Future Workforce Trends Transforming the Business Travel Landscape

• Emerging workforce trends, such as the rise of the gig economy, the increasing popularity of remote work, and the blend of business and leisure travel, are impacting the business travel landscape.
• As per a report titled “2040: Baseline, Boom or Bust,” approximately 18% of the global workforce will engage in business travel by 2040, potentially rising to 22% with the full integration of sustainable practices and advanced technologies.

In the face of evolving workforce trends, businesses must adapt their travel policies to cater to their employees’ changing needs and preferences. Stephanie DeNote, Vice President of Product Management at CWT, underscores the influence of demographic shifts on the travel industry.

One such trend is the increasing interest in ‘bleisure’ travel – combining business and leisure travel. This trend has soared in the aftermath of the pandemic, with research from Future Market Insights revealing that bleisure tourism accounts for over 30% of the global business travel market. This shift has prompted business-focused hotels to extend their amenities to cater to families and leisure time. However, companies must consider the implications of bleisure travel on their duty of care, risk management, costs, data tracking, and reporting requirements when designing their travel policies.

The growth of the gig economy is another notable workforce trend. The World Bank estimates there are already between 154 million and 435 million online gig economy workers globally. As the gig economy expands, short-term or freelance workers might frequently travel for short-term projects and client meetings. This prompts organizations to evaluate their approach to travel for non-employees, guest speakers, and potential candidates.

Lastly, remote work is set to become the norm by 2040, with companies becoming more reliant on digital platforms for communication and collaboration. This trend could reduce travel related to routine business engagements but increase demand for flexible, short-term accommodations and co-working spaces.

DeNote adds that flexible and hybrid work models are here to stay, and companies must find the right balance between in-office and remote working. Virtual meetings and collaboration tools can make employees feel disengaged and unproductive, hence the rise in travel for small meetings to foster creativity and collaboration.

The rise in gig and freelance work, remote work, and combining work and leisure travel are set to shape the future of business travel, and companies must adapt their travel policies accordingly. Reading the “2040: Baseline, Boom or Bust” report could provide strategic insight into these trends and how to improve travel policies.