The habits of young business travelers differ from those of more seasoned employees, according to a new survey. That’s especially true when it comes to travel expense management and posting online reviews, The Los Angeles Times reports.
For a global report on travel habits, Expedia.com (and sister travel site Egencia.com) surveyed more than 8,500 people from 24 nations. The Los Angeles Times highlights a couple of key differences between millennials and veteran business travelers.
- Using the company tab. Of travelers ages 18 to 30, 42 percent will spend more on good meals and first-class flights when the company is paying, compared to 26 percent of older travelers.
- Sharing information online. In the past year, 25 percent of American travelers under the age of 34 have given negative lodging reviews online, something done by only 14 percent of veteran travelers.
If organizations want to truly understand how different groups of employees use company funds, travel expense management software like Chrome River EXPENSE will allow them to track the data precisely and then parse it using analytics. Young travelers in particular will appreciate the convenience of using expense report software to enter expenses from their mobile devices — right before they review the restaurant or hotel on sites like Yelp.com and Oyster.com.
From there, an electronic expense report system allows managers to compare individual employee and group spending habits using any number of variables.Using analytics software makes it easy to generate ad-hoc queries and customized reports on spending differences among departments, cost centers, expense types and regions.
The Expedia survey suggests that age may play a role in how employees handle expense accounts. But in the end, it’s more important for an organization to understand how its own employees differ and why, and travel expense management software provides the tools for meaningful analysis and actions.
We’d like to hear your thoughts on the Expedia survey. Where do you see differences in how younger and older professionals handle business travel and travel expenses? Share your thoughts in the comments section!
- Why the Manual Invoice Processing Model Is Broken (And How to Fix It)
- 6 Reasons for Implementing an Expense Management System
- How Expense Automation Can Increase Manufacturers’ Profit Margins
- Reducing Employee Expense Fraud – Strategies and Tools for HR Leaders
- Capturing and Optimizing Your True Corporate Travel Program Spend Using Total Cost of Ownership
We love you guys! Everything is going great.
Wow! This Chrome River is great. Word has spread [in our firm] and people that were not invited to be in the pilot group rollout have asked to be included!