By Carmen Stinson on May 30, 2018
2 min read
Employee travel expense can be a significant part of your budget. You can reduce corporate travel spending primarily if the company deals with international clients and conduct business meetings on a regular basis. However, there are many effective methods which can result in your pursuit of corporate travel savings.
Consider booking ahead of time
It is cheaper to book your travel in advance. Once a business trip plan is confirmed, book your itinerary to secure lower costs and availability. However, consider a possible change of plans before reserving – it may make more sense to wait.
Avail reward programs and discounts
Most hotels, rental car agencies, and airlines provide discounts on travel to their frequent business customers. They also have reward programs and other special offers, which can use to reduce the traveling cost.
Work with your Travel Management Company to make those rates easily accessible. Online booking tools like Concur Travel can prioritize preferred vendors. Also, with the help of your agency, you can ensure you enroll in the best rewards programs.
Make an effective travel reimbursement policy
Having a stable travel reimbursement policy is also an effective way to keep your traveling expense on the lower side of the spectrum. These policies must specify all the details about the allowances, approved vendors and additional instructions relevant to the business traveler. These rules must appropriately communicate to the employees. For example, verbiage highlighting that upgraded seats or hotel rooms will not reimburse can prevent misuse of company’s money.
Use a travel management service
You can simplify your business travel process by using a travel management company. These companies can save you time, stress, and money by providing you preferential rates on hotel and airfare, enforcing your travel policy electronically, and helping with reports. Along with the monetary benefits, using their service also provides transparency of your travel expenses. The costs associated with a TMC are lower than if you hired a full-time employee to manage your program, not to mention the resources your TMC can share with you.
The best way to save on travel costs is allowing professional dedicated to travel to manage your travel program. Reducing travel costs don’t come from a straightforward initiative, and instead, comes from the synergy of multiple savings and policies together. Your TMC is best fit to maximize your program, allowing you to focus on your business.
Ready to learn more? Contact us and take your corporate travel to the next level.
Director, Global Corporate Travel