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Value of a Travel Policy
It's a question many small and mid-sized companies often ask; with only a handful of employees who regularly travel on business, is a travel policy really necessary? The answer is a firm yes! Even with as few as five employees hitting the road or taking to flight throughout the year, and certainly for organizations with 10 or more frequent fliers, a travel policy provides the kind of cost savings -- and the ability to monitor and control travel expenses -- that can make a significant impact on your bottom line.
Studies by UNIGLOBE Travel and other travel management companies consistently show that by implementing a travel policy and getting their travelers on the same page (booking preferred suppliers, using the same booking tool, etc.), companies save 20 percent or more in travel and entertainment (T&E) expenses in the first year of a managed travel program. Here, in order of greatest savings, are the areas in which a customized program can make the most difference to your bottom line.
In addition to savings generated by a travel policy, your company can better track employee’s whereabouts and ensure their safety. Corporations today face a higher duty of care responsibility for their employees and a well written policy can ensure that appropriate precautions are taken before traveling to high risk destinations. Other features such as limiting the number of employees on a particular flight can protect your business in worst case scenarios.
One advantage that smaller organizations have when it comes to travel policies is their ability to communicate, monitor and ensure compliance with company travel rules. Getting the message out to your employees via a hand-out, a posting on the company's Intranet, a teleconference or a group meeting is a breeze compared to what multinational firms must do when instituting new policies. Like so many leisure travelers, now many employees are simply relying on Internet websites to book each trip independently, losing valuable negotiating power.
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Printed 8/19/2018 from www.uniglobetravel.com
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