On a day-to-day basis, the finance function has its hands full ensuring the company’s accounting responsibilities are met and its budgets and forecasts are sound. But increasingly, keeping the company’s financial house in order also requires CFOs and their teams to prioritize employee experience.
Concerns around employee engagement and experience have not traditionally fallen on CFOs’ desks. But when employees have a better experience, they’re less likely to leave — and cost the company money (to the tune of 6-9 months of an employee's salary) to replace them. If your employees find your policies unrealistic and processes cumbersome, they’re simply less likely to stay.
“I often hear businesses complain about the amount of time it takes their business travelers to book travel that conforms to their policies and, post-travel, to file expenses,” says Kalyan Vissa, Head of Product at TravelBank. “It can take business travelers hours to itemize all their expenses, attach receipts and ensure the expense reports conform to company policies. Employees are frustrated.”
Minimizing that frustration is essential. Fortunately, optimizing costs does not need to be at odds with offering a great employee experience — especially when it comes to travel and expenses.
Mobile capabilities drive up employee adoption
According to the Global Business Travel Association, business travel spending is expected to recover to its pre-pandemic total of $1.4 trillion in 2024. As companies continue to expand their travel programs, they may want to review their travel policies — and whether employees comply with them. (TravelBank research found that 61% of finance executives report that their travel and expense policies are frequently or sometimes violated.)
“CFOs want to set fiscally responsible travel and spend policies that are also in the employee’s best interests,” says Vissa. “By offering a travel and expense management solution with ample inventory and a modern user experience, CFOs can attain the balance between adhering to fiscal policy and providing an efficient experience for their employees.”
The right travel and expense platform can help encourage employees to comply with policies. Offering employees access to a mobile-first expense and travel manager, for example, can make it easier for them to book and manage compliant business travel on the go — especially if the application offers travel inventory on par with what employees can find themselves. Employees are less likely to spend out of policy when offered a flexible, easy-to-use solution.
Mobile tools continue to simplify travel management through expensing. Using a mobile app and smartphone camera, for example, business travelers can capture receipts on-the-go and automatically scan them into expense reports.
Incentivize employees who save the company money
A travel and expense management solution can not only offer employees built-in budgets for every trip, it can also incentivize employees to stay within those budgets through rewards.
“Companies can optimize costs in travel and expenses, and potentially increase employee engagement, by choosing travel and expense management solutions that offer robust loyalty or rewards programs,” says Vissa.
“These programs offer employees rewards if their travel and expenses are consistently in line with company policies,” adds Vissa. “Employees can apply rewards toward their next travel itinerary or redeem them as gift cards.” The average TravelBank customer trims 30% off their overall travel program when they reward employees who book under budget.
Traveler support that shows employees you care
Caring about employee experience in travel and expenses goes beyond ensuring that the booking and expensing process both go smoothly. It’s also about ensuring that business travelers are supported throughout the travel experience, especially in the event of delays or cancellations.
The right solution for travel and expenses can provide 24/7/365 traveler support from agents available via phone, email and live chat (with TravelBank answering 97% of calls in the first 30 seconds). Offering first-class support creates peace of mind for busy travelers, allowing them to focus on the business they’re traveling for in the first place. It also helps prevent overspend, as employees don’t get stuck booking a new flight or lodging when travel complications arise.
Conclusion: Offering employees a better way
Ultimately, streamlining and simplifying the travel booking, management and expensing processes gives employees back valuable time and eases frustration. The finance function should prioritize a travel and expense management solution that provides employees with a better experience that encourages compliance and responsible spending.
TravelBank is the only expense and travel management company that can offer a complete, end-to-end solution that syncs with any card. Learn more at travelbank.com.
