Work trips are sometimes unavoidable for meeting clients and securing deals, but traveling for work is often a silent worry on everyone’s mind. Where am I going to stay? Who’s going to book it? What will the food situation be?
We’ve all thought about it, and while corporate accommodations like an Airbnb or a hotel may seem like straightforward choices, hidden costs can often catch you off guard. In this blog post, we shed light on these often overlooked expenses, empowering you to make informed decisions and maximize your budget.
The Price Tag Beyond the Room
Picture this — you've traveled to Bermuda and settled into corporate housing. You only want to relax in the cool breeze of the AC or prep for tomorrow’s full day of meetings. The room you secured on the island seemed the perfect choice and was cheap.
However, it's essential to understand that utilities can come with a hefty price tag in Bermuda. Remember — the low prices that caught your attention don't usually include taxes, resort fees, parking charges or other add-ons that can significantly impact your overall budget.
Bermuda had the second most expensive electricity in the world in 2023, so rates will be higher than what you're accustomed to, which can cause an unwanted increase in your monthly expenses when you come to submit them.
Health and Well-being of Employees
But there’s another price tag entirely — the health and well-being of your corporate traveler. Traveling on business sounds glamorous to those who don’t do a lot of it. For those that do, spending a lot of time in hotel rooms and eating in hotel restaurants isn’t good for physical health.
The more often you travel the more dibilitating it can be on mental health too. Being away from friends, family, familiarity and the freedom to do what you want, when you want. It’s why business travelers on longer-stay trips increasingly opt for self-catering accommodation for that home away from home experience.
Maintenance and Housekeeping Cost
Living in corporate housing means sitting back and enjoying a hassle-free lifestyle, right? Not entirely. While your housing provider may cover regular maintenance and housekeeping services, any excessive damage or additional cleaning requests may come from your wallet.
Services like laundry, gym access, spa treatments or even early check-in and late check out fees add up. While these services can enhance the stay for travelers, they’re often cut out of work travel to save on costs. Finding corporate accommodation that includes everything in the price tag can greatly benefit those traveling.
Dining Options and Expenses
While hotels often offer on-site dining options, they can come at a premium. Be aware that room service, minibars and hotel restaurants can quickly rack up your expenses, especially if you have a larger team or extended stay.
Staying in rented self-catering accommodation means you’ll have to go food shopping and cook for yourself. After a long day of meetings, prepping and cooking a meal is at the bottom of the list, meaning eating out is usually a go-to.
Bermuda boasts an eclectic array of culinary delights to tantalize your taste buds. While this is undoubtedly one of the highlights of staying on the island, dining out can quickly become a significant expense. Whether indulging in delectable seafood or savoring a refreshing Rum Swizzle, be mindful of your restaurant bills to keep your budget intact.
Transportation Fees
Getting around Bermuda efficiently is vital for seamless business operations. However, transportation costs can add up quickly if not considered in advance. Some hotels offer airport shuttles or complimentary transportation within a specific radius, while others charge for these services.
Additionally, parking fees, taxi fares or car rental expenses should be considered when evaluating the overall cost of your corporate accommodations. Being mindful of these expenses will help you plan your budget more effectively.
Out of Work Hours
Bermuda is an opportunity for endless adventures and exploring natural wonders. Once business is done and there’s a moment to rest, the island offers travelers various outdoor activities, including water sports, hiking and golfing.
While these experiences are undoubtedly worth it, remember they may come at an extra cost. Plan your leisure activities wisely to ensure an unforgettable yet budget-friendly experience.
The Benefits of Corporate Accommodation
The Benefits of Corporate Accommodation
It’s Cost-Effective
Corporate accommodation often provides more cost-effective long-term solutions compared to hotel stays, especially for extended assignments or relocations.
Depending on local regulations, corporate housing expenses may be subject to lower taxes compared to hotel charges, resulting in potential cost savings.
Enhanced Comfort and Space
Corporate housing offers fully furnished apartments or houses, creating a more comfortable and homely atmosphere for employees.
Employees have more living space, including separate living, dining and sleeping areas, which can improve overall well-being and productivity.
Corporate Housing is Flexible and Customizable
Corporate housing is designed for extended stays, allowing employees to settle in and adapt to their new surroundings.
Organizations can choose housing options that align with specific employee needs, such as location, size or amenities.
More Control Over the Cost of Stays
With corporate housing, organizations can negotiate fixed rates for accommodations, which simplifies budgeting and expense management.
Some corporate housing options include utilities like water, electricity and internet in the rental fee, reducing hidden costs.
Better Security and Privacy
Corporate housing often provides better security measures than hotels, offering peace of mind for employees.
Employees can enjoy greater privacy in a home-like setting, which is especially important for longer stays.
Access to Amenities
Corporate housing typically includes fully-equipped kitchens, allowing employees to prepare their meals, potentially leading to healthier eating habits.
Many corporate housing options offer in-unit laundry facilities, reducing the need for external services.
Improve Productivity and Well-being
Corporate housing locations are often chosen strategically, minimizing commute times to the workplace and improving work-life balance.
The homely environment of corporate housing can lead to improved sleep quality and overall well-being for employees.
Focus on Team Building
When multiple employees are housed in the same corporate housing unit or complex, it can foster a sense of community and teamwork.
Informal interactions among employees sharing housing can lead to networking opportunities and knowledge exchange.
Stay Compliant with Local Regulations
Corporate housing providers are often well-versed in local regulations, ensuring that employees' stays are compliant with local laws.
Be More Environmentally Friendly
Longer stays in corporate housing can lead to reduced resource consumption compared to daily hotel turnovers, aligning with sustainability goals.
Buying a Bermudiana Beach Resort, Tapestry Collection by Hilton Condo
Bermudiana Beach Resort’s 90 fully furnished and professionally managed hotel condominiums are spread across nine three-story buildings. Whether you seek a smart studio or a spacious three-bedroom condominium, this resort offers four distinct property configurations you can use as employee housing while working in Bermuda.
Investing in a condo means employees always have a place to stay while visiting the island, so you don’t have to worry about locating the cheapest accommodation each time and finally maintain a sense of familiarity.
It also offers you and your employees an excellent benefit package of holiday accommodation, meaning it’ll never go unused.
The condos are designed to function as one, two or even three-bedroom hotel suites, sleeping four, six or eight people respectively. Each condo has a fully-equipped kitchen or well-equipped kitchenette and dining area — and our professional management team will ensure your condo is maintained to Hilton quality standards so it’s in perfect condition.
Want to know more about Bermudiana Beach Resort Condos for corporate accommodation? Check out our dedicated page here.
