Undervalued Business Aspect CEOs Overlook: Strategic Travel for Skills Expansion
In the fast-paced world of early-career professionals, business travel presents a unique set of challenges. Common issues such as poor sleep, less-than-ideal nutritional habits, and constant context switching can take a toll on traveling employees. However, maintaining energy, clarity, and well-being on the road is crucial for these employees, and integrating frameworks to help with this is important for the next wave of industry leaders.
Business travel is not just about the destinations visited, but about who employees become on the way there. It is a strong development opportunity, but organizations that overlook the risks may unintentionally create a silent churn of promising talent.
The value of business travel extends beyond finance and operations. Business travel decisions should include talent development and well-being considerations. In fact, 93% of companies attribute growth to in-person meetings, and 87% of travelers believe client relationships are stronger when built through face-to-face interactions.
As business travel spending is projected to reach $1.57 trillion in 2025 and exceed $2 trillion by 2029, it is clear that this is a significant investment. However, the winners in the $2 trillion global business travel market won't be those who spend the most, but those who invest the best in their people.
Business travel can be a performance accelerator or a deflator, depending on how a company prepares its people and supports them during travel. For younger professionals, business travel is seen as a perk and a differentiator, with more than 84% viewing it as such.
To optimize business travel for attracting, developing, and retaining top talent, organizations should strategically use mobility as a tool. This can provide international experience, fill key skills gaps, and demonstrate that the organization values employees' lives and career growth.
Companies can revise travel and relocation policies to account for diverse employee needs such as hybrid work schedules, regional hubs, and personal lifestyle choices. Personalized support, including spousal assistance and flexible timelines, helps employees feel supported rather than forced, which can boost retention.
Using technology such as self-service portals, real-time tracking, and mobile communication enhances the travel experience and allows for more strategic, scalable mobility management.
From a talent development perspective, international mobility exposes employees to new skills and cultural experiences that aid growth and help fill critical skill shortages within the company. Ensuring a broad and diverse talent pool through inclusive mobility policies also enhances the arrival of top talent and spreads knowledge globally.
To support the well-being of traveling employees, organizations should focus on reducing the stress associated with travel and relocation through personalized assistance and transparent communication. Prioritizing employee lifestyle considerations and offering resources such as counseling, health support, and cultural adjustment programs are important.
In conclusion, effective strategies for optimizing business travel include designing flexible and personalized mobility policies aligned with employee needs and organizational goals, leveraging digital tools and automation to streamline mobility processes and enhance employee experience, using mobility to address organizational skill gaps and offer growth opportunities, thus attracting and retaining talent, providing comprehensive support to traveling employees focusing on well-being, lifestyle, and cultural fit, including spousal and family support, and integrating mobility and talent management practices with broader leadership development and culture transformation to maximize impact. These combined approaches help organizations attract, develop, and retain top talent through business travel while safeguarding and promoting the well-being of their traveling employees.
American Express, with its expertise in finance, could partner with businesses to create travel programs that prioritize the well-being of employees. These programs could offer lifestyle benefits, such as health support and cultural adjustment resources, to support employees during business travel and relocation.
By integrated business travel and lifestyle benefits into their offerings, American Express could help businesses attract, develop, and retain top talent, leveraging travel as a performance accelerator and a differentiator in the fast-paced world of early-career professionals.
