Oversight continued to observe notable shifts in spend behaviors and trends in the recent months. As the vaccination rate increases, business travel begins to recover and new spend patterns and potential risk emerge. In our July Spend Insights Report, we shared findings uncovered in the second quarter of 2021.
Based on the company’s proprietary spend data, the report reveals that nearly 60% of employee spend activity in Q2 2021 was in travel categories, including hotels and motels (31%) and airlines (27%). With this uptick in travel comes new trends in employee spend behaviors as the hospitality, restaurant and transportation industries continue to re-emerge from the pandemic.
Here are the key findings from our July report:
Organizations must take the opportunity to re-evaluate their spend policies and broadly communicate them to all employees. To help, we are working with organizations on suggested changes to policy, adjustments to audit approaches, and other recommended actions to target and combat these new risk profiles more effectively.
Schedule time to speak with us about mitigating risk in your spend programs.