Tackling T&E costs: What's working now
Sure, cutting back on travel is a great way to save — but for some companies it’s just not an option. So how do these firms manage T&E spending?
That’s what the recent study, “Procurement Practices 2010” by Business Travel News, attempted to uncover.
According to the study, here’s how companies’ managed their road warriors’ T&E spending in 2010:
- Regular policy communications through e-mail, company intranet, etc. (83%)
- Online communications/red flags in booking (66%)
- Online communications/red flags in reimbursements (60%)
- Mandates (51%)
- Travel counselor verbal warning (44%)
- Business unit comparative report cards (36%)
- Sharing savings with suppliers (31%), and
- Incentive programs (23%).
Instead of scrapping T&E initiatives altogether, there’s good reason for companies to work toward managing costs. For example, when it comes to travel purchasing, companies can cut costs by an average of 10% per year.
Readers, what tactics does your company use to get employees to keep their T&E costs low? Share them with us in the Comments section.
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