By taking into account a multitude of factors and developing some critical skills, corporate-travel players can be prepared for what is likely to be an uneven and complicated comeback from the devastating impact of the COVID-19 pandemic.
During a McKinsey Live webinar, partners Vik Krishnan and Jillian Tellez Holub shared the latest McKinsey research on the factors shaping the safe comeback of business travel. They expect the corporate-travel industry to recover fully by 2024, but the recovery won’t be linear; the pace will vary by industry and geography, travel purpose, and distance traveled.
Amidst today’s uncertainty, corporate travelers, travel planners, intermediaries, suppliers and global-distribution-system providers can prepare themselves for the resurgence of corporate travel and the new normal by developing these important skills:
- Use real-time data. Monitoring information such as local and regional vaccination rates, price fluctuations, and changing demand will help organizations make better decisions.
- Embed agility into planning. Creative solutions and multiple contingency plans will improve the ability of organizations to react quickly to market changes.
- Enhance travelers’ comfort and safety. It’s important for employers and suppliers to take measures that will help individuals feel safe and secure traveling again.
- Communicate clearly. Information such as corporate travel policies, vendor preferences, and operational changes need to be conveyed clearly, often, and via multiple channels.
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For more on this topic, please watch the webinar recording and read the article “The comeback of corporate travel: How should companies be planning?” and the report “Rebooting customer experience to bring back the magic of travel.”