The State of Corporate Travel and Expense 2022 16 SKIFT + TRIPACTIONS The “cabin fever effect” for road warriors cooped up in their homes on endless video conferences is certainly a driver. And, per McKinsey, the “ fear of missing out ” (FOMO) is a major factor for returning travelers. “The bulk of business travel (60 percent of business- travel expenditure in 2019) — which will likely drive the rebound of corporate travel — will be fueled by the FOMO segment: those traveling to cultivate important client relationships,” stated McKinsey in a July 2021 report on the comeback of corporate travel. While aligned with business travelers on establishing new business relationships (63 percent) and “essential client related travel” (61 percent) as travel priorities, policy makers are measurably more focused on closing deals (61 percent) than business travelers (52 percent). This likely reflects a corporate focus on the bottom line: Decision makers want sales, revenue, and cash flow. Workers, though still focused on getting back to business, also desire some work- life balance and a return to the fun and adrenaline of being on the road. What are the primary reasons your employees will travel for work in 2021 and 2022? Corporate Travel Decision Makers Corporate Travel Decision Makers VERY UNIMPORTANT REASON SOMEWHAT UNIMPORTANT REASON NEITHER IMPORTANT OR UNIMPORTANT REASON SOMEWHAT IMPORTANT REASON VERY IMPORTANT REASON Close a deal 11% 10% 19% 31% 30% Establish new business relationships 9% 9% 19% 32% 31% Foster established business relationships 9% 10% 22% 32% 27% Gather my team in one place 12% 12% 26% 29% 20% Meet with co-workers in other offices 13% 15% 24% 28% 19% Attend conferences / events 9% 10% 21% 31% 29% Essential client-related travel 9% 10% 20% 31% 30% In terms of travel policy, short-term changes were the norm during Covid-19, of course. But the shift back to historic policies or approaches seems likely as conditions improve. The finding that 22 percent of CTDMs said their organization only made temporary changes to their travel policy, with another 45 percent making no change at all, points to a good chance for a strong rebound. Because of the pandemic, my company is making changes to its travel policy that will be: Temporary Permanent N/A - My company has not changed its travel policy 33% 45% 22%