For those of us lucky enough to be able to enjoy flexible working, our corporate lives have changed since the pandemic, allowing us better balance and, in some cases, a whole new way of life.
For the accommodations sector, the pandemic meant a swing towards the leisure market, but, in the background, many providers hoped that this new way of life would retreat and that the road warriors would return — and with them their corporate credit cards.
It was a road well-trodden, an easy-to-understand weekday, high-rate market that has remained the same for decades. For many, reliance on the leisure market was reliance on unfamiliar guests they had never catered to before, ones with very different requirements.
For us, the leisure guest is an old friend, but we are seeing growth in a corporate market that has changed and is now aligned more closely with what we offer at Watergate Bay.
We have long attracted the corporate market, as our meeting spaces and private dining attest, but this was the corporate market on a break, teams kicking back and celebrating, which was not always the best fit with our leisure guests.
The corporate market has become more purposeful.
Employers are looking for a place for team members to meet and bond in a relaxing environment, but with work still very much on their minds. The ability to work remotely means that meeting in person is no longer a daily habit but an event in and of itself.
Jason Geall, executive vice president at American Express Global Business Travel, told me that “evolving patterns of working are changing business travel and meetings. Many companies are operating with remote and dispersed workforces of people working from home and hybrid offices.
“This leads to rethinking how team members need to connect and re-evaluating the importance of internal meetings. Face-to-face interactions with colleagues are key to supporting employee well-being and retention, instilling company culture and values and improving team bonding, productivity and professional development.”
Geall said changes such as these have been reflected in his firm’s forecast that internal meetings are expected to be the fastest-growing events category this year.
“Amex GBT also says it is seeing small and medium-sized enterprises continue to lead the way in business travel growth,” he said.
Instead of large groups, our hotel is seeing small gatherings, who can instill themselves in the lifestyle we offer, such as enjoying the surf, coastal path and beach, but who still have an agenda of corporate tasks and goals.
Corporate travel budgets remain constrained but are more targeted. There is more attention paid to value, to the purpose of the stay.
Connecting with colleagues is now considered a purpose, while in the past it was a perk.
We have curated packages that have a combination of work and play, which teams find drives creativity that might have become stifled in the traditional office environment and helps deliver the wellness that the corporate market has come to realize is key to fulfilled employees.
Experiences like this play a critical role in in attracting great people in what has become a war on talent, regardless of industry sector.
Outside of team retreats, we are also seeing demand from people looking to work from “home” but somewhere different, somewhere they can still be productive but with a change of environment and with a strong community feel.
It is the chance to recharge while staying in touch with the office.
We are starting to understand that what we’ve created at our hotel for the leisure market is also more than fit for purpose for this new era of corporate travel.
Ben Harper is CEO of the Watergate Bay Hotel in Cornwall, England, and brands Another Place and Beach Retreats.
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