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CWT Launches Travel Stress Index, Using ‘Big Data’ to Identify Hidden Costs of Business Travel
Innovative traveler policies will help drive down trip-related stress and improve productivity by up to 32%
AMSTERDAM, April 17 2013 – Latest findings from CWT indicate that traveler-focused policies, taking into account the impact of trip-related stress, could help companies improve traveler 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 travelers, 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 traveler wellbeing and in doing so, increase traveler 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 travelers, we can recommend specific solutions to enhance the traveler 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 levels, benchmark it against industry norms and provide recommendations to help clients tackle the hidden costs of business travel while addressing their duty of care 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 traveler productivity.
"By creating policies that are centered on people – their profiles, needs and their reactions to different stress triggers – companies can help travelers 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 recognizing 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, traveler 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 analyzed 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 traveler compliance, managing connectivity costs, and more. Our airline, hotel, and ground transportation practice areas help travel buyers source and continually improve their managed programs in these areas, and our policy and compliance practice is dedicated to strengthening travel policies and travelers’ compliance to those policies. For more information on CWT Solutions Group, please visit our website at: http://www.cwt-solutions-group.com/
CWT is a global leader specialized in managing business travel and meetings and events. CWT serves companies, government institutions and non-governmental organizations 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 program in terms of savings, service, security and sustainability. The company is also committed to providing best-in-class service and assistance to travelers. CWT services and solutions comprise Traveler & Transaction Services, Program Optimization, Safety & Security, Meetings & Events and Energy Services. In 2012, sales volume for wholly owned operations and joint ventures totaled 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.com/carlsonwagonlit.
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