Corporate Travel Policy

3 Business travel is growing and evolving at a faster rate than ever before. The Global Business Travel Association (GBTA) predicts that the business travel market will reach $1.6 trillion by 2020 and $1.7 trillion by 2022 1 . The confluence of technology, traveler influence, industry disruptors, and new entrants into the travel industry is creating an environment where travel managers and their organizations are constantly assessing the changes and trends in the industry, determining which ones directly impact their travelers and travel policies, and figuring out how to include them in their programs based on factors such as company culture, size, and global reach. Technology is a key driver of the change, and so are the travelers themselves who are seeking more flexibility and personalization in their business travel experience. Your organization’s travel policy and how it adapts to changing travel trends impacts everything from employee recruiting and retention to productivity and satisfaction. On top of that, the modern road warrior can take a potential employer’s travel policy into account when deciding whether to work there, as business travel is becoming more of a retention and recruiting mechanism. By the time you finish reading this document, you will walk away with best practices and insights on how to: 1. Evolve your organization’s policy to one that is more current and proactively addresses change, while aligning with corporate culture, policies, and practices, and 2. Review your policy through the lens of business travel growth and changing industry trends to determine which factors impact your organization and its travel policy. Technology is a key driver of the change, and so are the travelers themselves who are seeking more flexibility and personalization in their business travel experience. The Role of Policy in a Travel Management Program 1 “10 Business Travel Trends for 2019”, Skift.com and TripActions , December 2018, https://bit.ly/2F1CyOS. Is it possible for corporate travel policies to keep up with the ever changing business travel environment and adhere to best practices? The answer is yes! It requires time, focus, and the participation of stakeholders from different parts of the organization to identify what needs to change and when.