United Kingdom
News Release
CWT Launches Travel Stress Index, Using ‘Big Data’ to Identify Hidden Costs of Business TravelInnovative traveller policies will help drive down trip-related stress and improve productivity by up to 32%
AMSTERDAM, April 17 2013 – The latest findings from CWT indicate that traveller-focused policies, taking into account the impact of trip-related stress, could help companies improve traveller wellbeing at the same time as improving corporate productivity by up to 32%.
Following on from its study of the main categories of stress triggers for business travellers, CWT has developed an algorithm-based tool, called the CWT Travel Stress Index (TSI), which measures the financial impact of lost productivity incurred through trip-related stress.
CWT’s research indicates that, while stress cannot be reduced beyond a certain limit, steps can be taken to significantly improve traveller wellbeing and in doing so, increase traveller productivity when on the go.
"We have discovered that we can help our clients control and impact, on average, 32% of this portion of lost time and productivity," commented Vincent Lebunetel, head of CWT Solutions Group, Europe, Middle East and Africa. “By identifying which stressors are causing the most pain for a particular segment of travellers, we can recommend specific solutions to enhance the traveller experience and improve productivity. It could be advising on connectivity solutions for each stage of a trip or recommending a specific carrier based on on-time or lost-luggage performances.”
Using the TSI, CWT Solutions Group can now assess a company’s trip-related stress level, benchmark it against industry norms and provide recommendations to help clients tackle the hidden costs of business travel while addressing their travel risk management responsibilities. For example, the possible lost time for a company taking an average of 5,000 trips per year represents US$ 3.3 million; of this, US$1.1 million can be saved through improved traveller productivity.
"By creating policies that are centred on people – their profiles, needs and their reactions to different stress triggers – companies can help travellers focus on the fundamental reason for their trip: doing business!" Lebunetel continued. "We encourage companies to view business travel as a strategic means to grow and compete effectively in the marketplace, while at the same time recognising that business travel has an impact on a company’s most important asset – its employees."
The TSI is based on extensive data from nine different sources, including 15 million air transactions, CWT stress trigger survey statistics, traveller demographic information, worldwide employee compensation benchmark data, flight statistics on delays and lost luggage, and information relating to geopolitical risks. Perceived stress for each trip is analysed for 22 different activities from booking through to transportation, hotel stay and expense report; each one of these activities includes a stress-free period and a stressful, un-productive period. Taking a “big data” approach, CWT used a concept called trip reconstruction to pull together information from these 15 million transactions and obtain a complete view of any given trip.
About CWT Solutions Group
The CWT Solutions Group, the global consulting arm of CWT, brings innovation into the equation by pushing the boundaries of traditional travel management into new areas.
The Group is currently exploring big ideas and emerging solutions such as adaptive travel policies, the use of gaming and scorecards to drive traveller compliance, managing connectivity costs, and more. Our airline, hotel, and ground transportation practice areas help travel buyers source and continually improve their managed programmes in these areas, and our policy and compliance practice is dedicated to strengthening travel policies and travellers’ compliance to those policies. For more information on CWT Solutions Group, please visit our website at: http://www.cwt-solutions-group.com/
About CWT
CWT is a global leader specialising in managing business travel and meetings and events. CWT serves companies, government institutions and non-governmental organisations of all sizes in more than 150 countries and territories. By leveraging both the expertise of its people and leading-edge technology, CWT helps clients derive the greatest value from their travel programme in terms of savings, service, security and sustainability. The company is also committed to providing best-in-class service and assistance to travellers. CWT services and solutions comprise Traveller & Transaction Services, Programme Optimisation, Safety & Security, Meetings & Events and Energy Services. In 2012, sales volume for wholly owned operations and joint ventures totalled US$27.7 billion. As part of its commitment to responsible business, CWT is a signatory of the United Nations Global Compact Ten Principles. For more information about CWT, please visit our global website at www.carlsonwagonlit.com. Follow us on Twitter @CarlsonWagonlit.
Media contacts
Carrie-Ann Cooper or Christine Fischer
CWT UK
+ 44 (0)20 3353 1110/1113 (office)
+ 44 (0)7785 458 884/+44 (0)7920 863 180 (mobile)
[email protected] / [email protected]
