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
Further Reading
The demand for finance chiefs is growing. Yet more companies are replacing their CFOs. Even so, CFOs are a lot less worried about AI taking...
In a matter of months, companies will possess first-ever guidelines for environmental credit accounting. Public and private firms will be r...
Generosity is alive and well in America. The following story is proof positive. Harvey and Maddy Rovinsky own Bernie Robbins Jewelers (B...
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&...
Year after year, surveys show about 70% of job applicants lie on their resumes or applications. People lie about their skills, employers, c...
You just can’t always tell from an interview if certain applicants may require more praise and (ahem) hand-holding than other job can...
