Creating a Seamless Candidate Experience with Outsourced Travel Coordination
“Where is my travel reimbursement?” Usually, when a candidate asks this question, their experience has already been affected, and their opinion – which will be negative – directly influences the company’s reputation.
The Talent Board’s 2022 Candidate Experience Study, p.6, reveals that 70% of candidates would recommend a company that offers a positive experience. The study also reveals that 30% of those responding to the benchmarking said they’d refer the employer based on their experience, although 90% of those respondents didn’t get hired.
When candidates pay for the trip out of pocket, reimbursement can quickly become an uncomfortable topic. The longer the candidate waits, the more bitter his experience becomes. So, the solution is not only to reimburse candidates, but to do it quickly based upon your agreement via check, ACH, or even through a person-to-person payment app.
According to the latest GBTA Business Travel Index™ report of 2023: annual global report and forecast published by the Global Business Travel Association in collaboration with Visa. The international business travel industry forecast expects an accelerated rebound; spending will reach $1.8 trillion by 2027.
In 2022, global spending on business travel increased by 47% to $1.03 trillion. These solid gains have continued through 2023, with 32% growth in international spending expected this year. The estimated breakdown of $1.03 trillion in business travel spending includes $183 billion in aid spending, $395 billion in lodging expenses, $191 billion in food and beverage, $138 billion in ground transportation, and $121 billion in other travel expenses.
However, companies must prepare to offer a good candidate experience and a smooth and positive hiring process, and an ideal way is through outsourcing the candidate’s travel and expenses.
Reasons to outsource candidate travel management.
Outsourcing your travel management allows your employees to focus on their business and save many lost work hours.
Outsourcing candidate travel reduces your budget and workload. We help reduce your administrative burden by:
Providing an end-to-end candidate reimbursement solution eliminates the talent and AP departments needing to handle any part of the process.
Auditing all transactions to ensure they comply with your candidate’s expenditure policy.
Offering a completely customizable, automated platform for reporting expenses.
3. A travel management solution integrates new technologies centralizing all the traveler’s needs and has complete control and visibility of the trip details.
4. Increases compliance with your travel policy.
Ensuring policy compliance is vital to prevent misuse of company funds and maintain consistency in financial practices. Travel and expense policies are in place to define acceptable spending, reimbursement limits, and documentation requirements. Non-compliance can lead to financial discrepancies and even ethical concerns.
Periodically review and update travel and expense policies to reflect changing business needs and industry standards.
Reduces expense fraud and expense reporting errors.
You can simplify reporting and increase visibility into spending patterns.
Keeping track of expenses associated with candidate travel and other related expenditures is crucial for budgeting and financial reporting. Without an efficient tracking system, it’s challenging to ensure that expenditures stay within the allocated budget and comply with company policies.
Travel-related expenses often come with additional complexities, such as adherence to travel policies, varying costs based on destination, and the need for planning. It’s essential to consider factors like transportation, accommodation, meals, and incidentals, all of which contribute to the overall expenses.
The effectiveness of outsourcing your expenses and travel management will be closely associated with a solid fit between the outsourcing solution and the demands of your company.
In conclusion, by focusing on creating a seamless reimbursement process, tracking expenditures effectively, prioritizing candidate experience, and enforcing policy compliance, organizations can mitigate challenges and provide a positive impression to both candidates and employees.