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In today’s globalized world, face-to-face interactions remain vital for building and growing businesses. To maximize the value of their travel programs, companies need to plan strategically.
The importance of corporate business travel
Business travel offers numerous benefits. It can encourage team building, promote learning, offer different perspectives, expand professional networks, open up new markets, and drive sales. The advantages for both employees and companies often extend beyond the trip’s primary purpose, building employee confidence, cultural competency, relationships, and the company’s reputation.
Many employees see work travel as a desirable perk, as it offers a chance to visit new places on the company’s dime. While travel is a business expense, the return on investment from potential leads or sales can be significant. Additionally, many travel expenses are tax-deductible.
Types of corporate business travel
Corporate travel can take many forms. Employees and executives might attend events like meetings, conferences, or industry networking sessions. They may also participate in educational opportunities such as training, seminars, and workshops. Company retreats and guided trips can serve as valuable team-building exercises, strengthening working relationships in new settings.
Businesses also send employees to other locations to network, sell, or connect with external contacts and colleagues in regional offices. Another reason for business travel is due diligence, such as visiting vendors or suppliers for audits to ensure they are legitimate and compliant.
Creating a corporate travel policy
Managing corporate travel can be challenging. Costs can quickly get out of control, arranging logistics is time-consuming, and there are inherent risks to employees’ safety, security, and health.
A corporate travel policy is a helpful tool for any company, regardless of its size or the frequency of travel. It sets expectations, communicates guidelines, keeps expenses within budget, and streamlines the booking process.
When creating a travel policy, companies should consider the following for both domestic and international travel:
- The purpose of travel.
- Which employees are eligible to travel.
- Booking and expense approval processes.
- Risk management procedures.
- Expectations for employee behavior, including technology use, personal time, and entertainment
- Eligible expenses, including per diem rates.
- Whether employees will use a corporate credit card or be reimbursed.
- Financial tracking and reimbursement processes.
- Preferred booking agents or vendors.
- Travel insurance.
For a policy to be effective, it must be clearly communicated and enforced. Including it in the employee handbook or during onboarding and making it easily accessible on a company portal will help ensure all employees understand and follow it.
Implementing a comprehensive travel policy not only helps streamline business travel but also ensures alignment with company objectives and standards. By addressing all aspects of travel, from planning to reimbursement, organizations can promote cost efficiency, employee safety, and compliance. A well-defined and accessible policy fosters a smoother experience for both the company and its employees, ultimately contributing to the success of business operations.
