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Travel policies save money, expert says
Benchmark studies have shown medium-sized to large companies that have a travel policy save between 5% and 20% off annual travel expenses, according to a corporate travel consultant.
For smaller companies with less revenue, these savings are just as critical, yet most small businesses let their business travelers fend for themselves,” said Christine Huyer in HR Professional.
Establishing a travel policy sets the expectation for travelers, shows commitment to employees, saves money and aids human resources and management in providing tangible guidelines for all employees.
She said effective travel policies are designed to meet four goals:
Ensure employees travel for business safely, comfortably and inexpensively in a time-effective manner: cut costs through volume discounts with preferred vendors; enhance the productivity by facilitating the control and tracking of travel-related expenses.; and provide guidelines to assist the company and employees when emergencies arise.
“Your travel policy should also clearly address: Who is eligible or required to travel on company time; what approval is required before making travel arrangements; what are reimbursable business expenses and how they will be reimbursed; how travel should be booked, who books it and what hotels, airlines and car companies are acceptable; what emergency procedures are in place,” she said.
Cost savings from having a travel policy in place come from reducing time spent by employees searching for travel arrangements and having a company-preferred airline, car and hotel vendors, brings benefits that include volume discounts, bill consolidation and itemized reporting, according to Ms Huyer.
Report by David Wilkening
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