Corporate travel is one of the best ways your business can access new markets, form profitable national and international partnerships and demonstrate your commitment to clients.
But like anything in business, it can always be improved. Here are 10 ways to boost your corporate travel return on investment.
1. Reduce Staff Travel Expenses
Employee overspending can make up as much as a third of a business’ travel and expense budget. For Travel Managers and CFOs, reducing the instance of overspending is one of the first places to start in boosting corporate travel ROI. Invest in corporate travel management software that features advanced expense reporting tools and allows Travel Managers to set parameters for individual employees.
2. Promote Happy Staff Travellers
It’s often said that positive employees are productive employees, and this is especially true while they’re travelling interstate or overseas. Frustrated staff travellers are also more likely to overspend. Staff travel can be a physically and mentally draining exercise, so Travel Managers should take proactive measures to prioritise their comfort.
3. Set Reasonable Corporate Travel Policies
Per diem staff travel costs can add up in expensive cities like San Francisco. Travel Managers and CFOs should enforce realistic corporate travel policies that account for expenses like taxis to keep budgets on track.
4. Use Incentives to Reduce Staff Travel Costs
Incentives and rewards are a great way to encourage compliance with corporate travel policies. Consider passing on cost savings to compliant staff travellers, or rewarding them with the freedom to book from preferred suppliers on their next corporate trip.
5. Boost Risk Management
Risk management is essential to any corporate travel program. Businesses should invest in corporate travel management software that features risk management tools like employee tracking, emergency communication and automated safety alerts to avoid financial and legal damages.
6. Manage Your Millennial Travellers
Millennials travel differently to older employees, thus should be managed differently. After all, millennials are predicted to account for 50% of all business travel spending by the year 2020. They’re technology champions, new-age networkers and creatures of culture who need specialised travel management that accounts for their needs.
7. Get CFOs Involved in Staff Travel
Collaboration between CFOs and Travel Managers is essential in effective corporate travel management. Despite this, only 27% of CFOs say their relationship with their Travel Managers is effective. CFOs must recognise the value of staff travel and arm Travel Managers with the right technology for the job.
8. Engage Employees in Staff Travel Discussions
Want to know why corporate travellers who visit Los Angeles are returning with overblown expense claims? Or why younger travelling staff return and request sick leave? Engaging employees in firsthand discussions about your corporate travel program is essential in making policy improvements.
9. Use Corporate Travel Management Software
Corporate travel management software is one of the best ways a business can boost its staff travel return on investment. For example, the Travelport Locomote platform includes everything from seamless expense management, risk management, reporting, analysis and booking tools so every aspect of your corporate travel program is running at its best.
10. Learn From Your Policies
The best corporate travel policy is always evolving. Travel Managers, CFOs and even staff travellers themselves should always be learning from corporate travel policies. The Travelport Locomote corporate travel management software features powerful reporting and analysis tools so any improvements to staff travel policy are strategic and data-driven.
To experience how Travelport Locomote can brilliantly simplify the way your business travels, get a demo below: