Research Shows That Global Businesses Are Set to Spend More Money on Travel This Year

LONDON: Although current figures show economic growth is slower than expected so far this year, recent research suggests more and more businesses are still willing to invest financial resources in business and incentive travel. These findings from a CSI Aviation Services report are backed up by The Currency Club, a specialist foreign exchange provider for the corporate and retail market

From 2008 onwards, business travel continued to decline as most companies were keen to cut costs when the recession hit. However, foreign exchange experts The Currency Club have observed an increase in commercial currency exchange requests in the first quarter of this year. The London-based firm believe this suggests a returning confidence and willingness to once again send executives overseas to meet clients and secure new deals. Meera Thakkar, co-founder of The Currency Club said “Client relationship building is strengthened by face to face meetings and no amount of conference calls, video conferencing or Skype dialogue can eliminate the necessity for face to face meetings to build a client’s trust. Corporate travel will always be a necessity and those who invest in sending their front office employees abroad to meet key clients will benefit against their counterparts who don’t.” In today’s increasingly competitive business environment, corporate incentive trips and overseas business trips are a great way for employers to demonstrate to their employees the extent of their appreciation. With one forecast reporting a general intention for business to spend 5% more on travel in 2011 than they did in 2010. While incentive travel has long been big business in the USA, with American firm’s frequently offering bonuses such as holiday’s and staff trips to locations such as New York City, The Currency Club is finding UK firms are now not so far behind. Whatever the company size, whether it is big or small, it’s increasingly important to consider the benefits of business and incentive travel. Incentive travel has definitely returned to the top of director’s lists this year. There are many firms today that acknowledge their employees to be their most valuable asset, and given that the performance of staff largely depends on such psychological factors as a sense of belonging and a need to be noticed, it is vital that a company invests in programmes for rewarding and recognising staff. Even something as simple as singling out a hard working employee to attend an overseas conference can make a huge difference to morale and motivation. The Currency Club stresses that UK companies don’t need to spend a fortune to compete with their American counterparts when it comes to offering the most enticing incentive travel to their employees. There’s also no need to break the bank when sending staff to crucial overseas meetings, conferences or seminars. Being sensible about travel and accommodation cost by pre-booking as much as possible is one way to manage costs. Using the same approach for managing currency exchange needs will also pay dividends. With airport bureau du change, ATMs in resorts and credit cards all proven to add significant extra costs to foreign exchange, The Currency Club’s no commission, free delivery service and fully automated online website is tailor-made for business executives. A unique rate optimiser tool shows exactly how much the exchange rate improves with the more currency that is ordered, while dynamic rates assure the best exchange rates are available all day long. Free next day delivery and same day office delivery to London corporate locations provide even greater value for money and convenience. Meera Thakkar commented further “Some companies completely ignore the cost of employees using their company credit cards or ATMs when abroad. Currency exchange costs can make up as much as 15% of all business travel expenses when airport costs, credit card charges and poor exchange rates are taken into account. Finance directors are approaching The Currency Club directly because they are aware and have quantified the significant savings to be made by asking employees to carry cash with them and not be as dependent on their cards or ATMs.” To find out more about what makes The Currency Club the best currency exchange service for your company’s needs and to order securely online, visit http://www.thecurrencyclub.co.uk

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