Corporate travel companies have changed a lot in recent years – gone are the days when business travel was all about employees traveling to meetings and conventions, and the travel management company (TMC) just organized essentials such as flights, hotels, transfers and car rentals.
Events such as 9/11 and the 2008 global financial crisis had an impact on business trips, with many companies reducing their travel spend. Environmental and sustainability issues have played a part in business travel policy, but it was the Covid-19 pandemic that had the biggest recent impact on the corporate travel market, creating a boom in remote working.
In November 2020, Bill Gates predicted that business travel would see a permanent post-pandemic drop of 50% – and yet in 2024 the TMC industry seems to be thriving, with the Global Business Travel Association forecasting a record business travel expenditure of US$1.48 trillion by the end of the year.
Perhaps surprisingly, this growth is partly being driven by the rise of remote working. With Forbes estimating that more than 20% of the US workforce will be working remotely by 2025 and finding that 16% of companies are now fully remote, bringing scattered teams together for a corporate retreat is increasingly being seen as a vital tool for company cohesion. Traditional weekly in-person meetings may be out, but Allied Market Research suggests that the corporate event market is likely to see a 17% rise by 2030.
As a market leader in sourcing venues for corporate retreats, RetreatsandVenues is at the forefront of this new development in the corporate travel industry, and well placed to show you how best to make it work for you. So, if you’re thinking of adding a company retreat to your travel program, where do you start? Below we’ll outline the key aspects to assess when choosing a corporate travel agency to help plan your perfect retreat, and look at some of the big players in the market.
What to look for when choosing a corporate travel company
Travel management companies cater for all sorts of travel needs, so you may want to check out a few options for your retreat planning, even if you’ve previously used business travel management services for your general travel requirements. Several major providers such as CWT and Amex GBT now have dedicated retreat and event departments, while specialist companies such as RetreatsandVenues are experts in crafting bespoke events.
In starting to plan your corporate retreat, you’ll need to assess your particular needs, such as working out how many people you need to cater for, and considering how domestic flights or international travel fit with your company’s sustainable travel policy. After this, there are several crucial aspects to consider when picking a business travel provider for your retreat. We’ve outlined five of the most important below.
1. Costs
Getting the best value for money is, of course, the number-one requirement when it comes to travel booking of any description, and that includes organizing corporate retreats costs. RetreatsandVenues’ experience shows that spend per person ranges from around US$400 to US$2500, so there’s huge scope to tailor your event to fit your budget. Whichever travel agency you go for, savings on travel expenses can usually be made by taking advantage of group travel discounts and planning ahead to avoid last-minute travel costs.
2. Business travel programs
The best corporate travel companies are able to take advantage of loyalty or reward programs to get the best value for both the company and its employees. Using business travel programs and developing partnerships is not all about financial value – as well as bringing down costs through things like flight or hotel discounts, you can also create added value with perks that boost a traveler’s well-being (such as complimentary lounge access) or using partners to create thoughtful gift ideas for attendees.
3. Apps, reporting and management
One of the most popular reasons for outsourcing your business travel plans to an external provider is easing the admin burden for your employees. Some business travel companies give you the option to take this further and streamline travel arrangements, itineraries and expense management through a mobile app or other dedicated platform – integrations like this will help to automate expense reporting as well as providing easily accessible information for your retreat attendees. Access to an online booking tool can also be a great way to save both time and money, but do consider whether digital-only travel solutions are right for you – sometimes the option to talk to a human being can be vital.
4. Accommodations
Choosing suitable accommodation is a major aspect of organising your corporate retreat, and will depend on your company’s size and style. Do you want to gather lots of employees at a smart city-centre hotel, create a more intimate travel experience at a stylish Italian villa or gather for a rural retreat at a California ranch? There are tons of possibilities out there, and if you’re already working with a TMC like Amex GBT or CWT, you can explore what’s available through their events departments. For smaller, bespoke events, the group travel experts at RetreatsAndVenues have a huge range of unique accommodations to choose from.
5. Excursions/activities
Long gone are the days of business travel meaning only seeing the airport, the meeting room and the hotel – digital nomads, remote workers and regular business travelers alike are now contributing to the rise of ‘bleisure travel’ (mixing business travel with leisure time). And while your corporate retreat may well have some sort of business meeting or brainstorming session at its core, it’s the excursions or activities that will bring everyone together and encourage team bonding. Look at the options for both on-site activities and off-site excursions, and work out what’s suitable for your team – are they the kind of people who’ll throw themselves into rock climbing, or would they prefer a local cookery class?
The best corporate travel companies
There are hundreds of corporate travel companies of all kinds and sizes around the world, so here we’ve highlighted six top brands whose offerings stand out from the crowd.
1. American Express Global Business Travel
Amex GBT is the biggest player in the corporate travel market, with around 18,000 employees, and it’s continuing to grow, having acquired Egencia in 2021. It manages the corporate travel program for many major multinational corporations and has a dedicated event management department that organizes more than 70,000 meetings annually.
Ranks highly for:
- Costs: Well-established partnerships mean that companies can save up to 20% on airfares and other travel costs
- Apps, reporting and management: Web-based tool providing real-time updates for travelers
- Other: Round-the-clock support to ensure traveler safety during disruption
2. RetreatsandVenues
Offering a specialized service focusing solely on events, RetreatsandVenues is a standout option for companies looking to craft memorable bespoke corporate retreats in some truly spectacular venues around the world.
Ranks highly for:
- Accommodations: Discover more than 20,000 hand-picked venues around the world
- Excursions/activities: Expert event planners dedicated to organizing individual logistics
- Costs: Free initial service, with pre-negotiated rates that can save up to 30% on venue bookings
- Other: Unique shortlisting tool for one-stop easy comparison of costs, availability and agenda building
- Corporate retreat statistics hub: We have A LOT of internal data focusing on why people leadership plans corporate retreats in the first place.
3. Travelperk
Travelperk’s ultimate aim has always been to streamline the admin of corporate travel – and that goes for its event planning department, too. Travel plans, attendee lists and other key aspects are brought together in one easy-use app. It’s a great tool for organizing fairly straightforward get-togethers, but may not be ideal for a more involved retreat.
Ranks highly for :
- Costs: Several pricing options available, including a free entry-level program
- Apps, reporting and management: Easy-use online platform with 24/7 support available
- Other: Tailored solutions for SME business travel
4. FCM
Growing out of Australia’s Flight Centre Travel Group (FCTG), FCM is probably the only travel company on this list that can claim to have started with a couple of adventurers buying a double-decker bus. Alongside a global presence for general business travel, FCM now has an enviable reputation for staging creative corporate events.
Ranks highly for:
- Excursions/activities: FCM’s global buying power and established contacts can help build some eye-catching and exciting events
- Apps, reporting and management: Easy-to-use portal bringing relevant travel data into one place, which is easier to calculate ROI for your retreats.
- Other: Offers a carbon-offsetting tool to minimize the impact of travel
5. CWT
The history of CWT (Carlson Wagonlit Travel) goes all the way back to 1872, when Georges Nagelmackers first added sleeping cars (wagons-lits) to European trains. It’s since grown to be one of the world’s biggest corporate travel companies, but maintains a strong commitment to sustainable travel and low-carbon options, both in standard business travel and event management.
Ranks highly for:
- Apps, reporting and management: The well-developed MyCWT mobile app has been downloaded more than 2.5 million times
- Excursions/activities: Experience with organizing tailored special-interest activities at venues around the world
- Other: Offers sustainable travel options and hybrid event solutions
6. Navan
Navan’s USP is a one-stop platform that brings together all aspects of business travel, from flight itineraries and meeting room bookings to expense overviews and reward statements. A cutting-edge online platform means you can expect a smooth digital experience, although it is much more suitable for straightforward meetings rather than more complex corporate retreat events.
Ranks highly for:
- Apps, reporting and management: High-quality online platform that employs cutting-edge technology
- Business travel programs: App users can choose from a range of negotiated rates, and keep track of loyalty points
- Other: Free entry-level app for smaller companies; support available in several different languages from online travel agents
FAQs
What is a corporate travel service?
A corporate travel service, or business travel agency, takes care of a variety of corporate travel solutions. This might include booking flights and hotels, providing overseas support and organising events. Corporate travel services often use loyalty programs and special rates to negotiate the best deals, they’ll typically
What are the benefits of using a corporate travel management company?
Outsourcing your company’s travel arrangements to a specialist company can bring many benefits. These may include cost savings (better corporate retreat budgeting), streamlined itineraries and 24/7 traveler support. Using a corporate travel agency is particularly important for smaller businesses that do not have their own dedicated travel department.
How do corporate travel companies save costs for businesses?
Corporate travel agencies often have access to reduced rates that are not available to the general public, or can negotiate bespoke travel deals with hotels and airlines. Many agencies have streamlined expense reporting systems to keep track of costs and reduce the time employees spend on financial admin.