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.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
In a matter of months, companies will possess first-ever guidelines for environmental credit accounting. Public and private firms will be r...
Year after year, surveys show about half of all employees don’t tap their allotted personal time off (PTO). While some companies allo...
When you break down your labor costs, it’s probably employee base pay that eats up the most money. Yet it’s an expense you can&...
Businesses that let new customers sign up via a click of the mouse may be forced to make cancellation of a subscription just as easy. Th...
No matter how hard you try, sometimes you and your finance team fail. We make mistakes. We miss deadlines. We fall short. In fact, a...
Companies say they’re struggling to find talent. Maybe you’re in the same boat. It can seem like top performers are choosing ot...
