Insight
10 ways to save on corporate travel
It's important to include purchasing strategies in your corporate travel policy that help your organization purchase travel intelligently, even more now that the industry is on the up-and-up. Right now, prices are higher than normal, demand is high, and capacity across accommodation and airlines varies depending on the airline and region.
Good news, there are ways your organization can start reducing costs throughout the buying cycle immediately. Here are our favourites that you should add to your travel management toolbox today!
1. Implement hotel rate caps in cities where accommodation rates are on the rise.
2. Ask your TMC or consulting partner(s) to assess whether there are new hotel properties or hotel chains in the market that will offer cheaper rates.
3. Review your rates and fares to see where it makes more sense to buy restricted rather than flexible rates or fares.
4. Look at whether your people should consider traveling during non-peak days and times to secure cheaper options.
5. Support proactive booking strategies and clue in your TMC on what you have coming up in your travel pipeline.
6. Know your preferred suppliers’ change and cancelation policies.
7. Ensure your online booking tool (OBT) is effectively managing all your air credits and unused tickets. If any of your tickets are expiring before they are used, it's time to reassess your TMC partnership!
8. Know the cost impact of rideshare (Uber, Lyft, etc.) and taxi services versus public transit, car rental, and carpooling.
9. When was the last time all your supplier contracts were reviewed in-depth and renegotiated?
10. Consider asking travelers to pick up their cars from an off-airport or city location rather than an airport location to avoid paying location fees for any rentals of more than a few days.
Just because you are travelling more doesn’t mean you need a bigger budget. If your travel costs are rising more than you’d like them to be – chat to our team for expert advice.
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