Several themes will define the long-term future of travel that will prove as seismic as the decades previous. They’re the subject of a new podcast episode featuring CWT’s CEO Michelle McKinney Frymire to mark CWT’s 150 years in travel. Emphasized are some of the key issues of our time from immediate imperatives like global vaccine equity and accelerating sustainability practices, to the advantages of building for a future that cleverly combines human expertise and technology. What stands out is that planning for 2025 and beyond requires adaptive leadership at all levels, and in organizations of all sizes in all industries.
Leading for the long-term
Humbled – if not devastated - by a seemingly relentless pandemic, increasingly frequent manifestations of climate change, and personal loss and sacrifice, travelers are acquiring a new consciousness. They are perhaps more aware than ever of what matters in life and what doesn’t.
Michelle was no stranger to adapting in recent times. She was at the helm of completely restructuring the company for the future with $350 million dollars of new equity, including a $100 million dollar investment in new technology and innovative products. Global uncertainty is going nowhere fast (you can read more about how to plan for it in our 2022 Global Travel Forecast) so looking further to 2025 and beyond, here are three pillars of leadership shared in the podcast:
Beyond profit
The change in focus from solely profit to profit plus purpose is going to be truly meaningful and impactful. Companies that are focused solely on profit are going to lose ground, where they have competitors who are creating a strong connection and identity for their employees. Smart leaders are placing emphasis on collaboration, teamwork and connection for their employees.
Teamwork 2.0
People all over the world have shown that we can work in different ways that better meet the needs of employees. What we call ‘hybrid’ now will become the norm for how we work and live. That's going to drive different needs for travel and an elevated need for remote workers to connect with their teams, come together to collaborate and to innovate, but also to remember why they're doing what they're doing, “I think about our own purpose, and how much it resonates for me and for our 12,000 employees; that unlocking the power of human connection is what we really do. We have so many employees who really connect with that.”
Recipe for longevity
A strong identity coupled with speedy decision-making that empowers cultures, treating talent as a resource that’s scarcer than capital, and building for scale with data rich platforms and really great technology: If you can bring all those together, you really can build organizations that are going to be successful for the long-term.
Listen to CWT CEO Michelle McKinney Frymire on how to future-proof for 2025 and beyond.