2. SAFETY AND THE EMPLOYER’S DUTY OF CARE “Serviced apartments need to cater to the needs of large companies, focusing on duty of care, safety, security, compliance, and employee satisfaction,” she says. “Companies want to be able to offer seamless booking and check-in and know that the accommodation they book for their employees meets the requirements of duty of care.” On the AltoVita platform, operators can showcase
their sustainability efforts, such as waste management and energy and water consumption management, and can demonstrate their safety features, including fire extinguishers, carbon monoxide and smoke detectors. The feature uses geotagging to verify that the pictures are taken at the specific property. The platform aims to provide a rich booking experience where users can have detailed information about the properties they want to stay in.
3. ECONOMIC PRESSURES ARE CHANGING THE MARKET Cost savings are likely to continue to be a significant focus in 2023. According to AltoVita’s recent survey, companies could unlock opportunities in the extended stay market through consolidating the purchasing power of their business travel and global mobility departments. “The survey revealed that 40% of surveyed managers
“OUR GOAL IS TO PROVIDE A PERSONALISED EXPERIENCE FOR EACH BOOKING. WE AIM TO SERVE CLIENTS FROM INTERNS ALL THE WAY TO EXECUTIVES.
in these areas do not communicate with each other, largely due to different reporting lines within companies,” Vivi says. “Yet accommodation is one of the largest expenses, accounting for about 20% to 30% of spend in both business travel and global mobility departments. By encouraging the consolidation of purchasing power across the whole of a company, clients can achieve additional cost savings and economy of scale.” She also points to a lack of visibility on spend in many
1. A NEW WAY OF LIVING AND WORKING Serviced apartment living gained traction during Covid, as business travellers and assignees searched for accommodation that provided extra space for home working rather than just a hotel room. New trends also emerged around the importance of employers providing a duty of care for employees, with a greater focus on location, personal wellbeing, and communication. On a more global level, the sector has seen the
introduction of new brands, an increased interest in sustainability and Environmental, Society and Governance issues (ESG) and a focus on serviced units being used both for business and for leisure activities. Providers are also looking to differentiate their offerings, with some brands aimed at younger travellers and Generation Z customers who want to experience a more authentic stay. Having worked abroad on a regular basis, Vivi had
personally experienced the administrative burden of relocation. With her business partner she decided that technology could solve many of the issues around booking safe, secure, and convenient accommodation for business assignees.
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organisations. Many managers face a blind spot when it comes to visibility on spend, often due to the absence of appropriate technology platforms or holistic data and spending monitoring systems. This lack of visibility can hinder efforts by HR, mobility or finance departments to manage costs effectively. In order to enable clients to consolidate purchasing
power between business travel and global mobility to achieve cost savings, AltoVita is launching a new cost management capability. This feature will allow clients to access and view spending information in different areas, providing greater visibility and addressing the pain point of having a lack of transparency when it comes to overall spend. She says procurement managers are actively
looking for new and more cost-effective ways of managing accommodation spend due to the current economic conditions.
4. LOCATION AND BUDGET ARE FOREFRONT Alongside ensuring employees are safe, location is also an important factor in the accommodation choices. While financial services companies tend to focus on
business locations such as New York, London, Hong Kong, Tokyo, Paris, and Singapore, companies serving other sectors like consumer goods, pharmaceuticals, tech giants and energy face the challenge of accommodating employees in more difficult and remote locations.
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