Of those companies, more than one-third (37%) said it negatively affected their business.
According to a press release, companies cited the following effects:
- Less effective internal communication – 12%,
- Fewer sales – 11%,
- Less effective execution on internal business initiatives – 10%, and
- Less customer loyalty – 8%.
When it comes to business travel in 2011, the majority of companies (77%) report that business travel levels will stay the same as last year. Eleven percent said their companies will take more business trips this year, while 13% said business travel will decrease.
In addition to keeping a close eye on how much travel is taking place, nearly one-third (32%) of companies said they are also placing specific restrictions on business travel for employees since the recession, asking them to fly coach, lowering entertainment budgets, and having them only travel domestically.
Web conferencing is another way companies are keeping business travel budgets in check. Forty-two percent of companies said they rely more on phone/Web conferencing now to conduct business with clients, with 31% saying they get just as much out of virtual meetings as face-to-face meetings.The nationwide survey was conducted among more than 2,400 U.S. employers and more than 3,900 U.S. workers between November 15 and December 2, 2010.