As part of a benefits package, company cars are a fantastic way to reward employees without having to give a cash bonus. However, the advantages of company vehicles don’t only extend to the employees who own one; there are various advantages to the employer and the entire company too. So why should offering a company car be a consideration for every business? Speak to a company fleet expert today to start reaping the following benefits and more:
1. Tax Benefits
If you choose to implement a company car benefit through salary sacrifice, then employers can save plenty of cash on tax and National Insurance. If your employees are being paid less in replacement of a brand new car, then effectively you don’t have to pay as much NI on their salary. It’s a win-win situation!
2. Improve Commute and Out-of-Office Work
By giving employees a new, efficient vehicle they will no longer have an excuse for being late to work! For those that rely on public transport or cycling to work, having a new car should improve commute times and therefore productivity. Company cars are also extremely convenient for companies that conduct business out of the regular office or workplace. With their own vehicle employees will be able to travel nationwide for meetings or client visits no problem.
3. Improve Wellbeing
Perhaps an overlooked benefit in providing employees with reward packages is the difference it makes to their wellbeing and happiness. With a car – especially one of most stylish latest models – people can live a fuller, richer life in and out of work hours. It even has the opportunity to improve health and reduce stress, by allowing employees to get more sleep and embark on holidays and weekends away more often.
4. Develop Goodwill Among Employees
Company cars are a cost effective way to develop and improve colleague relationships and goodwill among employees. Those who can’t drive will be offered lifts left, right and centre!
5. Create a Happy, Productive Workforce
Few other company benefits are as effective at generating a happy and productive workforce as a car. It acts as a reminder to employees of how well they are valued on a daily basis – and how hard they need to continue to work to deserve such a token of appreciation. It will also prevent your best staff looking elsewhere for other jobs.
Sounds like the kind of company you want to be running? Think about setting up a company car scheme today.