Planning corporate travel is a challenge, especially if you have a lot of employees flying to several locations at different times. However, the right approach can make everything easier for you. With a smart process, you can save money on every trip and make travelers as well as your stakeholders happy. Here are the most effective ways to reduce the cost of your corporate trip.
Review your corporate travel policy
From booking flights to meal allowance and other expenses, there is a lot to consider while drafting a corporate travel policy. That means there is a lot that can be overlooked. Take a closer look at your current travel policy and determine if it is strong enough to cover every area of travel spending within your company. Ensure that all the fundamentals are perfect. It should have a proper approval process as well as guidelines on bookings and reservations along with on-site spending and expenses.
Save on flights
Airline tickets are expensive so be smart while booking. You can save by choosing the travel date and airline wisely. Furthermore, you can choose to travel in Economy class. Buy flexible tickets that give you the option for return dates if they are vital for your corporate trip. Sign up for alerts of airfare promotions and discounted rates so that you can consider them while planning your next trip.
Reduce the cost of hotels
The hotel rates can vary drastically. Even within the same hotel, you can get rooms at different cost ranges. If you want your travelers to choose where they want to stay, you can do that. However, just make sure to set a budget or star rating. Moreover, specify that standard rooms should be the required room type, and clearly outline whether you will cover the minibar charges, Wi-Fi costs, and anything else. Furthermore, choose those who provide corporate hotel discounts.
Set a food and transport allowance
By providing the employees control over their food and transport, you can actually reduce overspending. Make sure to keep the meal allowance per day basis, giving the employees choice of how much they want to spend on breakfast, lunch, and dinner. When it comes to exceptions, keep the five-star restaurant for your high-profile client meetings. For transport, advise your employees to choose cost-effective methods.
Consider a travel management service
Hiring a corporate travel specialist can significantly reduce your overall traveling cost. They work with organizations to implement customized travel programs and services. By partnering with a travel management company, you can benefit from preferential rates on airline fares and hotels. You can also join a travel club and have access to wholesale net rates with unlimited bookings.
Reward your employees
When your travelers pick cost-effective travel options, they save the company money. Over a period of time, it can really add up. So you can consider giving them an incentive. It can be a voucher from their favorite store, a share of savings, or time off but just make sure to thank your employees for reducing your travel costs.
Hope you find the above information helpful to reduce the cost of corporate travel. If you have any more doubts or concerns, feel free to get in touch with the experts at Hotels Etc.
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