SAP Concur executives at an industry summit emphasize the transformative power of travel, despite the pandemic's impact, business travel will recover, with projected global spending of $1.7 trillion by 2022.
This SAP Concur blog post predicts post-pandemic business travel changes: higher airfares and fewer non-stop flights in the short term, decreased international travel, increased car travel and rentals, and a greater focus on duty of care. It advises travel managers to secure refunds, review policies, update travel profiles, renegotiate supplier agreements, and streamline processes.
A SAP Concur blog post examines expense and tax issues arising from post-pandemic remote work. It cites United Airlines predicting the industry will not return to 2019 travel levels until 2024, and an FCM study predicting business travel may remain low until 2023. The author raises potential reimbursement costs such as home internet and office equipment, noting that $65 per month for 10,000 workers adds $650,000 in monthly costs, and for 100,000 workers $6.5 million monthly. The post also discusses tax risks from 'work from anywhere' arrangements and mentions a California utility tax effective November 1, 2020.
SAP Concur commissioned Wakefield Research to survey 4,850 business travelers and 800 travel managers in May-June 2020. 59% of travelers felt positive about their next business trip, but 45% identified the trip itself as the most stressful stage, a 50% increase from last year. 96% of travel managers said their company was not fully prepared to manage evolving travel demands during the outbreak, and 65% of travelers placed personal health and safety in their top three considerations.
A SAP Concur blog post highlights the impact of the pandemic on SMBs and their resilience. According to an Aberdeen report, 24% of SMBs expect to remain in survival mode in 2021, 29% expect revenue growth, and 57% plan to resume business travel. SAP Concur's expense management solutions helped customers like CAF America and Genevant Sciences adapt to remote work. The article also mentions resources for SMBs, including free trials and partner integrations.