If you're looking to understand what you can do to to help reduce costs, be sure to register for this webinar.
ALEXANDRIA, Va. – The National Business Travel Association (NBTA) released the findings of a comprehensive study that reveal the significant impact the global crisis is having on business travel. The research shows corporate travel managers are finding creative ways to contain rising travel costs while fulfilling businesses' strategic need to travel.
NBTA surveyed corporate business travel managers from various companies to learn how they are implementing new travel management measures to cope with sizable travel cost increases. With 320 survey responses, the findings show that travel managers are implementing policy and process adjustments to manage additional fees, increased fares, and reduced budgets for travel. Highlights from the research findings include:
— More than 50% of travel managers say new airline fees are having an impact on their planning and they are encouraging less air travel and eliminating all non-essential corporate travel.
— 76% of survey respondents believe that airlines are in fact misleading the public with their "low" and "advertised" fares by adding substantial fees.
— 83% of respondents indicate that re-introduction by airlines of minimum stay requirements — such as Saturday-night-stay — will increase business travel airfares. A significant percentage of travel managers encourage travelers to consider staying over a Saturday night if the difference in airfares is greater than the hotel and meal costs.
— Travel managers are promoting travel methods like ride-sharing, using public transportation, and suggesting alternatives like Internet-based meetings for business dealings.
NBTA's research shows that there have been increases this year in the average costs of both domestic and international business trips:
— Respondents indicate domestic trips now cost $140 to $175 more than at the end of 2007.
— International business travel costs have increased $315 to $400 per trip since December of last year.
"Travel managers are coping with the unpredictability of fuel costs, weak financial markets, and the global credit crisis, and assessing the impact on their companies," said NBTA President and CEO Kevin Maguire, CCTE, GLP. "NBTA plays an integral role in helping travel managers and their employees understand how to better manage corporate travel needs. Through this research, we are providing timely insight on how the business travel industry is dealing with the challenging economic landscape."
NBTA's research, Maguire said, is a tool for travel managers to help modify corporate travel programs and policies while also shedding additional light on how factors such as ticketing restrictions and increases in travel pricing relate to corporate budgeting.
NBTA Executive Director and COO Bill Connors, CTC, added, "As we approach 2009 with a sober economic outlook, NBTA is doing its part to help business travel consumers understand the importance of streamlining travel needs and implementing clear cost-cutting techniques. Businesses that strategically manage their travel during these challenging times will be better positioned for success." NBTA conducted two surveys over a four-month period in 2008. For more information or a copy of the full report, visit http://www.nbta.org/Research/Surveys.
Top five things corporate travel managers are doing to contain air travel costs: 1. Emphasizing advance purchase of air tickets 2. Encouraging or requiring less air travel 3. Sending fewer employees to conferences 4. Strengthening mandates/enforcement of travel policies 5. Driving people to travel alternatives (e.g. web-based meetings)
Top five things corporate travel managers are doing to contain ground transportation costs: 1. Refueling before returning car rental 2. Sharing ground transportation costs with other employees 3. Moving to smaller, less expensive car rentals 4. Renting more fuel efficient cars (non-hybrids) 5. Using more public transportation when traveling
Source: National Business Travel Association
The driver browsed videos on his smartphone while headling down a New York highway with 52 passengers.
Companies can reduce their employee accident rates up to 35% by expanding their driver risk management approach.
APRIL LCT: The platforms can be a great tool for connecting but can also explode over posts that were not thought out.
Instead of seeing AI as a replacement for human endeavors, try to see it as an enhancement of them.
APRIL LCT: CTA Worldwide Chauffeured Transportation succeeds by meeting the growing demand for group transportation.
The passenger pounded on windows after the driver pulled off the highway, locked the doors, and said they were going to a hotel.
The Bill Faeth-hosted event answered some burning questions for operators.
eNews Exclusive: Kevin Polite has joined forces with veteran operator Robert Alexander to provide Washington, D.C. area clients with #RMAperfect rides.
May Issue Preview: Get ready to learn about an exploding, untapped source of clients.
The NLA responds to the first judicial decision on the classification of drivers under federal law.
APRIL LCT: These vendors have got your back for operating securely and legally.
APRIL LCT Cover: The nation’s largest maker of wedding and historic streetcar-style buses has seen a surge in demand since 2015.
The comedian's chauffuer-driven SUV was side-swiped by another car in Los Angeles.
APRIL LCT: Chicago operator George Jacobs shared his deep motorcoach knowledge at LCT’s “Bus Marketing 101” webinar.
The world's No. 1 online marketplace and trader for professional chauffeured and chartered vehicles, including all types of motorcoaches, buses, vans, stretch limousines, sedans, SUVs, exotics, and classics. New and used vehicles are available from sellers across the nation.
The best online networker to find quality affiliates worldwide and market your company.
Click on any state to see the latest industry news and events in that region.