Many businesses have begun to consider how they can operate in a post-pandemic world after the rollout of COVID-19. However, there is still one fundamental question: How should modern business travel be designed?
McKinsey & Co. reports that corporate travel declined by 71% between 2020 and 2021, but there is no immediate prospect of a return at pre-pandemic levels. A separate study has shown that travel activity will not return to pre-pandemic levels for at most a few years.
Travel hesitation can be usual. Many virus rates are rising, and safety protocols are updated to keep up with the times. Before new viruses became popular, companies had to consider the economic effects of the pandemic. Low availability and higher prices mean that once trivial amenities, such as currency exchanges or car rentals, require more preparation.
These concerns aside, many companies still want employees to travel the world and make business connections. For many companies, the question isn’t whether or not they should be traveling. They are more concerned with ensuring business travelers stay safe, comfortable, productive, and secure on their travels.
Fortunately, you can still travel well in this momentous time. Here’s how it works:
1. Exchange your money before you go.
The global pandemic had a profound clash on the foreign currency exchange market. Many brick-and-mortar and retail outlets were unable to remain afloat due lack of foreign travelers. Travelex, a multinational corporation worth billions of dollars, was forced to close most of its North American and international operations.
What does all this mean for travelers and tourists? Robert Hoffman, CEO of Xchange of America, says travelers should not wait to exchange their money until they reach a foreign country.
Hoffman stated, “Buying currency ahead helps reduce travel anxiety.” “It boosts your confidence to have foreign cash in your wallet.
Contactless exchange methods and technology are used to help travelers get their money before they reach the airport. It is possible to reduce traveler anxiety and keep travelers focused on the trip.
2. Look at your destination country’s protocol.
While most countries have reopened their borders to allow international travel, that does not mean everything is every day. The CDC discourages people from traveling internationally if they are not fully vaccinated. It also urges caution for those who are vaccinated.
Due to the spreading of the delta virus and the variability in vaccination rates between countries, it is essential to do your test on COVID-19. Check out the safety protocols in effect at your destination and the current rates.
Everything is constantly changing. It’s possible that what was confirmed last week might not be confirmed this week. You will want to be up-to-date on current developments. Do not get trapped in a country with mandatory quarantine or borders that are closing.
Although it is possible to travel safely with complete vaccination, you need to be ready to deal with whatever the destination throws at you.
3. Buy travel insurance
Small businesses used to view travel insurance as an unnecessary luxury. That mindset has changed since the pandemic.
Consider travel insurance as a requirement. You might also want to consider a CFAR, which allows you cancellation for any reason. You can cancel your travel plans and get a full refund with this type of travel insurance.
CFARs may increase the price of your insurance policy up to 50%. But, it is worth the investment considering how unpredictable things are at the moment. This idea is shared by many travelers, with 50% opting for CFAR in their policies. This is significantly higher than the 5% who did before the pandemic.
If you’re worried about the additional cost of sending someone overseas, it may be time to reconsider your decision. Talk to your regular travelers: What has changed their perspective on business travel since the pandemic? What are their thoughts on the cost and benefits of traveling versus staying home? You should still find the money to purchase insurance if you believe that traveling is a net profit after all your research.
With the proper preparation, these precautions don’t need to be too burdensome. While business travel might not be what you expect, it can still prove to be a rewarding experience for both businesses and travelers.