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 Are Manual Expenses so Inefficient?
- How I Did it: Eliminating the Risks of Paper-Intensive Expense Processes
- Beyond Efficiency: How Spend Data Delivers the Biggest Benefits of Expense and Invoice Management
- How I Did It: Reducing Administrative Time to Devote More Resources to Our Core Mission
- Delivering Value from Shrinking Corporate Travel Budgets in Uncertain Economic Times
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.