New Report from Cvent and GBTA Sheds Light on the Transforming Role of the Corporate Travel Manager
The role of travel managers in the corporate world has evolved due to the impact of COVID-19, according to a new report by GBTA and Cvent. The report highlights changes in responsibilities, compensation, and job satisfaction among travel managers. Key findings include an expected salary increase for U.S.-based travel managers, the diverse backgrounds of travel managers, opportunities for diversity and inclusion in the field, and high job satisfaction among respondents.
Positive
U.S.-based travel managers expect a 3.5% increase in median salary to $117,500 this year. European Union travel managers expect an average salary of €70,000 in 2023, a 1.9% increase from last year. Travel managers have various professional backgrounds, with almost half having prior experience in a travel supplier role. There is an opportunity to increase representation of racial and ethnic minorities in the travel management field. Almost all travel managers expressed job satisfaction, with 90% liking or loving their work.
06/01/2023 - 09:00 AM
Latest research from GBTA and Cvent explores the critical and evolving role of travel managers including reshaped responsibilities, compensation insights, DE&I advances, and career satisfaction
ALEXANDRIA, Va. --(BUSINESS WIRE)--
Like most of us, corporate travel managers can divide their careers into two distinct eras: before COVID and after COVID. And like most professions, the ongoing adjustments for travel managers to their responsibilities, compensation, and job satisfaction reflect an industry that’s ripe for change while still adhering to some past truths.
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This is according to a new report – “ The Life and Times of a Corporate Travel Manager: Travel Manager Reflections on Their Career and the Evolving Role” – made possible by the Global Business Travel Association (GBTA ), the world’s largest business travel association, and Cvent , an industry-leading meetings, events, and hospitality technology provider.
“Corporate travel managers play a vital part in the success of their organizations and the satisfaction of employee travelers,” said Anil Punyapu, Cvent Senior Vice President of Sales. “But the profession experienced significant disruption during the pandemic with travel restrictions, safety concerns and wild swings in supply and pricing. With business travel rebounding, and many new travel managers in the workforce, we partnered with GBTA to leverage this unique opportunity to understand the evolution of travel managers and how they fit into the dynamic corporate travel structure today, and in the years ahead.”
“The past few years have required navigating unprecedented changes and a new landscape for business travel, and that includes for our industry’s workforce. So it’s essential for us to examine how travel managers fit into this forever-changed world. With this report, by going straight to the source we explore how they view themselves as part of the current and next era of global business travel,” said Suzanne Neufang, CEO, GBTA.
Here are key highlights from the report:
PAY INCREASING. U.S. -based travel managers said they expect to earn a median salary of $117,500 3.5% from 2022. Their European Union counterparts expect to earn on average €70.00 0 in 2023, which is a 1.9% increase from last year. However, it’s worth mentioning expected salary raises in both regions are not expected to keep pace with inflation rates.
MULTIPLE ENTRY POINTS. Travel managers have various professional backgrounds and entered the field in different ways. For example, almost half of current travel managers (49% ) have prior experience working for a travel supplier such as an airline or hotel. However, more than one-quarter of travel managers (28% ) held previous positions in procurement that did not involve travel, and 17% of respondents came from a finance/accounting background.
DE&I OPPORTUNITIES. There is opportunity to increase representation of racial and ethnic minorities in the travel management field. Of the survey respondents, one in 10 (11% ) identified as an underrepresented racial or ethnic minority, including 14% in North America and 3% in Europe . Almost three-quarters (74% ) of participating travel managers identified as women. This included 75% in North America and 71% in Europe .
JOB SATISFACTION. Almost all respondents (90% ) said they "like” (58% ) or “love” (31% ) working in the field. They are satisfied with work-life balance and engagement with their day-to-day responsibilities.
Data collection for the online survey of U.S. , Canada and Europe /UK -based travel managers took place in February 2023, with 186 qualifying responses.
On June 21, 2023, at 11 am ET, join a free webinar for more insights and discussion from the report findings featuring Cvent’s Kelli Romig, Senior Product Marketing Manager,; Fidelity International’s Carol Fergus, Global Travel Manager; and GBTA’s Mark Sharoff, Research Senior Manager. Register here .
GBTA members can access the complete research report and infographic from the GBTA Member Hub . The report can also be downloaded on the Cvent website .
About GBTA
The Global Business Travel Association (GBTA ) is the world’s premier business travel and meetings trade organization headquartered in the Washington, D.C. area serving stakeholders across six continents. GBTA and its 7,600+ members represent and advocate for the $1.15 8 trillionGBTA.org and GBTAFoundation.org .
*2023 data based on GBTA’s Business Travel Index™, July 2022
About Cvent
Cvent Holding Corp. (Nasdaq: CVT) is a leading meetings, events, and hospitality technology provider with 4,800+ employees and 21,000+ customers worldwide as of March 31, 2023. Founded in 1999, the company delivers a comprehensive event marketing and management platform and offers a global marketplace where event professionals collaborate with venues to create engaging, impactful experiences. Cvent is headquartered in Tysons, Virginia , just outside of Washington D.C. , and has additional offices around the world to support its growing global customer base. The comprehensive Cvent event marketing and management platform offers software solutions to event organizers and marketers for online event registration, venue selection, event marketing and management, virtual and onsite solutions, and attendee engagement. Cvent’s suite of products automate and simplify the event management lifecycle and maximize the impact of in-person, virtual, and hybrid events. Hotels and venues use Cvent’s supplier and venue solutions to win more group and corporate travel business through Cvent’s sourcing platforms. Cvent solutions optimize the event management value chain and have enabled clients around the world to manage millions of meetings and events. For more information, please visit Cvent.com. From time to time, we plan to utilize our investor relations website, investors.cvent.com, as a channel of distribution for material company information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230601005312/en/
MEDIA INQUIRIES:
diannaci@gbta.org
nstimson@gbta.org
estoltenberg@cvent.com
Source: Cvent Holding Corp.
What is the expected salary increase for U.S.-based travel managers?
U.S.-based travel managers expect a 3.5% increase in median salary to $117,500 this year.
What is the average salary expectation for European Union travel managers in 2023?
European Union travel managers expect an average salary of €70,000 in 2023, a 1.9% increase from last year.
What is the professional background of travel managers?
Travel managers have various professional backgrounds, with almost half having prior experience in a travel supplier role.
What opportunities exist for diversity and inclusion in the travel management field?
There is an opportunity to increase representation of racial and ethnic minorities in the travel management field.
Are travel managers satisfied with their job?
Almost all travel managers expressed job satisfaction, with 90% liking or loving their work.
