#PayitForward to the Travel Industry: a Call to Action for Business Leaders

There is no blueprint for what we are living through right now. Sitting here in lockdown, in an attempt to flatten the curve, I am experiencing these effects firsthand.

With heavy travel restrictions already in place across Europe, the travel industry is clearly one of the most severely impacted by the Covid-19 pandemic. It’s also one of the most important industries in our global economy, supporting millions of people around the world. 

And although it’s easy to complain when a flight is delayed, or when a booking is messed up, travel is something all companies do and are being impacted by.

Some governments are providing support to the hardest-hit industries. But this effort – while noteworthy – likely won’t be enough. Jobs are being lost and companies are suffering, (not to mention the personal losses). 

Open call to the Business Community: #Payitforward

The business community has an opportunity to influence and mitigate some of these negative effects. Companies that are financially robust and relatively unaffected by this crisis can play a key role in promoting economic recovery. 

But this will require business leaders to take action. 

During the pandemic, I firmly believe that the business community needs to come together and show solidarity by supporting its key providers. It’s a thought echoed by other leaders.

The #Payitforward Travel Industry Initiative

As a company, we are used to facing and solving FX challenges. To help in solving the economic challenge of Covid-19, Kantox is calling on companies to launch a global #PayitForward Travel Industry initiative by making a financial commitment to their trusted providers. 

To help restore business confidence, ease supply chain disruption, and boost cash flows, we are pre-paying part of our 2020 travel budget to our trusted providers.

Why are we doing this?

A recent post by Grundfos CEO, Mads Nipper, was a catalyst. One of my Sales guys (Esteban Lopez) saw an opportunity, which started an internal conversation and the rest snowballed from there. 

Since that time we have already shared our idea with several other companies and friends and the response has been encouraging. 

CEOs from several companies of varying sizes, across different sectors and industries, have reacted with interest and enthusiasm. Some have already started their own #PayItForward commitments, while others are considering doing so. 

These companies understand that cash reserves should not be hoarded, but managed. And that excessive hoarding – whether it's cash reserves, toilet paper, or face masks – only serve to make the overall situation worse.

They understand that as long as their cash position allows it, making #Payitforward commitments to their trusted providers is actually a pretty smart business move. It will strengthen their relationship. It will signal courage and determination to fight the “Covid angst”. It may strengthen overall business confidence and also shorten recession time.

Interestingly, the first firm commitments came from our friends at other tech companies like Holded and Trendier. Their cash position is strong and they are used to moving fast and being bold.

Now I am sharing the #Payitforward initiative here in the hope that it will inspire many other leaders to act too. 

Challenges like these are a great test of leadership. Each of us must decide whether to hoard without limits or take calculated risks. And to ask whether long-term profitability comes from being the last man standing, or from helping our providers and partners to stand their ground. 

If we act together, we may just be able to make a positive impact in these uncertain times and, ideally, make a virus-induced recession disappear as quickly as it came.