The 3 hidden costs of corporate travel and how to avoid them
Everything is more expensive these days, and business travel is no exception. As the average cost per business trip increases, so do the hidden costs of corporate travel. Reducing corporate travel may not be an option but smarter travel management and creating systems to support your travellers will save your company time and money.
Check out the top three hidden costs of corporate travel:
- Compliance issues that lead to overspending
- Loss of productivity due to manual or outdated travel booking processes
- Employee burnout from too much uncomfortable travel
As a leader at your organisation, you understand that your employees represent your company whenever they travel. Prioritising their wellness and ability to be productive on the road makes sure they’re strong ambassadors of your company’s mission.
How to avoid the hidden costs of corporate travel
Removing paper expense reports, manual reimbursement processes, and confusion over credit card use could have a larger impact on the health of your company culture than you might think.
Large enterprises and small businesses alike are centralising all business travel through one booking tool. A corporate booking tool collects your business travel spend data and implements your travel policy throughout the booking process for consistency across your business. When your organisation’s travel policies are up to date and clearly defined, your travellers can avoid booking travel to places that are deemed unsuitable, meaning fewer cancellation or change charges, more savings, and safer travellers.
Efficiently managed corporate travel delivers ongoing savings and a return on investment. Employees boost their productivity when expense reimbursement requests are seamless. They have more time to focus on essential tasks for the company instead of sorting out their business expenses.
During uncertain economic times, it is important to access data that shows real-time card transactions and expense types. Visibility of travel expense reports allows leadership to identify saving opportunities for other business purposes.
Download the guide “How to avoid the hidden costs of corporate travel” and make sure your business has the right processes in place. Now is the time to consider a corporate travel partnership that can automate your expense management and streamline your travel programme.