The rise of women entrepreneurs is changing the corporate travel industry
This year’s theme for International Women’s Day, which falls on 8th March, is “Accelerate Action”. In the business world, we see women making significant strides.
In the UK, women have held senior business positions at an unprecedented rate over the last decade. Women hold a record 42 % of board positions within the FTSE 350. Women are also establishing record amounts of businesses. In 2022 for example, women in the UK started 151,603 new companies, more than double the number in 2018.
Women professionals travel more than ever to close deals and advance companies.
In turn, the corporate travel industry is changing to meet these needs. Women are the majority on the buyer side and the supplier side of the travel industry. In a recent Global Business Travel Association survey, 67% of travel managers & buyer professionals were women. 57% of travel suppliers and travel management companies affiliated with the GBTA were also female.
It is a positive development, as corporate travel policies were slow to adapt in the past to changing gender balance. Business travelers — whether they are company employees or hired through a travel agency that specializes in business travel — tend to be more concerned with controlling costs and enforcing travel policies than considering the needs of women business travelers. In a study, 71% of female business travelers felt that work travel is less safe than for men. 19% of respondents believed employers should be responsible for ensuring safety.
As more women are now in positions of travel management and purchasing, corporate travel policies have begun to improve. Businesses are now recognizing that female travelers have unique needs and are creating policies to meet those needs.
The location, type and safety of travel accommodations are two of the most important concerns for female business travelers. Travel buyers are now focusing more on offering safe accommodations, reliable transportation and real-time support for female business travelers.
Travel management companies and hotel providers, for example, prioritize features like well-lit hotels; hotels that have 24-hour receptions. They also provide transport so female business travelers don’t need to call a taxi. Travel companies can also inform travelers about cultural norms and customs to avoid putting themselves in danger.
Global Business Travel Association recommends that both male and female business travelers book only rooms with double locks. The Global Business Travel Association also emphasizes the importance of companies providing registered chauffeured ground transport to female business travellers — at least, but all business travelers should ideally have this option — especially in foreign markets, as an additional layer of security.
Women are increasingly shaping the future of business travel, and companies need to continue adapting to their needs. What is the next big trend? I predict that as flexible work environments, remote opportunities and women’s increasing time pressure increase, more women will combine business with leisure travel. This trend is known as ‘bleisure.’ Travel services need to cater to both business and personal needs. This ensures that female travelers can access amenities that will support their professional and individual well-being.
According to current trends, women’s leadership and involvement in corporate travel will lead to a greater demand for quality services. Women are likely to also be more appreciative if employers ensure that female travelers in business feel empowered, supported, and secure.
Elizabeth Samuel, VFS Global Deputy Regional Director, Europe
The original version of this post Women in Business: How they are Changing the Corporate Travel Industry appeared first on Human Resources News.
