Corporate travel resumes as an integral part of operations and deal making in the post-Covid era, driving significant increases in travel spend for mid-market Financial Services. In 2022, there were over 460 million business travelers, accounting for 40% of daily hotel guests. Whether your employees are attending conferences, fundraising, meeting investors or collaborating with portfolio companies, travel is essential for relationship building and competitive successes. Most investment banks and private equity firms continue to have outdated travel policies that travelers have stopped paying attention to. Old limits for hotel rooms and airline fares are one example but more importantly, travel policies have not been updated for the dramatic change in corporate programs that Airlines and Hotels have introduced. On the employee side, travel has become more stressful, tiring, and expensive to coordinate. Many firms are updating their travel policy in order to manage their corporate travel expenses better. A well-designed travel policy not only benefits the firm, but also provides many advantages to the traveler while assisting operations with the coordination and management of business travel.
Here are some of the employee benefits of a travel policy for your firm:
Traveling can be expensive, and professionals may end up spending a significant amount of money on flights, accommodation, and meals, contributing to margin erosion. A travel policy that includes cost-saving measures such as booking in advance, using preferred vendors, and setting daily limits on expenses can save money while traveling and reduce financial stress for the firm.
A well-designed travel policy provides your firm with a reliable and incentive focused travel program that benefits your professionals and your firm. By investing in the well-being and productivity of travelers, firms can not only improve their bottom line but also build a culture of trust and collaboration to succeed.
Traveling can be stressful, especially if it involves long flights, unfamiliar destinations, and tight deadlines to meet business needs. A travel policy that provides clear guidelines on booking flights, accommodation, transportation, and meals can significantly reduce the stress associated with travel. When employees have a well-planned itinerary, they can focus on their work and be more productive.
Increased safety and security
Traveling to an unfamiliar place can be risky, and employees may face several hazards such as theft, accidents, and health issues. Ensuring your firm has a travel policy that includes safety and security measures such as travel insurance, emergency contacts, and health check-ins provides employees with safety and peace of mind during their travels. Consider implementing a duty of care provider, such as ISOS, to help manage this portion of the firm’s travel program.
Opportunities for firm and employee growth
Traveling for work provides the firm and employees with opportunities to make new connections, gain valuable exposure to different industries, and build meaningful relationships with their portfolio companies or clients. A travel policy that encourages employees to attend conferences and industry events can enhance their skills, knowledge, and career.
Reviewing your travel policy annually will help ensure you’re aligning your firm goals and initiatives with traveler behavior and changes in the industry. Additionally, having a clear travel and expense policy eliminates confusion and doubt for employees, making them more comfortable and eager to travel for business.
Concertiv’s corporate travel offerings provide access to travel policy benchmarking, insights, and top-tier air, hotel, and ground transportation discount programs. With Concertiv’s corporate travel offerings the administrative tasks that travel requires for bookings and expense management is taken care of by Concertiv’s expert corporate travel team.
Take control of your travel with Concertiv. Learn more.