The vast majority (87 per cent) of CEOs of firmly believe that
technology will never replace the value of strategically important face-to-face
meetings, according to new research.
The survey from flexible workspace provider International
Workplace Group highlights how business executives are prioritising
strategically important meetings for corporate spend. However, routine meetings
between global participants are taking place largely online using the available
technology, amid rising costs, environmental concerns and geopolitical
uncertainty.
The study among more than 500 business leaders highlighted that
the rapid development of digital infrastructure means functional meetings can
now be held online. More than three quarters (77 per cent) of business leaders
say technology has enabled them to continue to conduct pure ‘business as usual’
meetings virtually to drive efficiency.
That’s not to say business travel has been made redundant by
hybrid working. In fact, the majority (87 per cent) of CEOs firmly believe that
technology will never replace the value of strategically important face-to-face
meetings, and business travel will invariably play a crucial role in strengthening
relationships and when signing key commercial deals.
With an expectation of continued growth in the cost of business
travel in 2025, 77 per cent of CEOs noted that the ability to host meetings
virtually enables them to reduce the number of business trips, allowing for a
focus on crucial face-to-face meetings.
Extending trips
Three quarters (75 per cent) of corporate leaders said that
business travel is now more efficient and more than half (61 per cent) say they
tend to travel less but stay longer due to the availability of flexible
workspaces enabling them to remain productive between meetings. A quarter (26
per cent) now extend their travels to fit in additional meetings, reducing the
need for short visits, whilst others (23 per cent) have attended industry
events or conferences to maximise their trips.
As leaders enjoy greater flexibility in their working patterns, 87
per cent are spending the extra time to enjoy their destination and experience
local culture. One quarter (24 per cent) said they had actually combined a work
trip with a holiday. In an encouraging move for the whole business, the
benefits of travel and leisure are not exclusive to leaders – with 74 per cent
encouraging their employees to work from abroad to make the most of travelling,
too.
Mark Dixon, International Workplace Group CEO, said: “Executives are now prioritising
travel for the most strategically important meetings such as major business
deals or nurturing significant relationships with partners. For these types of
occasions, technology can and will never replace the value of in-person
transactions for the most valuable meetings.”
