Between a pressing need to cut costs and the convenience of webinars and video-conferences, many firms are limiting or eliminating travel altogether. But T&E still has its place.
Before cutting out important travel initiatives, make sure your T&E dollars are wisely spent by following these proven cost-effective tactics:
- Create a travel “team.” Put together a team that includes biz travelers from every relevant area of your company. The goal: making T&E decisions that account for the diverse needs and goals of your entire company.
- Analyze the existing T&E policy. With the assistance of the travel team, go over your existing policy with a fine-toothed comb. If you haven’t done this in a while, there are probably a few areas where savings will jump out.
- Don’t rule out connecting flights. Many companies have enjoyed significant savings by booking — or pushing employees to book — connecting flights instead of paying extra for the convenience of a nonstop option.
One strategy: Assign a specific savings amount. For example, if the price difference of a connecting flight is at least X-dollars less than a nonstop flight, opt for the cheaper flight.
- Favored providers. The most effective T&E policies mandate that traveling employees use the firm’s preferred airlines, hotels, car-rental companies, etc., within a certain price range.
Also, The more committed and loyal you are to one main provider, the greater your chances of snagging sizeable discounts.