Yes, you heard that right! Companies are taking note of the fact that women who travel to different places for business purposes have been saving their employers millions. Sexist as it may appear, the connotation here is certainly not to prove the opposite sex any less competent in this domain. It’s just that record of organizations reveal that females plan their business travels much ahead of time, as compared to their male counterparts. The demand for business travel is independent of gender, but men and women demonstrate diverse habits that impact business overheads differently.
This results in cost minimization and expenditure within budget, estimated at almost 2% lesser than the average ticket price. A corporate travel firm, Carson Wagonlit Travel, carried out a survey to affirm the role of women in business travel, where the research revealed that among 6.4 million flight bookings made in 2014, females always booked trips earlier than males. The study showcased that women purchased air tickets, as early as two days before men did. Though the time may not look as much, but a difference in even a day or two can either incur major expenses to companies or save twice the amount. Extensive studies conducted to understand the maths behind this showed, that a company with about 21,000 employees who traveled on a regular basis, could save up to one million dollar, if men could pre-schedule their trips as early as women did. Though the difference in price of tickets procured may appear less, the difference can add up to millions when consolidated annually.
So, what are the facets that result in this striking difference? Is it only pre-planning or does saving cost attribute to the route, class or other factors taken into consideration in women’s travel plans? Though much of the latter has not been researched as yet, the former certainly holds relevance to the gamut of the finding.
Most male business travelers booked tickets closer to the travel time, than females across all age groups. However, studies coughed up results that revealed incidences of women of a higher age booking much in advance as compared to younger female colleagues. However, studies also showed that irrespective of gender, business travelers in the age group of 30-70 years, booked travel almost five days earlier than their younger co-workers.
Deliberating on the consistency with which women pre-book their travel, some studies correlate advance bookings to an increased work travel stress among women as opposed to men. This aspect has been predicted to factor into women’s predisposition to book travel much in advance. Contrary to the premonition, studies have alternatively shown that almost 93% of people, regardless of gender, find business travel stressful. The trend of women expending less money in planning business trips can be exemplified with a simple example. Those who travel more have lesser time to pre-book as they are constantly on the move, as against the less frequent travelers. Indeed, reports put forth that those who travel less or occasionally, book beyond time than frequent business travelers. Interestingly, studies also disclose that someone who travels more frequently for business is relatively less likely to book ahead, regardless of gender.
The scope of research increases with an approach to analyzing business travel into parallel segments, where factors like booking channels, business units, location and other aspects could be taken into consideration for understanding why and how females save their employers from incurring huge travel cost.
Article by Rochi