Millenials Vs Baby Boomers: Business Travel Edition.
Understanding your employees is key to travel policy success!
Global business travel is impacting companies all around the world. As it rapidly increases, employers are under pressure to ensure corporate travel policies are enforced throughout their organisation. In order to enforce a strong travel policy, employers must have a complete understanding of their employee demographics, and their different needs, wants and habits. A complete view on how each demographic want to consume business travel is vital to the future of your business and travel policy success.
Baby Boomers Vs Millenials
Today’s workforce mainly encompasses two generations – Millenials (those under the age of 35) and Baby Boomers (35+).
Millenials are more inclined to mix their personal and professional lives, making them more likely to extend business trips to explore a new city. As more and more Millenials enter the workforce, terms like Bleisure are being used a lot more.
It’s been predicted that by 2020, Millenials will make up more than half of the global workforce. As a direct result, employees will demand more flexibility, with more tendencies to travel and seek work on a global basis (resulting in more mobile workers).
It looks like this generation’s view on business travel is entirely different to that of their Baby Boomer predecessors.
Baby Boomers, are quite different. They still make up a strong percentage of the workforce today, having more experience and occupying more senior roles in organisations. They tend to have more commitments at home, resulting in less time to travel, and a more restricted time-frame for when they can travel. Business and leisure tend to be consumed separately, keeping leisure trips for family and friends – professional and personal lives are separate.
Even down to how they spend money on business trips varies. A study carried out by the Global Business Travel Association looked into the dining habits of different generations while on business travel trips. Millenials were more likely to grab food on the go and seem to have more reservations about spending on additional costs on trips. Baby Boomers, on the other hand, seem to spend more, coming out as the most likely to spend on a “wine and dine” approach.
Why is this important for business?
Knowing how your employees’ travel gives you an insight into how to communicate with them, as well as creating a good relationship. With Baby Boomers, you take into consideration their family obligations, their need for structure and must have a plan in place for all business trips.
With Millenials, they may love technology and adore socializing, but they are most concerned about their own personal safety. Millenials will need a solid risk management policy in place to feel safe on business trips. It is also key to include a guide on your company’s approach to Bleisure, making it easier for Millenials to extend trips, (within policy) when they want to!
It is important to know what makes your employees tick, giving you a deeper insight into how they behave on business trips. A “one-size-fits-all” approach isn’t always the answer when implementing a travel policy.
Business travel is incresing, which means so is your business travel expenses. Reclaim up to 27% back on these expenses and increase cashflow into your busines!
We know that Indirect taxes such as VAT and GST can have a huge effect on your business. As VAT rates change sporadically keeping yourself informed can be difficult. Compliance is always crucial. That’s why our Indirect Tax Experts share their hand-picked news stories every day that you need to know. From breaking news to VAT changes and new EU legislation. We know that relevant information means better decision making. We aim to be your number 1 source for VAT and GST news.
+353 56 778 34 00 | email@example.com
See more Taxback International Articles
Could VAT be your key to faster cash flow in the year of COVID?
3rd August 2020: Minimize some of the commercial damage done by COVID19 and read about how VAT could become an unexpected cash-flow generator.
Global VAT Guide: August 2020
4th August 2020: Brazil’s new VAT regime, EU announces key implementation dates for e-commerce VAT package, and so much more.
How will Brexit impact VAT Managers in companies based outside the UK?
7th August 2020: Find out what’s new for VAT recovery after Brexit, what to expect and how we can help.