Today, corporate travel is a significant part of small to large and local to global businesses. However, planning a business trip can cause a lot of pain and suffering. Particularly if you, as a business, don’t have a great corporate travel policy in place to smoothen the process.
So, what is a corporate travel policy and why do you need it for business travel? In this article, we will answer this question and talk about exactly how your business benefits from a corporate travel policy.
What is a corporate travel policy?
A corporate travel policy is a document that includes the rules and guidelines for businesses booking travel, expenses and other related matters. In other words, it is a set of rules for anyone who travels on behalf of your company whether that’s a board member, manager or junior employee.
The importance of having a corporate travel policy
By having a good corporate travel policy, you can focus the options available to your employees, which makes the process of booking travel much easier. Travel planning can be simplified by using a list of hotels, preferred airlines and other relevant guidelines, meaning there is less scope for unnecessary and wasteful spending.
Benefits Of Travel Policy
Here are the most common benefits businesses find when implementing a corporate travel policy:
Travel Expense Policy
Establishing guidelines for employees on what is covered, how it should be reported and what documentation is required will result in an inevitable reduction in costs, as the scope for wasteful and unnecessary spending will be massively reduced. Travel expense becomes much easier and as an added bonus, many a difficult conversation is saved with employees that might ordinarily push the boundaries of their travel expenses.
Travel Booking Policy
Having clear procedures in place for approval when it comes to booking corporate travel, means that trips are always booked in a consistent and cost-effective manor. Allowing Managers this oversight ensures that travel cost is always aligned with the company’s objectives!
Important aspects that should be considered in the approval process include:
Travel Insurance policy
In corporate travel, nothing is guaranteed; weather can ruin entire business trips, a lost laptop, you name it, there’s a chance it might happen. So, being prepared for the inevitable trouble is essential. Therefore, a great corporate travel policy should include a travel insurance policy that protects travelling employees from emergency situation. Covering for illness, accidents, travel delays or lost luggage and cancellations. Protecting yourself against the inevitable is invaluable.
How To write a Good Travel Policy
Now, you know about the importance and benefits of a corporate travel policy. But, now it’s time to actually draft your companies travel policy. Here are the key factors to keep in mind when writing your corporate travel policy:
Make it crystal clear
Once you decide to create your company’s travel policy, make sure to write it in a clear and concise way, don’t leave ground for creativity, unless that is exactly what you want.
Your policy should make sense and be easy to understand. For example, each of your traveling employees should know the class of flight, or hotel room that they are limited to. If they can’t fly business class on a two-hour flight, make sure they know it!
Keep it brief
Having a short and easy-to-read policy will increase the likelihood that it actually gets read. Unimportant information will likely bore the traveler, ensuring they never sit down and actually finish the document.
Prioritize travellers needs and requirements
Make sure that your corporate travel policy includes the basic needs of a modern traveler. Consider your booking procedure, is it as pain free and easy as possible. Consider your transfer policy too and from flights and a way to get around the city they land in! It is also important to consider your business stance on allowing for entertainment and restaurant meals.
Inform your staff
Last but not least, always inform your employees about changes to the company’s travel policy. Make your corporate travel policy accessible to everyone in your company.
Find a complete step-by-step guide on How To Write A Watertight Corporate Travel Policy.
What to include in your travel policy
Now, after you have a vision of how to write a corporate travel policy. Let’s talk about the key elements that you should include:
Include everything about the flight. For example, preferred airlines, meals during the flight and the booking process.
Make sure to include information about what type of hotel is allowed. A 5-star hotel or a 3-star hotel? What type of room is available to your company’s travellers?
Describe transportation in detail. What type of transportation is allowed? If it is a car rental, specify the size, class and cost of it. Controlling costs and expenses will be easier as a result.
Set up a budget for daily expenses that your employees can spend on meals. It’s recommended to find a list of the best business lunch restaurants ahead of the trip. This means that traveling employees of your company won’t waste time and energy searching for a place to eat.
When creating a travel policy, make sure to provide clear guidelines in case of emergency situations like last-minute changes, missed flights and booking cancellations. Note that the best corporate travel agencies in Canada offer 24/7 support as part of their standard service.
Creating a corporate travel policy is not an easy task to do. However, with the help of corporate travel companies like Inspired Travel, your company’s corporate trip is safe.
Get in touch with us so we can find a time- and cost-efficient solution.