Treating employees right alws has its perks. Tayhe way you treat your staff can motivate them to do more, establishing a win-win relationship. But the question here is, does offering a company car to employees count as one of the beneficial treats for an employee? This question is important when considering how capital extensive car purchases can be even for established firms.
Offering company cars is the usual practice. About 50 percent of all new cars sold in the UK are offered as company vehicles, and you can reap various benefits from this opportunity if you do it right. If you’re unclear about whether to proceed with this move, here are a few benefits of having a company car:
Company cars can be great branding assets. You can customize every part of a car, from the body to the number plate. For utter convenience, you can also find number plate options on this website tailored to your company’s branding needs.
Direct impact advertising opportunities like car branding cost a fortune but can be important for your business’s positioning. Securing company vehicles for your staff can help you save your advertising budget significantly.
Public transportation is the main means of mobility for many individuals across the US and the UK. Even though they’re fast and reliable, public trains and buses might not be favorable for your employees if you have non-traditional work schedules or your office is out of town. Also, company cars can make transportation more convenient for employees, as registering and processing other papers can be daunting for individuals.
Attractive Employee Package
Purchasing a private vehicle is not a favorable economic expenditure, especially for individuals concerned about their taxes. Providing a company car to your employees can be a great way to rope them in on a salary sacrifice scheme. These arrangements slash their income tax burden and can reduce your NIC obligations.
Better Control Over Work Scheduling
There’s very little you can do when your employee’s train or bus delays its schedule on a busy working day. Offering a company car to your employees makes them more fluid and able to adjust to abrupt schedule changes.
Increased Employee Performance
According to a recent General Electric survey, companies who provide vehicles for staff are more likely to retain their top talents than those who don’t. Retaining experienced staff who understand the company’s makeup can be very influential if you want to scale the market.
About 54 percent of interviewees also think the best perk of recruiting for a company will be a personal vehicle. This means your company could be the top choice for new entrants in your industry if you include company vehicles in staff compensation plans.
Generally speaking, seasoned HR professionals have established that employers must enhance major employee benefits to keep their top talent, especially in today’s highly competitive business world. Getting company vehicles for your staff can be one of the crucial opportunities to explore if you want to motivate employees and make them comfortable so they can ramp up performance.