Travel was one of the first areas companies cut back on to reduce costs during the economic downturn by replacing out-of-town meetings with virtual conferences or eliminating them all together.
Recent economic recovery has experts in the business travel industry predicting an increase in business travel this year. A recent survey conducted by Deloitte LLP, shows 80% of business travelers anticipate more or the same amount of travel - which means more business meetings and conferences.
One of the most telling signs that corporate travel is on the rise is the return of the corporate retreat.
“There was a general consensus that there was less interaction , says Terry Sloan, director of meetings for Carlson Wagonlit Travel, a business travel management company. “The trend is we’re going back to companies doing their meetings again. They look a little different and aren’t as lavish.”
Taking into consideration smaller budgets, hotels and meetings spaces have come up with creative add-ons and flexibility to meet a company’s needs. Additionally, with the rising influence of millenials in the business sectors in combination with Deloitte's observations on the importance of culture and experience in travel, have led to the increasing popularity of coliving/coworking spaces as the ultimate corporate retreat solution.
We compared popular accommodation options for corporate retreats so that you can choose the best solution for you and your team.