The Bottom Line: Save Money with Good Advice
The subject line is true. The first feature in today's newsletter will help you save money by creating a corporate travel policy that actually works for you company.
After that, I'm featuring a piece from FEI Daily about how you can use gig workers successfully at your company. Plus, there are plenty of other links to click as you keep scrolling down...
Thanks for reading,
Ten steps for creating a win-win corporate travel policy
I'm going to be very clear here: Your company needs a clear travel policy.
The biggest reason? It'll save you money. Lots of it. But, even if you already have a travel policy, you should revisit it regularly.
That's why the team at Lola.com put together this eBook that spells out how to create a corporate travel policy that actually works. Let's get right into it.
1) Set the objective. This step matters. You should actually write down why you're creating or revamping your travel policy. Maybe you're tired of manually inputting expenses, or is it because you're trying to reign in your travel budget? Whatever the reason. Write it down. Once you understand the objective, it'll make it easier to solve it.
2) Determine the important points. There is no such thing as a one-size-fits-all travel policy. I'll say it again: there is no such thing as a one-size-fits-all travel policy. But, you should cover common questions and problems. Talk with your most frequent travelers to make sure you're hitting these points. And definitely don't include guidelines for things that are rare, one-off cases. Instead, just add a note for people to contact you with any questions.
3) Make it employee friendly. Part of creating a travel policy is making guidelines that employees are okay with. You don't want to pick the cheapest options for flights and hotels. No employee is going to enjoy that. Put yourself in your travelers' shoes. Would you want to book a flight with 4 layovers just because it's cheap? Probably not.
Okay, I gave you three. It's up to you for the other ten.
For CFOs Strapped for Talent, the Gig Economy Could Be a Boon
It's not a secret that unemployment in the US is lower than it's been in a long time. That means that recruiting and retaining talent can be really difficult. If you're running into this issue, it might be time to turn to gig workers to help out.
Before we dive into why gig workers matter, I'll explain what they are. A gig worker is essentially a freelancer. It's someone your company can hire on a short-term basis for specific projects, or gigs.
Anyway, back to why this matters. According to Deloitte's 2018 CFO Signals survey, financial leaders are already planning on using more "gig" workers than ever before. But, of course, hiring this type of worker isn't as easy as it sounds. You need to know when to do it, where to find one, and how to manage them.
Luckily, FEI Daily wrote a blog post with some pointers that will help.
1) Understand your employees' skill gaps. Chances are, your employees aren't experts in every area. You've likely got a gap or two. According to FEI Daily, analytical skills, digital technologies/automation, and core business skills are the most common skill gaps.
2) Gig workers value their autonomy. They usually like to do their work on their time in their ways. But, that definitely does not mean that you should give them the freedom to do whatever they want. You might need to rethink your talent strategies a bit to give gig workers the autonomy they want, but in a way that actually works for you.
3) The three C's are the key. Above all you need great communication, collaboration, and connectivity with your gig workers. This can be a little bit of a challenge since they're not full time employees. But, it's a good idea to regularly communicate and collaborate with your gig workers. Work with them to define what that means. The better you are at the three C's, the more successful your gig worker will be.
That about sums up this blog post, but if you need more detail...well...you know what to do:
The Hit List
What else am I reading this week?
1) Oracle's Finance Leader blog is one of my almost-daily reads. This article detailing one finance exec's transformation playbook is worth your time.
2) Warren Buffett: "Really Successful People Say No To Almost Everything". From Medium.
3) Looking to implement a new ERP system? CFO.com has a few golden rules for you.
Pick of the Week
From Austen Allred on Twitter: "Companies that regularly attend Davos underperform the S&P 500 by a lot."
Maybe those exclusive conferences aren’t all they’re cracked up to be...
How does your corporate travel policy stack up?
Posted byMike Volpe