According to a recent report by TravelPerk, 61% of U.S. companies plan to increase their travel budgets this year, recognizing the dual benefits of revenue generation and bolstering employee morale.
The report underscores that the C-suite executives are increasingly acknowledging the pivotal role of business travel in delivering a solid return on investment. On average, these leaders attribute about a third of their companies’ 2023 sales growth to the direct impact of in-person meetings. This trend highlights the indispensable nature of face-to-face interactions in building and maintaining client relationships, with a compelling 95 percent of leaders indicating that their company would likely lose customers without such in-person engagements.
This strategic emphasis on travel reflects a broader understanding within corporate America that the tactile benefits of personal interaction often outweigh virtual alternatives when it comes to driving business outcomes.
Business Travel’s Impact on Employee Retention
The report also reveals that companies that are increasing travel budgets enjoy notably lower employee turnover rates. These companies reported an average turnover rate of 8.6 percent, which not only falls below Gallup’s national average of 10 percent but is also 3.5 percentage points lower than the turnover rate for companies that opted to reduce their travel expenditures.
This correlation suggests that enhanced travel opportunities may contribute positively to employee satisfaction and retention, possibly by fostering a sense of inclusion, engagement, and investment in the company’s success.
JFK, LGA or EWR – Which is Best for Business Travel
According to a recent study by MarketWatch, New York’s LaGuardia Airport has been recognized for its significant improvements in providing stress-free travel experiences. Once infamous for its outdated infrastructure and long queues, LaGuardia has undergone extensive renovations, leading to modernized terminals, more efficient security processes, and enhanced passenger amenities such as dining and shopping options.
For business travelers, these enhancements, coupled with decreased flight delays and cancellations. have added to an improved travel experience. The MarketWatch study gave New York’s LGA high rankings, but how did it do against the other local airports in the Tri-State area?
In terms of flights delayed:
- Airport — 18.37%
- Newark Liberty International Airport — 21.82%
- John F. Kennedy International Airport — 22.86%
In terms of flights cancelled:
- John F. Kennedy International Airport — 2.34%
- LaGuardia Airport — 2.72%
- Newark Liberty International Airport — 2.80%
In terms of average TSA wait times:
- LaGuardia Airport — 12.1 minutes
- Newark Liberty International Airport — 14.5 minutes
- John F. Kennedy International Airport — 15.7 minutes
Given these comparisons, Connecticut and New York-based business executives leaving from New York City may be better off flying from LaGuardia, which is the sixth-best major airport in the MarketWatch ranking. Meanwhile, both John F. Kennedy International and Newark Liberty International rank in the top five most stressful airports.
American Airlines Expands to Provide More Convenience at LGA
The announcement by American Airlines to expand its services with three new routes from New York’s LaGuardia Airport to New Orleans, Orlando, and Palm Beach is particularly significant for business travelers. These new connections enhance travel flexibility, allowing business professionals to reach key destinations more efficiently.
This expansion supports easier access to important business hubs and markets, facilitating smoother and more convenient travel arrangements. For those combining business with leisure, the added routes offer greater convenience, improving the overall travel experience by providing more options and reducing travel time.
Delta Airlines Introduces the New Delta One Lounge at New York’s JFK
Located conveniently between Concourses A and B in Terminal 4, this 39,000-plus-square-foot lounge offers premium travelers a luxurious and comfortable environment. The lounge features fine dining, spa-like wellness treatments, and valet services, enabling business travelers to relax and recharge.
This tailored experience allows Delta One ticket holders and business travelers to optimize their time at the airport, enhancing productivity and reducing travel-related stress, which is crucial for maintaining efficiency during business trips.
Overall, the new JFK construction project is advantageous for business travelers for several reasons, including enhanced connectivity between terminals and other transportation options; state-of-the-art terminals with modern amenities; better facilities for relaxation and work, including private workspaces, high-speed internet, and ample power outlets; and a wider variety of dining and shopping options, allowing travelers to make better use of their time at the airport.
Start Your Stress-Free Business Travel at the Door
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