Flexible Company Travel Policies Can Reduce ExpensesBy Krista Pappas, published on Aug 16, 2018
Did you know that one of the highest, most controllable expenses for a company is business travel?
It is shocking when you think about it since roughly a third of all companies in the U.S. do not have a company travel policy. Having a “Use your own judgement” policy is a nice way to say you trust your employees, but make no mistake, it limits opportunities for both your company and travelers.
Traditionally, creating a company travel policy and getting the team on-boarded has been way too arduous, time-consuming and convoluted. It does not have to be this way. The problem is that a corporate travel program is not one-size-fits-all. For the most part, travel management has been geared toward supporting companies spending $5M+ on travel and expenses using offline travel agents … $5 MILLION! Some Travel Management Companies (TMCs) do offer an online booking tool for travelers to book for themselves, but the problem is these systems are antiquated, slow, expensive and not traveler-friendly.
If you’re thinking about ways to minimize the chaos of unmanaged company travel and save time and money — plus make employees happier and more productive — it's time to introduce a lightweight travel program into your company.
Business travel should be stress-free and productive (and not suck!)
Small- and medium-sized companies want modern, innovative products that are platform-agnostic, while offering more flexibility and less red tape. With better technology and innovation, administrators and travelers can expect a seamless, easy experience with a whole new approach to business travel. The aim is to give companies a travel program their employees will love and want to use, while at the same time providing insights into a company’s T&E.
Travel Policy Benefits
- Travel management companies allow your company to effectively balance the needs and requirements of your team with the needs of the business
- Without a company travel policy, T&E will be more expensive overall
- Higher employee retention comes with happier travelers
- Real time visibility and reporting will uncover hidden costs and control budgets
- Companies have a responsibility to know their staff’s travel location (in case of emergency)
While there are many more reasons why creating a travel policy is a good idea, (customer service, better hotel rates, cost-effective booking, etc.), a clear, simple and thoughtful policy gives your team the autonomy to book where they want by themselves, while keeping the company’s best interests in mind.
Lola.com is the super-simple solution for corporate travel management. Perfect for companies big and small, Lola uses powerful AI technology and 24/7 proactive support to help business travelers book trips with ease while providing travel managers with simple tools to create travel policies, view budgets and monitor the business travel of all team members.