February 16th, 2024

How to maximize your corporate travel policy

How to maximize your company’s corporate travel policy

Navigating the ins and outs of your corporate travel policy can feel like a maze, leaving you as drained as jet lag. 

Policies differ greatly based on company size and industry, but their essential aim remains the same: to streamline travel and expenses, and ensure employee safety. Struggling with inefficient employee travel? Here are seven actionable steps to help maximize your company’s corporate travel policy.

Communication is key

Unlock the full potential of your corporate travel policy by ensuring both parties are on the same page. Targeted training sessions empower employees to navigate policy details with ease, including approved booking channels, procedures, expenses, and the reimbursement process. Crystal-clear guidelines and readily available support will guarantee a user-friendly policy while helping to minimize unauthorized bookings and expenses, freeing your business to focus on strategic priorities.

Utilize tech

The days of physical receipts and long-winded itineraries have long passed. Upgrade your travel management by making the most of the technology at your fingertips. Digital platforms, such as TravelPerk and SAP Concur, take the hassle out of corporate travel by automating processes. Mobile apps such as Navan keep everything organized with built-in expense and itinerary management, while Rydoo supports various currencies when it comes to real-time expense claims, perfect for on-the-go travelers.

Negotiate perks

Frequent flyers and hotel guests hold valuable bargaining power – use your loyalty to your advantage and negotiate lower rates with preferred airlines, hotels, and transportation providers. If direct discounts aren’t feasible, explore alternative perks that enhance your employees’ experience, like airport lounge access, complimentary meals, or room upgrades. 

Prioritize the employee

A burnt-out employee on the road benefits no one. By emphasizing comfort and consideration, both productivity and traveler satisfaction are greatly improved. Consider enabling a degree of flexibility when it comes to travel times and operators, and look for reasonable upgrades where budgets allow. It’s important to remember that, while cost-cutting matters, so too does the wellbeing of your team.

Gain data-driven insights

Any forward-thinking business will already know that analyzing relevant data is a vital tool. To maximize your corporate travel policy, start by identifying the KPIs and metrics that matter most, including average trip costs, employee satisfaction, and compliance percentages, to uncover hidden patterns and identify areas for improvement. For more advanced insights, leverage cutting-edge predictive analytics, such as machine learning and predictive modeling to forecast future trends, patterns, and demand. 

Embrace eco-friendly travel options

Consider incentives for employees opting to travel more sustainably. Whether offsetting carbon emissions, traveling via train, or booking with hotels which pride themselves on their green credentials; not only is your business minimizing its environmental output, prioritizing eco-friendly options and displaying measurable progress has proven long-term benefits for a company’s bottom line.

Review feedback

To truly understand where your corporate travel policy could be coming up short, it’s necessary to review feedback from your business travelers on a regular basis, whether via anonymous surveys or focus groups. By listening to their opinions and experiences, you can successfully address any issues, boost compliance, and keep your travel budget on track. 

A robust and effective corporate travel policy should minimize expenses, simplify bookings and reimbursements, ensure compliance, and prioritize the wellbeing and productivity of your business travelers. By maximizing your policy, your company is equipped to reduce risk, optimize business travel, and foster employee satisfaction.

Image Credits: Business traveler in airport lounge by Capricorn Studio © Shutterstock; contract signing by kan_chana © Shutterstock; traveler using mobile app by A_B_C © Shutterstock; business hotel room by fizkes © Shutterstock; travel documents and coffee by ZinaidaSopina © Shutterstock.