Things are changing due to the COVID-19 pandemic, and the travel industry still facing ongoing, unprecedented challenges and quickly learning how to approach safely and with vigilance. Corporate travel is undergoing a significant shift amid the COVID-19 pandemic. In corporate travel procurement, there are many considerations and key factors to choose a travel management company that will meet the business’s needs.
The corporate travel procurement function ensures that key travel suppliers such as the travel management company, key lodging partners, air, rail and ground transportation providers, and related services providers are adequately compensated for the additional effort and costs associated with ensuring traveler health and safety. The procurement team need to reassess travel policies to facilitate business resumption in cooperation with their human resources, finance and accounting, functional directors and risk/security counterparts.
Impact of Travel Policy Compliance
Travel policy is a set of company rules that provides employees with guidelines to follow when booking a business trip. The travel policy governs employee safety, travel approval, the booking process, expense reporting and reimbursement. However, travel policies are not a one-size-fits-all solution. A corporate travel policy should meet the company’s needs to achieve business objectives.
The travel policy should be kept simple and regularly reviewed to ensure that it is up to date. Updating the travel policy is a balancing act because it affects multiple stakeholders. The travel policy should not be edited more often than necessary. But it will need to be adjusted as the organization grows and changes.