Business Innovation Key💡: Revealing Strategies to Reduce Overseas Travel Expenses!

We understand your concerns about the high cost of business trips and overseas work.

The recovery of business travel post-COVID-19 has been evident, with a reported 61% reservation recovery compared to pre-pandemic levels, according to Amex GBT (American Express Global Business Travel), a specialized corporate travel agency.🚇

Many companies have also resumed business trips that were previously restricted or prohibited. Major corporations started allowing domestic and international business trips since April of the previous year, and overseas travel has also gained momentum.

However, there’s an ongoing debate about the value of international business trips in the era of remote work, as most tasks can now be done through virtual means. The global economic downturn has led to the perception that business trips might equate to budget wastage.💸

This situation implies that for companies to continue supporting international business trips, there needs to be clear meaning and tangible outcomes associated with them. As remote work becomes more feasible and cost-effective, companies are increasingly opting for virtual and remote work solutions instead of costly overseas trips. Especially in times of economic uncertainty like the current crisis, businesses are compelled to consider innovative strategies to enhance cost efficiency and productivity.

Consequently, the burden and concerns related to business trip expenses are bound to persist.

Some regions have reported that just submitting a business trip proposal can make executives break into a sweat. With daily trip costs exceeding $1,000, it’s not easy to make such payments willingly.🚨

The most expensive place for business travel in the world is easily recognizable with just a little thought.

New York, USA, is both a popular travel destination and a prominent business hub, with a daily business trip cost of around $796. According to Bloomberg, the demand for business and tourism has led to an increase in accommodation costs after COVID-19, coupled with the inflationary impact on the prices of daily goods. As a result, the business trip expenses have seen an 8% increase compared to the previous year.

Aside from New York, other cities that made it into the top 10 list of most expensive business travel destinations include Zurich (Switzerland), San Francisco (USA), Tel Aviv (Israel), Los Angeles (USA), London (UK), Luanda (Angola), and Paris (France).🗺

So, what components make up the daily business trip expenses?

ECA International calculates the daily international business trip expenses by combining factors such as accommodation costs in 3 to 5-star hotels, food and beverage expenses, taxi and transportation costs, and incidentals. Many global companies utilize ECA’s figures to determine their employees’ business trip expenses.🏨

While these cities are known for their high cost of living, the situation has been exacerbated by factors like the increase in demand for accommodations and inflation in everyday goods due to the pandemic. Bloomberg analysis suggests that New York experienced an 8% rise in business trip expenses due to these factors. The situation is even more pronounced in London, where high inflation and rising labor costs have led to a 20% increase in accommodation expenses compared to the previous year.🛎

Switzerland’s Geneva, a hub for international organizations, claimed the second spot on the list. Switzerland is renowned for having the highest business travel costs in Europe, with accommodation costs similar to other major cities like London and Paris, but with higher incidentals expenses.

In Asia, the most expensive city for business travel is Hong Kong, ranking 16th with a daily business trip cost of $520. Following Hong Kong, the list includes Singapore (19th), Tokyo (37th), Shanghai (50th), and Seoul (57th).

🎯

During the COVID-19 pandemic, the world experienced an unprecedented disruption in global travel. Deciding whether to undertake business trips became challenging, and some individuals took the risk and embarked on business travels. While international business trips have been gradually resuming over the past few years, it has become evident that physical presence overseas is not always necessary to conduct business effectively.

When considering international business travel, a key factor to assess is whether the trip is truly essential. Many individuals have adapted to remote work, leading to a significant increase in the use of virtual meetings, remote access, and support services. Even after the pandemic, video conferencing solutions have become familiar tools to replace in-person meetings and interactions.💻📲

Nevertheless, what if you have to go on a business trip?

Here are key considerations for resuming international business travel.

💺1. First, assess whether the business trip is truly necessary.

Many tasks are being conducted remotely. Despite the pandemic, work continued without interruption. Therefore, it’s crucial to carefully evaluate and consider whether this upcoming business trip is absolutely essential. If the trip is indeed necessary, it’s important to factor in various scenarios, such as entry requirements at the destination and potential actions to take in case of illness while abroad. As experienced during the COVID-19 pandemic, restrictions could change suddenly, and there were instances of travelers being denied entry or added to quarantine lists based on the surge of cases in their home countries.

💺2. Conduct a risk assessment.

COVID-19 spreads through prolonged close contact in enclosed spaces. Hence, it’s important to consider various environments and either limit time spent or exercise caution. Options include holding meetings in more open spaces or even encouraging business class seating on flights to reduce close contact. While it might be costly, protecting the well-being of the traveler is paramount.

A risk assessment should be carefully tailored to the traveler’s risk profile. Factors like age, gender, nationality, and general health should be taken into account to prepare for any potentially risky situations in a foreign location. Keep in mind that travelers might have underlying health conditions that neither the company nor the traveler is aware of.📌

💺3. Prepare for changes in environment, restrictions, and extended wait times.

While the situation has improved significantly since the onset of the pandemic, complete safety has not been achieved yet. Business trips post-COVID are likely to differ significantly from the past, involving more inconvenience, longer processes, and potential variations in guidelines and requirements from both corporations and destinations.

As the world enters a prolonged period of economic challenges, companies are facing increasingly complex decisions. Concerns over business trip expenses are undoubtedly among them. The traditional ways of conducting business may not ensure sustained growth in this environment, prompting more considerations for business innovation, cost reduction, and efficient work methods to find better solutions.

The experience of remote work during the COVID-19 pandemic has become an unavoidable reality for companies, offering cost-efficiency, productivity maintenance, and talent retention without the need for extensive travel.

Explore Rsupport’s RemoteWorks solution to achieve cost-effectiveness and high efficiency in business operations. Utilize RemoteCall for remote support and work, reduce business travel expenses, engage in rapid communication with RemoteMeeting’s video conferencing solution, and enhance work efficiency through RemoteView’s remote control solution. 🦾

To enhance corporate innovation and productivity, maintaining a familiar work approach and environment is crucial. Operating within a hassle-free environment, where continuous communication and prompt task execution are possible, facilitates efficient business operations.

By preserving the familiar work environment,
Engaging in efficient communication,
Increasing the volume and speed of task completion,
And ensuring business continuity,
Achieve seamless innovation that delivers all these benefits!