New research by American Express Global Business Travel outlines gaps and opportunities for companies to strengthen managed travel programs by focusing on their travel and expense policies early this year. Analyzing nearly 100 travel policies of global, multinational, and mid-sized companies, the research shows less than one third of these companies overall have updated their travel policies within the last year. This oversight can leave companies exposed to losing hard-earned corporate negotiated rates, and more importantly, may put travelers at unnecessary risk.
“It’s a new year and with any good business practice, corporate travel departments are setting goals, including bringing their programs in line with the competition and external marketplace dynamics,” said Christa Degnan Manning, director of EXPERT INSIGHTS research, American Express Global Business Travel. “However, like many improvement resolutions, reviewing and revising travel policy tends to get neglected. Yet a healthy travel policy can help companies achieve long-term success. Policies can support business-critical goals such as risk mitigation and employee engagement, as they touch on issues from traveler safety and security to corporate social responsibility.”
This new Best Practice Roadmap report on Travel Policy, produced by EXPERT INSIGHTS, shows many organizations still need to close the gap between their policy content and emerging industry trends.
Highlights of the policy gaps exposed in this report, based on 100 corporate policies reviewed, include:
“Policy is the foundation of a successful managed travel program and maintaining this infrastructure by conducting regular check-ups is paramount,” said Helen Brough, Advisory Services Global Policy Practice Director, American Express Global Business Travel. “In our policy practice we have identified over 300 areas companies should be reviewing in their policy for the best outcomes – for the company, for the traveling employees, and for ultimate travel management program success. Companies that are most successful are those that regularly review and update their travel policies based on changing market conditions as well as focus on communicating those policies to their travelers.”
FILLING THE GAPS
Tips for Making Policy Connect to Travelers
“As today’s global marketplace is constantly changing, and the logistics of capitalizing on growth in emerging markets make travel more complex than ever before, it is not enough to just develop a travel policy and assume that employees know what to do with it,” continued Brough. “Companies should be actively leveraging and communicating their travel policy to employees and enlisting influencers within the company such as Human Resources, Security and Legal to support these efforts.”
About American Express Global Business Travel
American Express Global Business Travel, a division of American Express Company, is a global industry leader in business travel and meetings management committed to helping businesses succeed through cost-effective program management, world-class customer service, and enhanced traveler productivity support worldwide. Through leading online, offline and on-the-go solutions, consulting services, business insights and research, supplier negotiation expertise, and meetings and events capabilities, innovative services are delivered to clients to maximize the return on their travel and meetings investments. Learn more at www.americanexpress.com/businesstravelinteract with peers on www.businesstravelconnexion.com and follow us on https://www.facebook.com/businesstravelconneXion and www.twitter.com/btconnexion.
American Express operates one of the world’s largest travel agency networks with locations in over 140 countries worldwide. Total travel sales volume processed in 2010 was $25.7 billion, including consolidated volume and non-consolidated volume processed through joint ventures and its partner network.
American Express Company is a global services company, providing customers with access to products, insights, and experiences that enrich lives and build business success.