Updates for your Corporate Travel Policy

Corporate Travel Policy Updates: Essential Questions Answered

Many people feel uneasy about the enormous changes that have occurred in business travel.

However, revising your policy will guarantee that it reflects current risks, laws, and occurrences.

Indeed, so much has happened that many people are understandably confused and nervous about traveling for work (and with good reason).

Travel managers, however, are also working very hard to ensure that all of the company's travel rules are still serving its needs.

Now for the crucial query:

Which sections of your company travel guidelines require revision?

What adjustments are required to guarantee the success of your commercial endeavors going forward?

These are really good inquiries. Additionally, you will discover how to keep your policy current with regards to laws, policies, risks, and world events by following the instructions in this guide.

You can start a more successful and profitable travel program by revising your policy to take into account the most recent developments.

Update Travel Protocols

The ongoing pandemic has altered the way that corporate travel is managed in terms of safety.

These days, you have to make sure that staff members take safety precautions when they travel.

This is particularly valid if you want to make any reservations for public transportation (air or ground).

Taking COVID safety seriously helps your business preserve a good reputation in your sector in addition to keeping people safe.

You might choose to review or amend the following travel protocols in your current travel policy:

Risk Assessment

To guarantee traveler safety, you must always do a risk assessment analysis while organizing a business trip.

The following are some particular areas that could warrant an update to your current travel policy:

Virus Safety

Virus safety is critical.

This is especially true where COVID is concerned.

Travel Insurance

In the discussion of travel-related costs, travel insurance is set to take center stage.

It can be necessary to incorporate providing travel insurance, or at the very least reimbursement for insurance expenses, into your corporate travel policy for your staff.

Update Your Risk Assessment Process to Account for Political and Social Unrest

Our world is safer now than it has ever been in several aspects.

However, this does not imply that there are no risks at all.

To put it mildly, there are a lot of global (and even some domestic) tensions to be mindful of while you work to make sure your team has a risk-free and safe travel experience.

Additionally, you should ensure that social, political, and civic unrest are taken into account in your risk assessment process as the person in charge of controlling travel. Regretfully, this is become a requirement of the current world.

Check out this reference page on the topic that Harvard University put created if you need assistance with this stage.

Before dispatching your team on their next job, you can utilize it to investigate the political climate of your destination through a variety of methods covered in it.

Incorporate New Company Culture Standards into Your Travel Policy

Accept it or not, the era we find ourselves in is known as "The Great Resignation."

While there are differing interpretations of this, for those of us responsible for enabling travel as a regular part of workday operations, this essentially means one thing:

Take care of your employees, and establish a hierarchical workplace culture that supports this norm in all that you do.

Furthermore, this covers your travel policy.

Put another way, make an effort to treat your team members and employees fairly so that they will continue to have faith in the work that they provide on behalf of your company.

Regardless of the topic you're working on—travel costs, business credit card policy, expenditure reporting, per diem, etc.—it's crucial that you ask yourself this:

"Will our decision show our team that we value their contribution, that we support their vision, that they matter to us, and that they're appreciated?"

Focus on Values

The United States is currently a hotbed of heightened cultural emotions in many respects.

It's critical that you carefully consider who you select to do business with as a corporation.

You may wish to incorporate these kinds of requirements into your travel policy if there are companies you'd prefer to stand with over shared political, social, or cultural causes.

As an illustration:

When making reservations, you can decide to give preference to a particular vehicle rental company because you wish to contribute as much as you can to their particular charitable endeavors.

Here are a few more instances:

• Verify that selected businesses receive the meal expenses.

• Make sure the companies you travel to share your beliefs receive the money you spend on them.

• Whenever you do business with a travel firm that you feel is improving the globe, make sure to purchase more upgrades.

Values matter.

They are important to your team and staff, that much is true. But your clientele cares about them as well.

Additionally, deciding to put values ahead of inexpensive costs or just going with "whatever is the cheapest option" can make a strong, good impression on the public and your clients.

New Tax Laws

At least a few tax law changes are made every few years, and they may have an impact on how you manage some aspects of your trip budget.

It's crucial to consider this in order to prevent expensive mistakes.

It is recommended that you frequently visit the IRS website and peruse their News and Announcements stream in order to be informed about such matters.

To stay informed about any modifications you might need to make to your company policy regarding travel and taxes, you can also stay in touch with your CPA.

As an illustration:

Updates to the IRS's tax reimbursement measurement methodology may need you to revise your incidental expense approval procedure.

Update Your Budget to Reflect Rising Fuel Costs

Fuel prices have increased significantly since 2020.

There are many who think this will only last temporarily. It is still crucial for you to prepare for the worst as a travel or finance manager.

Frequently Asked Questions

What are some key areas in a travel policy that may need updating?

Take into consideration auditing and updating the following areas to guarantee a secure and efficient travel experience: – Risk assessment procedures that take social and political turmoil into account – Travel advice on social distancing and virus safety – Traveler insurance requirements – New company culture standards that put an emphasis on values and employee well-being-being – Adherence to revised tax legislation pertaining to travel-associated costs and payments – Modification of spending plans to account for increased fuel prices.

How can the risk assessment process be effectively updated to account for potential dangers?

Consider putting into practice steps like conducting thorough destination screenings, conducting pre-travel briefings for staff, establishing clear communication protocols during emergencies, and offering sufficient training on risk mitigation strategies in order to improve the risk assessment process. Reputable resources, such as Harvard University's resource page, can be consulted to evaluate the political and social climate of destinations.

What steps can be taken to prioritize values and support employee well-being within a corporate travel policy?

Guidelines like the following should be considered in order to show a dedication to employee welfare and to be consistent with business goals: – Ethical spending practices by giving priority to vendors who share the company's environmental and social values – Encouragement of environmentally friendly travel programs to lessen their influence – Offering flexible travel schedules to take personal obligations and work-life balance into account – Establishing employee assistance programs to offer resources and support when traveling for work.

Conclusion

To sum up, it is imperative that you update your corporate travel policy in order to guarantee that it is in line with current affairs and to reduce risks.

You can promote a safe, compliance, and values-driven travel program by going over and making revisions to elements like risk assessment protocols, viral safety requirements, travel insurance coverage, company culture standards, and tax legislation.

Never forget to put employee well-being first by incorporating policies that encourage moral spending, adaptability, and individual accountability. Accepting these revisions will help you draft a travel policy that safeguards your business, values your staff, and communicates your dedication to excellence and conscientious travel.