Overhauling travel & expense policies: New corporate priorities and traveler expectations
Travel and expense (T&E) policies are having a heyday as travel managers update their policies to better align with business objectives. The updates have two main impetuses: a resurgence of business travel, as reported in a Mastercard trends article from 2023,1 and predictions of higher spending through 2025, according to a Mastercard survey of business travel managers in 2023.2
Predicted price increases,3 new traveler expectations and a growing need for sustainable travel are forcing companies to rethink how they manage travel, communicate policies and control costs. Companies and employees are bringing a new understanding of the value of face-to-face meetings and business travel to this unchartered environment.
How are company leaders balancing the need to control costs against traveler demands for flexibility? How are they balancing calls for productivity against the return on investment of face-to-face interactions?
Mastercard worked with the BTN Group to survey two cohorts: travel decision-makers at large companies, and business travelers who take six or more business trips a year. About half of the surveyed decision-makers manage travel globally; the rest operate regionally.
In this white paper, we discuss:
- What is new in T&E policies
- The drive for compliance and cost savings
- The importance of sustainability and “duty of care”
- What business travelers want in T&E policies
- Key booking policies for air and ground transportation, meals and lodging, and payments and expense management
1. “Travel industry trends 2023.” Mastercard Economics Institute, 2023. 2. “Navigating global business travel.” Mastercard, 10 August 2023. 3. “Global business travel and events costs expected to remain elevated through 2024, reflecting ‘true new cost of travel’.” CWT, 10 August 2023.
