A report published by the Airlines Reporting Corporation, American Express Global Business Travel and the travel consulting firm tClara, surveyed 750 business travellers and found the following;
· 84 percent said they would be interested in a job from a different firm that requires similar travel levels if it offers a very attractive travel policy
· 83 percent said the new firm’s travel policy would be at least equally important to, if not more important than, the new pay and responsibilities
Business travel is increasingly becoming a key part of employment negotiations, and is an important investment for any company.
For some employees, business travel is a burden, whereas for others it is an exciting opportunity to see the world, but regardless, attracting employees with a good expenses policy, and keeping them happy is vital.
We have put together some helpful tips for making sure your Travel & Expenses Policy is not letting you down.
1. Cutting costs is not always effective
Travel and expense policies need to be fair but allow some flexibility. Only allowing one specific hotel chain or travel method may seem cost effective in the short term, but in the long run, you risk driving out good employees.
Cheaper hotels may also require additional costs and extended travel, therefore may not be saving as much as you’d think. Business rates and travel booked in advance, offer very attractive rates.
2. Keep up your side of the policy
Employees find nothing more irritating that keeping to the letter of the policy, and then finding they are waiting too long for their expenses to be paid. Make sure your policy specifies a time frame for payments, and stick to it.
3. Offer an effective solution to expense management
Giving your employees a tool for managing expenses, helps both them and you. Software, like MyExpensesOnline, allows employees to quickly make their expense claims, and free up their time to concentrate on their core activities. They don’t need to worry about sending off bundles of receipts.
And for the employer? Processing times vastly reduced, and you will find many cost savings in keeping better track of expenses, such as mileage.
4. Regularly review your travel and expenses policy
Ensuring your policy is not just gathering dust in a drawer is very important. Keep it up to date with regular reviews.