Based on numerous surveys of corporate travel managers, all indications are that business travel will return to—if not exceed—pre-pandemic levels this year. A recent survey by the Global Business Travel Association, for instance, found that 78% of corporate travel managers expect the number of business trips taken by employees to be higher (possibly much higher) in 2023 than in 2022. Moreover, a similar survey by investment bank Morgan Stanley predicts travel budgets for this year will be 98% of what they were in 2019, with nearly one-quarter of firms saying they are already back to pre-pandemic travel levels.
But while travel budgets may be up, companies are still scrutinizing them carefully in this tough economy. For the first time in two years, corporate travel managers cited cost over the coronavirus as the factor most likely to derail business travel plans and budgets.
“Leaders are trying to save money, but they realize competitors are seeing clients, so their people need to travel as well or they will lose out,” says Dan Kaplan, a senior client partner in the CHRO practice at Korn Ferry. So there is pressure to travel—wisely. Korn Ferry suggests five ways to get the most out of business travel in 2023.
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