Expenditure on business travel in China has overtaken the United States, with the Middle Kingdom spending the most globally, despite the uncertainties of the current economic environment.
The barometer survey of over 200 business companies, conducted by CITS American Express Global Business Travel, found that most surveyed Chinese companies will continue to invest in their business programmes to grow business and support employees.
According to the survey, priorities for companies formulating business travel policies included employee safety and work efficiency during and after business travel. Organizations will consider updating their business travel policies in the future, to address the needs of travellers.
Many firms consider travel programmes a key business driver and point of difference; as competition for talent in China continues to increase, the trend of leveraging better employee travel schemes for the purpose of retention and recruitment is expected to increase.
The new survey also found an increase in enterprises achieving compliance with travel policies as a result of better business travel management. Local and multinational companies based in China prefer to simplify the operational aspects of their travel management programmes, while more than half of the multi-agency users surveyed are considering pursuing a consolidation to fewer agencies to either optimize cost or simplify processes.
More firms are obtaining business travel expense reports through business travel management companies and cost management systems in a growing trend towards an increased focus on financial reporting and controls.
“Regardless of economic cycles, experienced business leaders are seeking new revenue opportunities and business travel goes hand-in-hand with these,” says Marco Pellizzer, vice president of American Express Global Business Travel, Mainland China and Hong Kong. “However, it is important that an organization’s managed travel program is designed and executed with overall business objectives and efficiencies in mind. Further, an employee’s safety, productivity and wellbeing are integral to business success, and travel policies can make a significant difference in attracting, retaining and motivating them.” www.citsamericanexpress.com/
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