Here’s a New Years resolution worth sticking to: Keep T&E expenses in check.
Reexamine some of your existing policies because they could be costing you more than they’re saving, according to research done by Business Travel News.
Here are two very popular cost-containment policies that more and more firms are embracing – followed by the reasons why you should be doing the exact opposite.
‘No airport lounge’
Letting your employees kick back in a fancy airport lounge may seem like an unnecessary expense on paper – after all, there are plenty of places to park your laptop.
Only 12% surveyed currently cover this perk, but those 12% are definitely on to something. It turns out that paying for airport lounge memberships are a great savings strategy for your employees that are always traveling.
Reason: The savings in Internet access fees, good, beverages and other services often outweigh the membership costs. At the very least, it’s worth a cost-comparison. See how much you’re typically compensating for meals and Wi-Fi access, and compare that to the cost of an airport lounge membership.
‘No elite status’
A good number of those surveyed will go for secure elite status with airlines (59%), car rental companies (55%) and hotels (42%). But there are still those that see it as unnecessary.
This is another case where spending a little more upfront could make for big savings down the road. Elite status can secure everything from GPS devices to inflight Wi-Fi to waived or discounted checked bag fees.
Are you looking for ways to save on T&E expenses? Let us know some of your ideas in the comments below.