Curbing Travel Expenses Without Limiting Performance
As the consulting industry faces pressure to trim
travel costs while maintaining a high level of service,
furnished apartments have emerged as a leading
cost-saver with all the perks of a leading hotel ─ and
then some.
The current economic climate and recent public
scrutiny of travel and entertainment spending has
placed corporate travel on the chopping block. The
U.S. corporate travel market fell 15 percent in 2009,
an estimated industry loss of $85 billion, according to
PhoCusWright, a global travel research firm based in
Sherman, Conn.
In the consulting industry where travel is a vital component to the business,
consulting firms find themselves in a juggling act between meeting clients’
demands and keeping billable travel expenses under control. At the same
time, most consultants still travel more than 150 days per year and constantly
struggle to maintain work-life balance. Some 85 percent of recruiters have
seen candidates reject a job offer because it wouldn’t include enough worklife balance, according to a recent survey by the Association of Executive
Search Consultants. Some 90 percent of recruiters say work-life balance
considerations are more important now than they were five years ago.
Today, consulting firms must establish and adhere to a work-life balance
policy in order to acquire and retain world-class consulting talent. That includes providing travel accommodations that feel more like
living and less like work. Corporate housing, such as Marriott ExecuStay® furnished apartments, has emerged as a way to better manage
extended travel due to consulting projects. Companies that prescribe corporate housing for their travelers can realize savings of up to 15
percent over typical hotel accommodations. What’s more, consultants can enjoy more comforts of home in addition to high-quality amenities
they expect during extended travel.
Clients Push Back on Travel Expenses
About half of consultants surveyed report that clients are pushing back on travel
expenses, according to a survey by Consulting magazine. Nearly one-third
of consultants report that clients are setting limitations on travel expenses
as part of engagement contracts. Roughly one in five consultants say that
clients are asking them to travel less or find ways to spend less on traveling.
It is too early to know whether these new pressures will continue after the
economy improves. However, consultants should be prepared to continue to
limit or curtail their travel expenses for the foreseeable future.
While costs are an increasingly important concern for clients, it is not the
primary factor for consultants. Room size, company travel policy, amenities
and Wi-Fi availability are all bigger decision factors than price, according to Consulting magazine’s survey. This year, lowering travel
costs will continue to be a top priority, and firms will be looking at alternative housing arrangements that can deliver the right people, to the
right project, at the right time – but at an affordable price. Marriott ExecuStay furnished apartments are one way to bring travel expenses
under control.
Extended-Stay Furnished Apartments vs. Hotels
While on the road, consultants have earned premier status at the finest hotels
with the highest-quality amenities, and they expect that same level of quality
every time they travel. The same standards can be found at Marriott ExecuStay
furnished apartments. What’s more, consultants will earn Marriott Rewards®
points for their stay.
For extended-stay travel of 30 days or more, many travelers said that the
apartment atmosphere is more conducive to working than a hotel, according to a
study by the Freed Vance Research Group. With all the choices of apartments,
road warriors said that location was the number one criteria when considering
long-term housing. The apartment must be close to dining, shopping and local
points of interest – giving them a chance to experience their visiting city. Other criteria include brand recognition, amenities, quality food
available nearby, price and comfort.
The benefits of apartment accommodations also extend to the consulting firm’s clients. A rented furnished apartment costs roughly 10 to 15
percent less than a comparable stay at an extended stay hotel. Other apartment savings include reduced food costs by providing kitchen
accommodations for cooking or dining in versus dining out, free Wi-Fi and HSIA, and no storage fees for luggage if consultants decide to
leave for a weekend – to name a few.
The Marriott ExecuStay® Experience
When traveling for 30 days or longer, Marriott ExecuStay furnished apartments
provide the hallmark services found at Marriott hotels, but with the added
comforts and conveniences of a well-appointed, furnished home. From utilities
to furnishings, ExecuStay takes care of the details so consultants can plug into
the local community, stay on track and focus on work priorities. The process is
easy – make a reservation, pick up the key and move in.
Furnished Marriott ExecuStay apartments are ready to be booked on-line in
more than 300 U.S. cities. Plus, Marriott ExecuStay travel experts can source
apartments for your specialized project needs in hundreds of other U.S. cities –
big and small – and are not limited to only current apartment inventory.
All ExecuStay apartments offer free Wi-Fi – the first national corporate housing company to make wireless a system-wide standard – along
with well-appointed kitchens, ample workspace and comfortable beds, just like home. For more information about Marriott ExecuStay call
888.220.7655 or visit ExecuStay.com.
Summary
Consulting firms can’t afford to cut back on travel, but they can control travel costs and provide consultants with better work-life balance when
they’re on the road. Marriott ExecuStay can save firms and their clients up to 15 percent on extended stay travel, while providing road-tested
consultants with more of the comforts that make living and working away from home as productive as possible.
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