Travel industry is continuously evolving, and the changes within the industry will present both challenges and opportunities when you consider cost control. There are numerous options for business travelers for how to book the trips and which vendors to use. A business trip today will look completely different from that of the past few years. Therefore, companies have to adapt travel management practices as per industry trends and conventional travel methods need to be assessed taking employee travel habits into consideration.
Technology has made a significant impact on business travelers. With travel & expense software and mobile applications, millennials are increasingly showing interest in traveling and now travel more than any other generation. However, some techniques will make travel pretty easier for millennials. Here are a few tips for business travelers:
With high occupancy rates and increasing prices, travel policies should account for variation in hotel costs. Specifying destination-specific guidelines such as what hotels employees can book is important. Dynamic budgeting gives employees an estimation of budget based on their travel policy and available rates, and this would give you an idea of what a trip should cost.
Consider Inexpensive Hotel Options
Businesses can reduce accommodation expenses by providing a wide range of hotel options to employees to choose from. Providing options such as Airbnb or short-term stays can help reduce spending costs.
Flight Travel Tips
Update Policy Guidelines
Air travel expenses include ancillary fees and class fare. Additional air travel fares will create confusions about what is allowed in the company’s T & E policy. To minimize non-compliant purchases, you have to specify whether employees will get reimbursed for additional fare such as checked in luggage, priority access, preferred seating, or wifi.
Use Low-cost Booking
The growth of low-cost carriers and basic economy class fares will make it possible for employees to find options that are less expensive than premium airfares. Encouraging employees to book low cost flights will result in significant net reductions in airfare expenses.
Following these tips will make your business travel go within the budget and at the same time you can achieve employee satisfaction.