With how busy employees can get, the last thing they want to worry about is how to travel in the cheapest way possible. In most cases, in their minds, they’ll simply expense it. This mindset can result in last minute bookings, unused airline tickets and choosing more expensive hotels. All of which can add up to tens of thousands of dollars in unnecessary T&E expenses over the course of the year.
This doesn’t even take into account the lost productivity that occurs when your employees book their own travel, which some reports say can be two or more hours spent comparing fares and schedules.
It’s no wonder that T&E is the second largest budget line item for most companies and that organizations want to take a closer look at the expenditures. There’s usually a lot of waste that can be cut once you fully assess the situation.
For example, in today’s connected world, on the surface, it might seem efficient to let your employees book their own trips and then submit the receipts. However, it may be costing you far more than you think. Last minute bookings, flight changes, ancillary costs that fluctuate depending on airline, lost productivity, and lack of leverage with preferred suppliers, all can add up to hundreds of extra dollars spent per employee, per trip.