2022 - The Business & Corporate Travel Management Platform

How to manage business travel expenses

Almost everything you need to know. Table of Contents 1. Pre-trip Travel Policies Travel Management Platforms Traditional vs Modern Expensing 2. In-trip Pre-paid and Virtual Expense Cards 3. Post-trip Reclaiming Credit Review and Upkeep 4. Summary Managing business travel expenses is just one job of corporate travel managers today. But with rising rates of inflation, ongoing industry strikes, and decreasing levels of availability, it is a job that is becoming more and more difficult. For many businesses, the way in which travel expenses are managed has not changed. Excel spreadsheets dominate finance teams and travelling employees are left out of pocket, waiting for reimbursement. All of this means more time spent manually filing expense claims for the traveller and reconciling receipts for the finance team and travel manager. Business travel is changing, and so too is the way in which we manage it and its expenses. By taking control of your business travel expenses you can make your life as a travel manager easier, while also simplifying the lives of your travellers and finance teams. When looking at how to manage your business travel expenses, we find it easiest to segment out the different stages of business travel. Not only does this make it easier to plan your trips, but it will also give you greater insight into where and when you’re spending the most on your business travel helping you make informed, cost-effective decisions. Pre-trip Most of the cost saving changes you can implement come before any travellers have hit the road. By getting things right in this pre-trip stage, you are laying the foundations for a successful journey for all your future travellers. Travel Policies For organisations conducting business travel of any kind, a corporate travel policy forms more than just an important part of your duty of care, it can also be used to streamline costs, enhance brand reputation, and provide essential information for employees. What is a business travel policy? Simply put, a business travel policy is a set of rules and guidelines that assist your employees as they travel and specify how they can spend company money while travelling. These policies are usually created by the finance manager and travel manager and outline things like how far in advance trips should be booked or if any precautions are required for employees travelling alone. Why should you have a travel policy? There are numerous benefits that travel policies provide to your organisation and your travellers. Travel policies allow you to provide clear guidance to your employees and create trust between your organisation and its travellers. Here are some of the key benefits: 1. Provides clear guidance For employees, work travel can be a minefield of dos and don’ts. Colleagues may wonder what expenses they can claim, how to make last minute cancellations, and what to do in the event of illness. Having a robust policy that’s easy to access allows employees to find information when they need it. It is important that your travel policy lays out the company’s policy on travel expectations, with no room for misinterpretation. For your organisation, this can also provide protection from certain liabilities. 2. Reduces deviations from corporate policy Having a robust travel policy makes it less likely that employees will deviate from existing company policies, which can help you with cost savings and potential HR issues. Pairing this travel policy with an online booking system further reduces deviations as most of these travel management platforms, like Roomex, let your travellers know immediately whether a booking will be in or out of company policy. They will also tell you the overall company compliance, showing you if your travel policy is working effectively. 3. Helps with cost savings No question about it, one of the greatest benefits of having a robust travel policy in place is the cost saving it brings to your organisation. A well thought out travel policy helps you to manage and control spend, while also providing a guideline for expenses and the booking process. This way your business can prevent unnecessary spend and make both time and monetary savings simultaneously. What should a travel policy look like? The main thing that your travel policy needs to do is provide your employees with clear guidance on the booking process, health and safety when travelling, per diems, expenses terms and conditions, and other frequently asked questions that relate to business travel. Before you begin writing your business travel policy you should decide what exactly the goal of the policy is. By deciding the goal of the travel policy you will be able to better structure the content within it. Is your goal to save time or money? Is it for the benefit of employees? Will it provide flexibility for travellers? No matter the goal of the policy however, there are four sections which should always be included. 1. The introduction When introducing your business travel policy you should explain why you have created the travel policy and the reasons that your business requires employees to travel for work. Start by explaining what you want to achieve with your policy so that there is a clear understanding of what to expect from the pages to come. Here is where you should also define what exactly constitutes travel for your employees. How far do they need to travel to be eligible for expenses? What kind of trips are covered? Branch visits, site visits, events, talks, media appearances, and client meetings could all be included here. 2. Bookings In this section you should outline who is responsible for booking trips. If you have a specified travel booker, maybe a secretary or finance manager, you should provide their contact details. If employees are allowed to organise their own travel, this is where you may want to outline how far in advance arrangements should be made, the type of tickets they can book, the amount of luggage covered by expenses, and any preferred hotels or airlines. If your business uses a travel management..

How to make business travel enjoyable for staff

Initially, the thought of business travel is one that’s met with excitement. The indulgence of staying in a hotel, not having to cook for yourself, and being within walking distance of your colleagues for getting work done can be exciting. However, when you’re away for lengths of time, the gloss of travel can also quickly disappear. Yet, the importance of traveling for work is something that greatly benefits businesses, and it’s therefore in everyone’s best interest to make it an enjoyable experience. If you’re tasked with the job of employee welfare, travel bookings or HR at large, this feature is for you. Here are eight ways you can make business travel a pleasant experience. Make travel easy Lessen the administration of business travel with an easy streamlined booking process that allows colleagues to make accommodation and transport bookings with ease. Travel booking platforms are one of the best ways to automate the process, whilst ensuring that budgets are met and colleagues aren’t inconvenienced by unnecessary expenses. It’s also helpful for travel managers too, since staff can make amendments and cancellations 24hrs without any office support. Gratitude Acknowledging the personal sacrifice of business travel can go a long way to dedicated co-workers. This means respecting that colleagues often give up many personal hours travelling back and forth around the country, as well as lost hours in the evening. For some this means missing family events and personal occasions. What’s more, 88% of people agree that expressing gratitude to colleagues makes them feel happier and more fulfilled. This is an easy win offer your colleagues time off in lieu, give them a bonus, offer them a business perk and simply thank them personally for their contribution. A little goes a long way. Front end expenses With the cost of living crisis, it’s a worrying time for the commuter-heavy workforce. The uncertainty around having enough money to cover costs and expenses may even prevent them from traveling in the first place. Help your teams by offering a pre-loaded staff travel card that covers their expenses. The Roomex pre-paid expense card is one of the best business travel credit cards, which helps with expense management too. No more being out of pocket for your employees. Provide helpful local information When on location it can be hard to get your bearings, for some they just don’t have the time. Take this burden away by providing a local travel guide for colleagues. This could include information about local points of interest, nearby restaurant recommendations, local gyms and places of sport. It’s important to remember that it’s not just about work, but wellbeing too showing that you’re a responsible and caring employer will certainly make that trip more bearable. Offer support in and out of office hours Being away on business has its tough moments when you’re in unfamiliar surroundings. Having someone that staff can talk to is an important way to support colleagues. This could be an out-of-hours counselling phone line for those on the road, or perhaps membership to a mental health group or expert, or perhaps even something as simple as subscriptions to calming podcasts or meditation apps. Check in on team members Similar to the above, it shouldn’t always be left for the employee to ask for help. Encourage line managers to contact their teams while away for business and check-in on them. A quick phone call, or Zoom face-to-face is a touching way of staying connected and making the out-of-office experience more palatable. Say yes to belisure You’ve heard of belisure travel for good reason. Giving colleagues the opportunity to tag on holiday to the end of a business trip, is a great way of bringing the feel-good-factor to business travel. Being able to experience a new destination is one of the great joys of work travel, allow colleagues to embrace it and see the difference it makes. Wellbeing matters And finally, as we’ve already touched on personal wellbeing matters. When away for lengths of time from home, it’s important to keep employee morale and wellbeing up. To this end, offering free vouchers to local gyms, swimming pools or sports facilities is a great way to promote a healthy work-life balance, and one they’ll thank you for too. To learn more about how Roomex can help your remote workforce, check out roomex.com today.

Why business travel remains important in 2022

As Covid-19 brought the world to a standstill, one industry was struck the harder than the rest: business travel. For months upon months, many businesses were forced to press pause on all but the most essential travel. Shows and exhibitions went virtual, meetings were held on Zoom, and it’s fair to say that a personal human touch was lost. This was especially challenging for workers in jobs that require a physical presence – from the construction sector through to the road-heavy workforce. But as we find our feet in the new normal and try to get back to where we once left off, it’s clear that things have changed. And while virtual and online contact has risen to the challenge, there are some situations where face-to-face contact is essential. This is why business travel must once again be prioritised, for ourselves, for our businesses, and for the economy. Let’s take a closer look. Face-to-face contact We can say with some ease that there’s no compensation for face-to-face contact when it comes to getting business done. A Harvard report on business found that in-person requests were 34 times more successful than those by email. As sociable creatures, human interaction and relationship building is integral to the way we communicate and operate. Take this away, and all you’re left with is a perfunctory process. If you want to cut that deal, get that contract, or galvanise a team, you’re best bet is to be there in person. Missed opportunities Some jobs are not desk-based. This was seen during the pandemic, when roughly only a quarter of people were able to work from home. For those out in the field, such as the construction sector, it highlighted the importance of business travel for their roles. As the industry bounces back, so must investment in business travel, and this includes removing any of the barriers to achieve it. New procedures and procurement measures adopted during the pandemic have had a knock-on effect on this, making sign-off slow and challenging. In some cases, business trips have been replaced by online meetings, or cancelled altogether. Travel managers have their role to play, as we pivot once again. Introducing an online travel booking system, and having a corporate policy book can certainly help get business travel back on track. Because as we know, missing business travel is a missed opportunity. Whether attending a trade show, meeting a client, or attending on-site builds, not being present means missed opportunities. For the economy Let’s not underestimate the benefits of business tourism to the country either. Looking at the statistics from the World Travel & Tourism Council, business travel experienced a loss of 60% in 2020, and recovery since has been slow. Even though there are positive signs of growth and consumer confidence returns, forecasts still expect growth to be up just 34% this year. And worldwide the loss is immense, with the economy losing $810.7 billion due to the pandemic. All this has a huge knock-on effect on the way we do business, both with inbound and local business travel playing its role. As we know, without a buoyant economy, businesses are forced to make difficult decisions. In short, investment in travel is essential in order for recovery and growth. Talent recruitment Over the past few years, the pendulum has swung in favour of the professional, making it a candidate-bias market. This means that companies have to work even harder to recruit and keep good talent. Considering that business travel is widely considered as a perk, along with bleisure travel, then budgets need to be allocated accordingly. Roughly a third of millennial and Gen Z professionals wouldn’t accept a job unless business travel is involved. In-person experience As a final thought – and as the saying goes travel broadens the mind. And this is certainly true in business too. It enriches us with new experiences, and gives us the first-hand experience to appreciate how other teams operate and the challenges they face. Furthermore, it also offers us a new and refreshing perspective on matters, that no virtual meeting could ever replicate. Perhaps, this might be the richest of all benefits of travelling for work. Roomex is one of the leading online travel platforms equipping businesses with the tools they need for business success.

Roomex Acquired by FLEETCOR

Deal Extends FLEETCOR’s Workforce Lodging Business to International Markets Dublin Oct. 21, 2022 FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, announced today it has signed a definitive agreement to acquire Roomex, a European workforce lodging provider serving the UK and German markets. The acquisition extends FLEETCOR®’s U.S. workforce lodging business to Europe and provides a platform for further international expansion. The transaction is expected to close in November. Roomex, headquartered in Dublin, Ireland, has 600 workforce business customers who have stayed in approximately 50,000 hotels. Roomex serves businesses of all sizes by providing a travel and expenses management solution, specifically designed for businesses with a large mobile workforce. The deal to bring the business into the FLEETCOR Group will fuel growth into new markets for Roomex, which currently operates in Ireland, the UK and Germany, alongside continued enhancement of its booking and payments software. The acquisition by FLEETCOR follows a previous Series A fundraising round in 2018 which saw Roomex raise 8m. The business was most recently recognised at the Business Travel Awards Europe 2022, being shortlisted in the Accommodation Innovation and Payments & Expenses categories. FLEETCOR’s existing lodging business books tens of millions of hotel room nights annually across a network of 45,000 hotel properties primarily in the U.S. The lodging solutions provide customers with savings, specialized controls and consolidated invoices. Roomex gives us a very similar workforce lodging business in Europe. It provides us a base of operations, expertise and a hotel network from which we can build out the lodging business across Europe while leveraging the significant client base we already have there, said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. We are thrilled to join the FLEETCOR team. FLEETCOR’s distribution scale, payment solutions and client relationships will enable Roomex to expand its product offering and accelerate our sales growth, said Garry Moroney, CEO of Roomex. About ROOMEX Roomex is the all-in-one travel and expenses platform built for businesses with a mobile workforce. Roomex helps you book, manage, pay and analyze all of your accommodation, rail and expenses in one place – saving both time and money. Headquartered in Dublin, Ireland with offices in London, and Munich, Roomex is on a mission to make workforce travel and spend management as seamless and cost-effective as possible. Learn more at http://www.roomex.com. Roomex was advised by Strata Technology Partners LLP, as corporate finance advisors, and Maples Group as legal counsel. About FLEETCOR® FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit http://www.FLEETCOR.com. ### Contacts Barry Aldworth Barry.aldworth@roomex.com

Why is visibility and reporting so important for business travel?

There are multiple indicators that your business might be growing; a scaled-up workforce, an extended client base, and the need for more business travel are typical signs. However, when a business reaches a certain level of success, it’s also important to try and futureproof it, and this is where visibility and reporting comes in. It used to be that visibility and reporting was an exhaustive administrative-heavy process. However, today there are many apps, solutions, and technological advancements that streamline the process. With that in mind, now is a good time to review business travel working practices let’s take a look at why. What is visibility and reporting? Visibility and reporting is an essential part of corporate travel procurement. It’s the act of introducing systems and processes that ensure costs and business expenses are reported in a timely and accurate way, in order to provide valuable business data in a compliant-friendly way. This allows businesses to stay within budgets, creates standards for employee behaviour, and offers business insight. In short, the ability to track, monitor and report on business travel in real-time is a valuable resource that management can tap into and use. Why you need robust visibility and reporting There are a number of reasons why a business needs to invest in its reporting process, this includes: Preventing fraud A recent study found that fraud costs UK businesses and individuals over £137 billion a year. Inaccurate business expenses is just one of the most common ways this slips through the system. Sometimes this is intended, sometimes it’s human error. In either case, having greater oversight of expenses and introducing automated expenses can help to prevent its occurrence. For accurate reporting and presentations With digital solutions at our fingertips the expectation to provide up-to-date insight at a moment’s notice is a given. Having an integrated reporting system makes this possible, allowing managers to share valuable data within the wider team. For a business snapshot Having oversight of where your team is located, how long they’re on location, and the average cost of a trip is useful to have access to. Using an online travel booking platform, for instance, allows you to tap into your business travel workforce at any given time. Planning When it comes to business planning, data is the best way to make informed decisions. Access to business travel spend is essential for forward planning. Compliance and auditing Let’s not forget our old friend compliance. Having processes in place allows you to maintain standards, keep up with due diligence, and set expectations for your workforce. This is important in anticipating and keeping up with staff business travel needs. How to maintain visibility and reporting With a remote workforce, especially those traveling for business, it’s important to have a process in place. Perhaps one of the best ways to achieve such visibility is by using an online travel platform. This modern solution to business travel has numerous benefits. First of all, it means that travel bookings are consolidated in one place. For travel managers it also offers an instant snapshot of where teams are located at any given time. Using the dashboard, managers can also tap into real-time analytics, handy if you’re looking to monitor spend or review budgets. For those who pair this with expense management, or business expenses cards, it’s a great way to automate the entire process and have visibility of business travel spending. Most systems include an app for colleagues to use remotely, allowing receipts to be captured and processed immediately. This gets around one of the biggest challenges in travel expense reporting submitting them in a timely fashion. In Summary Business travel management benefits greatly from taking a proactive approach to staff travel. This helps a business to balance costs against reporting, and managing budgets effectively. When implemented successfully, it can also help to safeguard the business against unnecessary spend and ensure accurate reporting. Find out more about how Roomex can help your business grow, with its integrated travel management systems.

What is the difference between business travel and workforce travel?

If the past few years have taught us anything, it’s that there’s no compensation for face-to-face contact and being on location in person. Whether it’s for an event, for a meeting, or for a new construction project, traveling forms part of the day-to-day for many in the UK workforce. Although it is mainly used for support and professional reasons (30%), a Bloomberg report found that business travel is also used for sales and securing clients (25)%, conferences and trade shoes (20%) and training and meetings (20%). Whether you’re planning a business trip, or invited to a work event, it’s good to know the difference between business travel and workforce travel, and the purposes they serve. Let’s take a look at what distinguishes these forms of travel, and what to look out for. What is workforce travel? Those who work in industry-led markets, such as construction, transportation, engineering, events, and retail, often have a large and disparate workforce. Rather than being predominantly office based, these teams may have to travel frequently to various locations around the UK, or occasionally abroad. These work away jobs typically use workforce travel for commuting. We say commuting, but on the whole these trips tend to be on location for periods of time, often in large groups, to accommodate short and long-term projects that require a team to bring it together. Requirements of workforce travel Perhaps what distinguishes workforce travel best, is the specific requirements of the employees engaging in it. Since they will be traveling away from home for weeks at a time, and often in groups, they will require home comforts on location. For travel managers, this means ensuring they are located close to their place of work, as well as gyms, restaurants, shops and local transport links in the area. It also means that there’s consideration towards working longer hours, being away from friends and family, and offering flexible bookings for transport and accommodation to fit in with their ever-changing schedules. Working on the road can be a costly expense for businesses too. For this reason, there are many benefits in using an online travel platform, to support individuals making bookings, and for finding the best rates in some of the best 3 and 4 star hotels in the area. Defining business travel In contrast, business travel is a slightly different beast. It typically involves an individual who needs to travel for a meeting or event, usually visiting an office or location. As such, their trip is much shorter than workforce travel, as its often for a specific reason. Business travel is often used for meeting wider teams, attending annual business events, or corporate get-togethers. Requirements of business travel Unlike workforce travel, where the travel manager needs to consider the wider needs of the group on a longer-term basis, business travellers have the luxury of far greater freedoms. Budgets may be more flexible, since their trip is shorter and less frequent, and might also include the need for entertaining staff and being in a central location. With the advent of bleisure travel (adding a leisure trip on to a business trip), it’s possible that this is something that the employee may want to consider, as well as gaining loyalty points with providers. Of course, far from being a necessity for work, business travel is also widely viewed as a perk especially for younger colleagues. A survey, found that 90% of employees find business travel enjoyable, and want it to continue throughout the course of their career. In summary There is no one-size-fits-all when it comes to work travel. However knowing and understanding your workforce will help you make the best decisions for booking their travel arrangements. Whereas workforce travel may require extensive planning for a large volume of remote workers to be on location for a period of time, business travel may be less onerous. However, when you consider group needs versus individual needs, there’s one thing that binds them both – and that’s the ability to make and change bookings easily and quickly. Roomex is a leading online travel platform used by a small and large business to help with their business travel needs. Find out more at roomex.com

11 things travel managers must include in a travel checklist

At any given time a large proportion of your workforce may be on the road. This is particularly true in certain industries, such as construction, engineering and manufacturing for instance. And as these industries ease themselves back into business travel, it’s useful to have an updated business travel checklist to ensure all the essentials are thought of. Not only will this benefit employees, but it should form part of your organisation’s duty of care too. When it comes to corporate travel management, here are 11 key things to think about when making travel bookings. Book early It’s not just for peace of mind. Booking accommodation and transfers as early as possible, allows you to benefit from early savings. If you have the bonus of an online travel management company, you’ll also benefit from further discounts which are shared with preferred partners. The key here though is to book as early as possible. Cost saving options In these austere times, cost-savings and budget management is a priority. Without squeezing the joy out of business travel, it’s worth considering if there are any ways to make savings. For instance, booking flexible tickets to avoid potential cancellation fees, car-sharing, room-sharing and booking a hotel that includes free gym access for workers on location for lengths of time. Covid safety policy While restrictions and Covid protocols are no longer legally enforced, it’s still important as a responsible employer to lay down your Covid safety policy and share this with employees in advance of work trips. This should highlight your expectations from employees when traveling, what to do in the event of having Covid-19 (before, after and during trips), as well as safety policies around protecting others. This should be located within your corporate travel policy and regularly updated too. Factor in transfer time If you’re putting an itinerary together for colleagues, always factor in enough time for delays, cancellations and transfers. Especially at the moment with travel disruption being high, it’s especially beneficial. Paperless tickets In these digital times, it’s easy to forget that paperless tickets are the new norm. If you’re booking corporate travel UK for other colleagues, then remember to share all the booking details with them, including tickets, QR codes and booking passcodes. Since minimalist business travel is the future, it’s well worth investing in a cloud, app, or online sharing system, for ensuring everything is located in one place. Link to the business travel policy Bookings aside, it’s always useful to share your corporate travel policy with colleagues before a trip. This should provide guidance around expenses, travel and cancellation when working away from home. Connectivity Whether colleagues are located in a hotel, Airbnb or a rented apartment, you’ll need to consider connectivity. WiFi is an essential part of remote working, now more than ever. On-site facilities Even on a limited travel budget, companies need to give due consideration to employee wellbeing. This is especially true when colleagues are working away for longer periods of time (weeks sometimes months) without home comforts to hand. This means ensuring they are well located to nearby restaurants, supermarkets and petrol stations, as well as have easy access to a local gym or exercise facility. Even if this means paying a premium for a central location, it’s something that corporate travel managers need to prioritise. Travel insurance The important matter of travel insurance needs to be on your business travel checklist. It’s wise to organise this as early as possible, since it will cover the traveller for any unforeseeable cancellations prior to the trip, as well as incidents during. Out-of-hours contact Although this should already be covered in your corporate travel policy, it’s always helpful to highlight out-of-hours contacts for emergencies. This should include key phone numbers for cancellations, customer services and private medical care, if applicable. You can avoid many issues by using a booking platform that carries out reservation checks with hotels ahead of your employee’s arrival. Create a call sheet And finally for your business travel checklist, once everything is booked and secured, it’s helpful to produce a call sheet/itinerary/schedule. Typically, this will include all the ticketing and booking information, along with exact dates and times of travel, and accommodation details. You might also want to include some local information, including nearest medical assistance and support. If you’re looking for a trusted all-in-one solution for workforce travel and expense management, visit Roomex to find out more.

How Your Travel Policy is Costing Your Business

In today’s business world, and in the aftermath of the global pandemic, we’ve all been forced to review our policies in order to claw back unnecessary spending. The cost of business travel is a large expense for companies, but also a necessary one. However, instead of cutting budgets, is it time to review policies to prevent unnecessary business expenses? We think so, and here’s why What is a corporate travel policy? But first, a corporate travel policy is a company’s framework and set of guidelines around acceptable business spending when travelling for work. This should lay out clear parameters around expenses and costs when visiting clients and colleagues, when attending conferences and when being on-site or at events. Plus, it should offer guidance around safe travel, wellbeing and claiming back expenses. Done correctly, a travel policy can save your business thousands of pounds but any loopholes will expose your company, potentially resulting in excess business spending. Here’s how: No policy in place You might be surprised to learn that 40% of companies don’t have a travel policy at all. This is the biggest mistake in expense management, since it allows colleagues to spend without any guidance – and is subject to abuse. However, putting a travel policy in place will help to instantly reduce the cost of business travel and encourage compliance. Track spending One of the benefits of having a travel policy, is that it encourages accurate reporting of business spending. This is especially true if you use automated or digital expense management. Having an overview of company spend will help you to plan better and allocate budgets accordingly. Recruitment and retention In today’s candidate-bias market, businesses have to work hard to recruit and retain talent. Therefore, creating an attractive company with a people-centric culture will serve you well. And yes, your travel policy plays a crucial part in this, since it’s part of the overall colleague experience. A robust and well thought out travel policy which includes perks such as bleisure travel will help to retain talent and reduce the cost of recruitment. With two-thirds of young workers seeing business trips as a status symbol, you don’t want to overlook this in the post-covid travel climate. Overcharging expenses We know that overspending can easily happen on the road. If your business policy doesn’t lay out acceptable spending limits around hotels, rental cars, mileage limits, and meals for instance, you are exposing your company to unnecessary business spending costs, which you will have no grounds to dispute. Ideally your travel policy should protect budgets whilst supporting colleagues needs. Duty of care and obligation As an employer, you have a moral and legal obligation to care for colleagues whenever and wherever they are working this extends to wellbeing and safety. In light of post-covid travel, your travel policy should include protocols around covid-secure working, as well as testing and reporting procedures when travelling for work. It should also include emergency contacts, healthcare and insurance cover details. If this is overlooked, your company could be liable for any potential issues that arise out of it, which comes at a personal and financial cost. Supports sustainable targets A robust travel policy will encourage better ways of operating too, which in turn may help to support sustainable targets. For instance, you can opt for socially responsible hotels as part of your corporate travel platform or encourage public transport over other modes of travel. Meeting these environmental targets may have numerous financial implications too. Streamline savings One of the major costs in business spending for travel is transport and accommodation. If your corporate travel policy falls short on these elements, you can expert to incur the financial repercussions. A well-thought-out travel policy will include a process or partner for making hotel and transport bookings, that are within budget. What’s more, if you use a streamlined self-service platform, you’ll be able to benefit from reduced corporate rates and the ability to pay only after checking out, which helps with cashflow. Good employee experience As a final thought, it’s easy to think of a travel policy as a corporate requirement, but it’s so much more than that. It’s an extension of your business and company culture, which forms part of the crucial employee experience. Making it easy and stress-free to make and amend travel bookings, as well as quick and easy processing of expenses goes a long way in employee satisfaction scores, and that as they say, is good for business! If you’re looking for a trusted all-in-one solution for workforce travel and expense management, visit Roomex to find out more.

What Does Your Travel Policy Say About Your Company?

A travel policy is an essential part of your business blueprint, and a reflection of your company culture and values. While business travel remains an important part of working, it can also reveal a lot about a company, and what employees can expect from it. In today’s candidate market, savvy employees are switched on to the latest business trends and fully aware of the perks that competitors offer. In order to remain competitive, a robust travel policy is a prerequisite for candidates and more to the point, here’s what it can reveal about a company too. It can reveal the way you communicate Looking at a business travel policy can be very telling about a company’s priorities. The tone and way its written in itself can show if the company is accommodating, warm and thoughtful, or cold, corporate and prescriptive. Using clear and simple language, and being open and transparent is the best approach for your travel policy. Not only this, but it speaks volumes about how you communicate and operate as a business in general. With many off-site workers not having the opportunity to be office-bound, it’s important to have good lines of communication with remote workers, and a travel policy can be very telling. Company-centric or people focused? How can you tell if a company puts its people or the bottom line first? Take a look at the travel policy and see if it’s bias towards the employee, or the business. For instance, if cost savings are a priority, and expectations around travelling off-peak and economy are high, it’s a pretty good indicator. What’s more, are employees expected to sign their rights to working long hours, working weekends/evenings and beyond the expected 48-hour working week? This may be a requirement in some industries, bit if it’s not compensated adequately with time-off in lieu, money, or other incentives, it can reveal a company that is not people-centric. Whether employees’ costs are taken care of Frequent travelers will be keen to understand if business travel leaves them out of pocket, or if the company makes steps towards avoiding this. For instance, pre-paid expense cards are one of the big business trends at the moment and are especially popular with employees. Not only does it take some of the sting out of admin, but it removes the worry for spending outside of the expense policy and daily limits. Most important of all, it means the employee doesn’t have to front the costs themselves or worry about reimbursements. At a time when 34% of UK travellers say that paying for expenses on their personal credit card is one of the biggest problems with business travel, it’s clear that it’s a priority for employees. Prioritizing wellbeing and duty of care It’s a given that candidates want to work for companies that put employee welfare at the heart of its business. And most companies think that they do. But the best way to really find out, is to interrogate a business travel policy. For workforce travelers who are away from home for weeks on end, is there any concession towards gym allowances or an entertainment budget and does this include alcohol and beverages? For business travel, are covid tests offered or paid for by the company, and what about time off following long business trips, or weekend working? These may all seem like small points, but they help to build a picture of a company culture. Considerate towards business travel benefits If recruitment is high on your agenda as a business, it’s worth revisiting the benefits you offer as part of business travel, which can form part of an attractive package. Especially with younger workers, the opportunity to travel and extend a trip (bleisure) is a big bonus. In fact 70% of 25-35 year olds desire to extend corporate trips for leisure reasons. It’s safe to say that a company that offers flexibility around work travel, and passes on perks such as loyalty points, clearly cares about pleasing its workforce. Your sustainability credentials. As workers become more conscious of their global footprint, sustainable business travel is on the rise. While many businesses pledge their green credentials, it’s not until you interrogate a travel policy that it’s entirely clear. It’s telling if companies have a sustainability statement or commitment, which encourages co-workers to choose public transport and greener accommodation where possible. As business travel comes of age, a company’s green credentials will become ever more important. Keen to level-up your company business travel policy? Roomex now offers pre-paid expense cards and much more.

The Secret to Recruiting Top Talent in 2022

They’re the heartbeat of your company, the front line to your customers, and quite possibly your greatest asset. So it makes sense to invest in a robust recruitment process to secure the very best talent for your business. But things just got a little tricky because after a very nervous few years of cutting back, and the great resignation, businesses are once again on the hunt for headcount, and did we mention the big business trend? It’s a candidate’s market. But despite it being a highly competitive market, there are a few recruitment tricks that will help you gain visibility. Want to know what they are, of course you do, let’s go! Perks beyond pay It’s foolhardy to think that pay is the main motivator for recruitment in 2022. On the contrary, it’s just one of several important factors, especially to the crucial millennial market. Businesses with aligned ethics and values, as well as those that allow time off for personal interests will have a distinct advantage. Think about the perks you can offer to entice top talent be it discounted goods, pre-paid expense cards, time off for volunteering, or an empathic policy for women going through the menopause (one of the big business trends for 2022). A strong employer brand Brand reputation, as it used to be known, is everything when you’re edge to edge with competitors. There’s nothing greater than being considered a company where everyone wants to work. This isn’t something that just happens overnight though, it takes time and investment in your company and people to pay off and it’s never too late to start. If you’re already on the right path, then be sure to shout about it. Your colleagues are the perfect case studies to do this. Use them at recruitment fairs, feature them in your adverts, encourage them to spread the word about how great their jobs are on social media, and you’ll soon start to gain traction. Positive candidate experience The tables have most certainly turned when it comes to recruitment. No longer do businesses have all the power. Today it’s a two-way process where each party is interviewing the other for suitability. Give your business a head start by creating a positive candidate experience, starting from the minute you invite them to interview. For many this is the start of onboarding – a process that can take up to three months or more. Should you need any more convincing, 75% of candidates say it’s unlikely they would take a job if they were treated poorly in an interview process. Be diverse and inclusive We cannot stress enough the importance of being a forward-thinking company that prides itself on diversity and inclusion. The statistics back it up too. Research shows that ethnically diverse teams are 33 per cent likely to have greater profitability. If you want to be in the top tier of businesses for acquiring talent, you must make this a priority and shout about it in your recruitment drive too. Business travel The elusive millennial market can be all yours with two simple words: business travel. Because this social-savvy, FOMO-inducing generation is all about living their best life and travel is a key to this. To the extent that 81% of millennials admit that business travel makes their work lives happier. Hand in hand with this is a robust travel policy that cares about its workforce, including an easy booking process. Autonomous travel booking is a way to differentiate your company from others and entice potential employees by demonstrating they will have a level of control when traveling for business. Personal development Upskilling is one of the buzzwords to emerge out of the pandemic. Because suddenly we realise just how important it is to have a wide set of skills. Companies that invest in their people also invest in personal development and training. This is a business trend that is very much here to stay, and one you can use to your advantage as a recruiter. Flexible working Thanks to the pandemic, flexible working has become less of a demand and more of a norm. Today, workers appreciate the opportunity for flexible working, part-time working and hybrid working, in order to better manage the work-life balance. Companies that offer choice and flexibility to candidates will have a clear advantage as a top recruitment company. What’s more, nearly half of all professionals would turn down a job if the company mandated full-time office working. Take note! Enhance your recruitment prospects with an all-in-one travel booking platform from Roomex, find out how this tool can help you here.

The Business & Corporate Travel Management Platform | Roomex