5 Reasons Why You Need a Corporate Travel Policy

With every business realizing the potential that lies in corporate travel, the necessity of a well-rounded travel policy has become imperative. Here are the 5 most important reasons why your business needs an all-inclusive travel policy to help scale the benefits of work trips: 

 

Regardless of the size of the business, if your company has employees travelling far and wide to obtain different business goals, setting up a comprehensive corporate travel policy is crucial. Irrespective of the reason behind the trip, it is essential to grow the business and safeguard its future.

 

It, therefore, becomes crucial to simplify the lives of the employees travelling, the administrative department managing it, and the others engaged in governing end-to-end corporate travel booking. Working on policies that clearly define the approval flows, budgets, suppliers, and more can help with the easy implementation and execution of an effective travel plan.

 

So, here are the primary ways an elucidated travel policy can facilitate the overall management of online corporate travel in your company:

 

A properly defined policy ensures that the employees’ booking corporate travel follow consistent guidelines. These rules are to be followed by all in the organization regardless of their designation. The reason for universal policies within the company are thus:

 

• To Break Barriers: Consistent policies break down the barriers between the employees who travel for work. No one is above the mandates of the travel policy when they book corporate travel. This, therefore, ensures that everybody benefits from it, and no one is beyond the exceptions.
• To Bring Efficiency: Defined policies reduce the overflow of travel requests as the employees are more self-sufficient, thus increasing the overall efficiency of the company’s travel program. 

 

Saving costs is essential for every business; therefore, a good corporate travel management company helps define the policies to achieve this objective. One of the ways defined policies can save more is when the lack of these rules force employees to wait for approvals, thereby losing on lucrative corporate travel discounts. Undefined policies can make employees wait longer to get approvals for bookings, thus costing more. On the contrary, efficient policies and practices establish clear guidelines, thereby saving more in the long run.

 

 

The right business travel policy can save time which is the primary agenda of an efficient corporate travel management program. By elucidating each step of the travel process that is to be followed by every traveller, making hotel reservations and flight bookings can be a lot more easier. Establishing the necessary protocols can make the entire process more effective by integrating the policy with the bookings, thereby enabling self-bookings with a corporate travel account without needing approvals at every step. This can considerably save time, offering an outstanding experience to the travellers. 

 

Having a stipulated policy for travel and corporate travel expense management also offers the admin a complete overview and control, thus preventing expense fraud. In the absence of an overall travel expense procedure, incorrect expenditures and claims can later cause irreparable damage to the company’s financial health. A defined policy can thus, dismiss the confusion among the employees, thereby regulating excessive expenses due to non-compliant bookings.

 

Furthermore, since business travel tends to be uncertain, likely, unexpected circumstances like cancelled/delayed flights, unconfirmed reservations, and more can be stressful. A detailed guideline pertaining to such unforeseen situations can also help travellers and managers be aware of the emergency protocols to deal with them and find easy corporate travel solutions. 

 

Setting up a travel policy offers clarity to everybody by narrowing down the Do’s and Don’ts of booking corporate travel services, making the complete process much easier. A well-drafted travel policy offers several corporate travel management benefits, and among these, the advantage of narrowed-down choices for the employees travelling for work is primary. Through this, the employees can access a focused list of suppliers and other travel arrangements, planning their trip a lot more efficiently. This also ensures that all unnecessary expenses can be prevented, escalating overall savings.

Also Read: A Comprehensive Corporate Travel Policy Guide for Employees

 

 

Travel policies are not just rules about what is corporate travel but guidelines that are meant to positively impact the travel experience of the employees and admins by offering more flexibility and autonomy. But setting up an all-comprehensive policy can bean arduous task. This is where ideal corporate travel companies like myBiz can be of use by efficiently helping businesses set up a company travel policy that can-

• •  Help bring down travel spend and control costs.
• •  Optimize the travel budget of the company.
• •  Ease the frustrating processes of claims and reimbursements.
• •  Ensure clear guidelines for every employee, thereby positively impacting the company culture.

 

 

Frequently Asked Questions (FAQs) 

 

Q1. What is the purpose of a travel policy?

Ans. A travel policy is supposed to reduce the confusion and frustration associated with the corporate travel of employees.

Q2. What is a challenge associated with corporate travel policies?

Ans. An inaccessible travel policy makes it difficult for employees to refer to it, thereby adding to the overall confusion regarding business travel.

Q3. What should be primarily included in a company’s travel policy?

Ans. The company’s travel policy should explicitly list the bookings that can be expensed and others that cannot be.

Q4. How can travel policies be integrated with the bookings?

Ans. With a corporate travel booking system in place, travel policies can easily be integrated with the bookings, making it difficult for employees to deviate from them.