Great-West corporate … Other vendor expenses – expenses you allow. Given the rapidly changing environment of corporate travel, the smartest option is to have a procedure in place that will allow for frequent updates with minimal effort. As per. How often in advance are your travelers booking? Some organisations like to plan business trips several weeks in advance, while others are willing to make bookings at the very last minute. The point of a one-page corporate travel policy is to communicate the most vital information to your business travelers. Corporate Travel Management Solutions; Account Management; OnLine Travel Booking System; Business Travel Spend Management; Travel Service Excellence; Travel Report Card; Time for a change; Meeting and Events. Some of the key objectives of the T&E policy are as follows. A travel policy needs to cover all elements of your travelers’ trips, from booking to their return. There were forms to fill out, security badge pictures to be taken, and a tour of the office building. Today’s business travelers want more flexibility around their company trips. Office expenses – for example office supplies which employees can purchase using the corporate card or their own card. Following should be covered in the travel policy. Developing a corporate travel policy that reduces liabilities, supports corporate travel cost savings, clarifies procedures, delivers useful information, and embraces employees’ needs will help give you an edge over your competitors. In tandem with these traveler-centric requirements, are longstanding company objectives of minimizing travel costs and maximizing return. When it comes to defining Travel and Expense policy, define clear objectives and goals, keep it simple and focus on adoption over enforcement. The One-Pager: Corporate Travel Policy Best Practices. A company’s travel program is increasingly seen as an important recruitment and retention tool. Beyond the basics of when and how employees should book travel, there are important inclusions for a corporate travel policy in the 2020s. Component of Travel and Expense (T&E) Policy, Best practices –  Travel and Expense (T&E) Policy, Free Guide: Cost Saving Strategies for Mid-Market CFO’s, 9 Expense Management Strategies for CFO's - Control and Reduce Expenses. 1. The other way to handle this is to structure by travel time, for example – if the travel time is more than 8 hours then the business class is allowed. All expenses should be approved at the right authorization level before submitting for processing. If your company has a corporate credit card program, then you might require all expense to be filed within 30 days so that you can pay the bank in time and avoid any late fees charges. Join me at 1:45 today to learn more about the Best Practices for implementing a Corporate Travel Policy. Corporate travel management Anatomy of a corporate travel policy both employers and employees will love (+ template) A well-designed corporate travel policy does not only help to maintain order throughout the entire travel process, but also promotes compliance, saves the company money, improves travellers’ safety, and prevents fraud. Do you know what is happening in your network as it’s happening? Corporate travel policies are usually created by the Finance Manager and the Travel Manager and typically outline things like, if an employee can fly business class, how many weeks in advance should they book their trips, or if there are certain precautions employees must take when traveling alone. Corporate Travel, Uncategorized Here’s an infographic on Travel Policy Best Practices that summarizes some of the key considerations when building an effective travel policy. Badge account holders may contact Seagate’s corporate travel department to request a “guest” profile to access Seagate’s travel agency and book travel arrangements. If you’d like an in-depth guide to creating or updating your own travel policy, you can download our Travel Policy Workbook here. We would greatly appreciate it if … Customization can often make a travel policy long and complex. If your annual spend is under $500,000 chances are that you might not be able to get any preferred pricing from airlines but you can always enroll in the corporate miles program whereby company accumulates miles for every travel. Whether you’re working from a sample policy, customizing it to fit your business, or updating your company’s older document to align with new travel practices and technologies, you’ll need to know what should be included. T&E policy implementation is no different from any other change initiative... 3. For example, if one must travel to another location to conduct a meeting with an important client, any lodging, meals, or transportation costs usually count as travel expenses”. Organizations across the board are looking for ways to improve their T&E process and the first step is to have a solid foundation in the form of a T&E policy. If you are a medium-sized business, it is ok for employees to use any website for booking, however, in that case, make sure that you have a good expense reporting tool so that you can get visibility into spend. It is recommended that you review your overall T&E spend and identify categories which are not reimbursable. If the lowest comparable airfare is only offered on options that cannot be booked through Seagate’s approved travel agency, then the traveller may book the lower cost option directly with the carrier. Business travel has become more and more common in today’s business world as companies have recognized its value. For best results, use clear, straightforward, and specific language. This is the most important piece of the T&E policy. With proper logging, you should be notified when undesired events occur, like hard drive failure, power failure, and data exfiltration, and you should be able to trace back an attack or event to its source. Your travel policy is the engine that powers everything related to your travel management process. It is good practice for the initial communication to go from CFO on why the need for T&E policy and how employees can provide feedback. In addition to compensation and opportunity for advancement, today’s workers, especially younger employees, may consider a flexible travel program that offers leisure travel and other benefits to be important. Business Travel and Expense Policy Best Practices. If the lowest comparable airfare is only offered on options that cannot be booked through Seagate’s approved travel agency, then the traveller may book the lower cost option directly with the carrier. First – all employees can easily understand what is expected out of them. Make your corporate travel policy easy to remember by keeping it short and simple. b) Ensure that employees understand the legal requirements from, Benefits of Travel and Expense (T&E) Policy, Though cost savings is not the only reason for which you should define a T&E policy, having a well-defined Travel and Expense policy does lead to, It helps you to understand key trends by way of gathering spend data (assuming you have an electronic system to capture T&E spend including vendor details). !| corporate travel policies as well as traveller service|! We work with each client to ensure that their travel policy is competitive, drives cost savings and enhances the travel experience. Read up on these four travel policy best practices and use them as guidance to create and enforce a better policy that improves your company’s bottom line. This part of the policy should explain how travel costs should be paid for — whether through a centralized corporate account, the employee’s own personal credit card, or a mix of both. 1. When writing a corporate travel policy document, one size doesn’t fit all. Corporate Travel Expense Policy And Corporate Travel Policy Best Practices can be beneficial inspiration for people who seek an image according specific topic, you will find it in this website. We work with each client to ensure that their travel policy is competitive, drives … They are based on practices a) Define an expense reimbursement process for both employees and non-employees. Business Travel and Expense Policy Best Practices. The company travel policy is becoming more streamlined and concise to encourage greater compliance. Set in place thorough policies on air, ancillary, hotels, trains and more to ensure that your travel policy … One of the best ways to create a successful policy is to first understand the current practices at your company.Take the time to map out how travel is being purchased at your company right now and collect as much data as you can about traveler practices. Making it possible for employees to maintain their health regimen keeps them productive and helps boost employee retention. 5. The success of corporate travel policy compliance is a measurement of booking behavior against the travel policy. – How can you reduce out-of-policy bookings and boost compliance? Increasingly, more businesses are examining how company policies impact the experience of the business traveler. You're also responsible for providing for their safety and ensuring that they have a reasonable travel experience. The goal of defining the objective of the policy is not just to define the rules for T&E expenses but to also ensure that employees clearly understand how to behave responsibly while spending company money. When the summer travel season kicks off, some employees like to add a little pleasure to their businesses by tacking on personal travel time to a business trip. Despite that connectivity and the ability to book travel by oneself, corporate travel agents are still as important as ever. These miles can then later be redeemed for travel, not huge savings but you can save $50,000 – $100,000 / year depending upon how they are redeemed. Consider some of the best practices of booking corporate travel: Encourage company policy compliance. – How do you communicate changes to your team members? A company’s travel policy does far more than just provide information to employees about corporate travel booking. • As a best practice, we recommend an overlap of 4-6 weeks between your incumbent and new Travel Management Company. As per Aberdeen research group, the top benefit companies are looking for is reduce expense processing cost. Our travel management experts use a consultative approach to work with you to create a comprehensive plan to manage your business travel policies and procedures, which includes regular compliance analysis. Thank you. T&E is the second largest controllable cost for the average U.S. organization and your travel policy can be a tremendous advantage in today’s competitive business environment. It should be clearly defined whether employees should exclusively use corporate-issued credit cards or whether an employee can use their personal credit card and cash for employee expenses. Corporate Travel Policy. About. Second, if you have a preferred rate with a hotel, then make sure employees use only that hotel. c) Business Class vs Economy: The policy should clearly specify when business class travel is allowed. On an average, you can, Standardization leads to reduced exceptions and hence overall reduced cost to process an expense report. managers or authorizers do not have the authority to override the Corporate Travel Policy. Business travel management is complex: managing costs|! One way businesses can improve policy compliance is by focusing more on improving … Your email address will not be published. Specifically, This section is more an overview than a detailed explanation of each component of the T&E policy, use this as a template to create a T&E policy which is customized to your organization needs, The first step is to define what spend categories are covered under the Corporate Travel and Expense policy and what special rules you might have for these categories. Staying Ahead of Rapidly Changing Travel Practices. The goal of corporate travel policies is to keep employees productive and safe while maximizing the value of each business trip. economy for daytime travel, business class for night flights), employees have become accustomed to having these choices presented to them. c) Ensure that employees and their managers understand their duties and responsibilities regarding expenses. In this article, we’ll present today’s travel and expense policy best practices with an eye towards 2020 industry trends. It is important to define the policy as early as possible, even if you are a small company. That way, you can tweak the policy as per employee’s feedback and when your company is in growth mode, it is easy to scale the policy across new employees and different locations. At Egencia, we’ve found that by following a series of best practices, companies can set the stage in these first, critical weeks to establish traveler adoption and compliance and meet their travel program goals. The T&E policy should have a clearly defined process for reporting the expense and the pre-requisites for submitting the expenses. Common expense categories are. We find that for long-haul flights some clients do allow their staff to select Premium Economy or Business class for flights over 10 hours. Before you go about implementing a travel and expense policy, you should identify clear ownership of the policy. The most common reaction to such employee behavior is to act against such employees and set a precedence. The process includes how to report expense, what to include and how employees are reimbursed for expenses. Be alert, especially at the airport. Travel & Expense Policy: 6 Best Practices to Implement Today! Here are some best practices travel managers can consider … If an employee pays for a business-related travel expense, such as airfare, a rental car, hotel stay or meals, they are reimbursed by the company for that amount. You can decide to keep it simple by not allowing business class travel at all! Navigator Blog How can you add tiers, international travel guidelines, travel wellness sections, VIP policies, sustainability policies, etc., without overwhelming the reader? A shift in the demographics of corporate business travelers is driving the changing trends in travel policies. You should start by thinking about the nature of your organization – is it pretty strict or relaxed? Unfortunately, the problem with most travel policies is simple: they are too looooong. Focus on adoption and not enforcement only, once you have policy fully adopted, you don’t need to enforce it! The practices cited in the travel policy template are some of the quality practices as they include: Employee pleasant practices Details on reimbursable and nonreimbursable items Clear and easy to observe procedure & procedure for travel Information about security and safety Insurance Coverage. Answers. Anonymous (not verified) August 06, 2013 1028 view(s) We are conducting research on corporate travel policy as well as best practices and cost savings initiatives on travel spend. For higher adoption, keep it simple and brief and define as fewer rules as possible. Airports are prime spots for bad actors to target unwitting travelers. Back To Sample Travel Expense Policy While writing the policy, use simple language and avoid corporate jargons. Again, focus on adoption first. Be alert, especially at the airport. It makes people accountable because their spending is now reported and available to senior management for review. 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