Corporate Travel Policy

5 Corporate Travel Policy What does this mean for your corporate travel policy? Traveler Empowerment Traditional travel policies with tight restrictions and rigid enforcement may not accommodate the changing needs of the new corporate traveler, resulting in traveler friction and misaligned interests between the traveler and the organization. Many organizations are shifting towards more relaxed policies and employee-centric programs where travelers are empowered to make the best decisions based on their own travel needs in conjunction with the employer’s travel program goals. Increasing Travel Spend Not that long ago, there was a push to replace business travel with virtual collaboration and other tools to reduce travel costs. There is less focus on virtual collaboration today, which is contributing to the current and predicted travel industry growth. Business is booming, business travelers are on the road frequently, and companies are adjusting their travel policies to accommodate this increasing travel spend. Traveler Centricity Similar to Traveler Empowerment, Traveler Centricity also revolves around traveler preferences, but expands upon that topic to keep the traveler’s best interests front and center within the travel program. In this case, travel suppliers are reacting to the changing needs of business travelers by personalizing offerings, taking into consideration convenience, flexibility, and traveler lifestyles. Duty of care is also a component of Traveler Centricity since it directly impacts the traveler’s best interests while on the road. Supplier Disruption New suppliers are changing the travel industry with different offerings across air carriers, hotels, and ground transportation. The travel supplier landscape has shifted with the rise of companies such as Airbnb, and concepts such as the sharing economy and bleisure. While these offerings have been in the marketplace for a few years, some of these suppliers are further tailoring their product to be more easily integrated into corporate travel programs. This increases the need to update travel policies to ensure traveler compliance and, more importantly, traveler safety. Evolving Technology Technology has changed travel in profound ways. Today’s traveler can do everything on their mobile device, from booking and managing trips to submitting expense reports. With the benefits of technology comes an increased scrutiny around compliance and security — both of which need to be addressed in the corporate travel policy. Trust Security Emerging Solutions Traveler Empowerment Increasing Travel Spend Traveler Centricity Supplier Disruption Evolving Technology