Unemployment rates in the U.S. reached a fifty year low in 2018, and while that’s great for employees, it’s not always good news for employers. Well-qualified candidates are now so hard to find, recruiters often refer to them as unicorns. Competition is fierce and temptation abounds, so what can you do to attract and retain the best and brightest? Forget the ping pong table and snack cart, give them something meaningful that will make them want to stick around: a great travel policy. Flaunt it during interviews and you might just catch yourself a unicorn.
36% of hiring managers report candidates asking to see the company’s travel policy during the interview process.
Work/life balance is hugely important for workers these days, and for those required to spend time on the road, travel policies are increasingly a make-or-break consideration. They no longer want to spend hours waiting in crowded airports for bad connections or stay in out-of-the-way hotels because that’s what their travel policy dictates. They want a policy that puts their comfort and wellbeing above nickels and dimes. In fact, travel policies have become so important, that according to the Association of Corporate Travel Executives, 36% of hiring managers report candidates asking to see the company’s travel policy during the interview process.
What Are Employees Looking for in a Travel Policy?
- A traveler-centric policy that reduces the hassle and stress of travel
- Enough flexibility and autonomy to accommodate personal preferences
- 24/7 travel managers who step in when unforeseen circumstances arise
- Online and mobile platforms that make bookings and expense reporting easy
- Thoughtful Duty of Care policies that help ensure safety and security
Happy employees work harder, are more loyal and more productive, but rewriting your travel policy to attract and retain top talent also makes smart financial sense. According to the Society for Human Resource Management, finding and training new employees costs the equivalent of six to nine months of their salary. That’s $35,000 to $52,500 for an employee that makes $70,000 a year. Nonstop flights, business class tickets and hotels with wellness amenities may be more expensive than the low-cost alternatives, but look at the bigger picture and you might find they’re a sound investment.
According to a survey by Business Travel News, the least satisfied travelers were the ones whose company had few travel regulations or none at all.
But how do you give employees what they want without breaking the bank? First, don’t throw the baby out with the bathwater. According to a survey by Business Travel News, the least satisfied travelers were the ones whose company had few travel regulations or none at all. Remember, traveler-centric policies aren’t free-for-alls of first-class flights and five-star hotels, they’re about finding that sweet spot between controlling costs and keeping your travelers happy. A good travel management company will work with you to develop a travel management program that does both. It could become the most powerful recruiting tool you never knew you had.
Does your Travel Policy need to be reviewed? Read 4 Warning Signs Your Travel Policy Is Overdue for An Update.
Ready to speak with a corporate travel expert about how you can better manage your business travel? Get in touch with us to schedule a free consultation that can help lower costs and improve employee productivity.