Traveling for business can be super pricey, but your employees may not worry that much since they know they can put it on the company card. Why opt for coach if your company will cover business class?
The company Rocketrip is gunning to help workers save their companies money by rewarding them for being thrifty. The platform gives you an estimated budget for a business trip that includes airfare, hotel, and car rentals, and if you stay under that budget Rocketrip will reward you with points that you can redeem for gift cards.
"The real issue isn't how they can save money, the real issue is why do they want to save money," Rocketrip CEO Dan Ruch said. "They're not traveling on their own prerogative, they're leaving their families for days on end and they're going to take liberties with the company travel policy because there's no reason not to. If they can fly business class who in their right mind would choose coach?"
Whether or not you decide to use Rocketrip's platform or figure out a program on your own, it is definitely beneficial to incentivize your employees to save money when traveling. Once you figure out the motivation aspect, though, here are some hacks that Ruch suggests for keeping down travel costs:
- Stay at an Airbnb. Whether you find one by yourself or share with other employees, you'll save a ton of money.
- Stay with friends. That's the ultimate money saver; you can't beat free.
- Combine with leisure travel. Oftentimes flying back on a Saturday or Sunday will be cheaper than flying on Friday, so consider adding an extra day to your trip for personal time.
- Book two one-ways. Occasionally this will actually be cheaper than a roundtrip fare.
- Book opaque/unpublished fares on Priceline and Hotwire. You'll have to be okay not knowing the vendor ahead of time, but you can simply say the location, number of stars, and price you want for a hotel, and they'll find you a place, without revealing the vendor until you check out. According to Ruch this can save you up to 50-60 percent of the retail rate on a hotel.
- Opt for Flightcar over Hertz or Avis. The peer-to-peer car rental service will offer significantly lower costs.
- Book a flight with a layover in your intended destination and ditch the second flight. If you're going to LA, book a flight to San Francisco that has a layover in LA and just get off there. You'll have to book a one way for the return trip though.
- Leverage bundle packages on online travel agencies. Book a flight and hotel together on a site like Expedia, and you can save about 20-30 percent, according to Ruch.
- Book flights early. The average cost of a flight tends to go up within four weeks of travel.
- If you are forced to book last-minute, purchase on a Sunday. Ruch believes that the Tuesday myth, is just that, a myth. But he does say that airlines tend to raise prices on Monday mornings when they're within that four-week period of the travel date. So your best bet then is to book on Sunday.