-pandemic travel decisions.
More than three-quarters (77%) of CEOs noted that the ability to hold virtual meetings allowed them to cut down on business travel, enabling them to focus on essential face-to-face ones.
One in five leaders also said that the nature of business trips had been significantly affected by rising geopolitical uncertainty, with other factors impacting how they prioritise travel including changes in the global health landscape (19%) and visa regulations (19%).
In terms of environmental factors, three-quarters (75%) of CEOs said that hybrid working and the use of online platforms had allowed them to cut back on environmentally unfriendly travel.
Overall, three-quarters (75%) of respondents reported that business travel was now more efficient.
Mark Dixon, International Workplace Group CEO, said: “Advancements in digital technology coupled with the rising cost of international travel, geopolitical uncertainty and environmental considerations mean the world of business travel has been transformed and we are unlikely to see a return to pre-pandemic levels.
“Executives are now prioritising travel for the most strategically important meetings such as major business deals or nurturing significant relationships with partners. For these types of occasions, technology can and will never replace the value of in-person transactions for the most valuable meetings.”
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