Despite the fantastic array of benefits associated with car salary sacrifice schemes, many employers and employees do not have a thorough understanding of their inherent value. To help shed some light on the matter, we’ve put together this comprehensive guide looking at some of the major benefits on offer when implementing car salary sacrifice schemes. Wellbeing of the worker
According to recent research from the Mental Health Foundation, 47% of British adults revealed that they felt stressed on a daily basis, with money problems identified as one of the major culprits. Fleet Evolution car salary sacrifice schemes offer employees the chance to save up to 30% on motoring costs. This could play a critical role in reducing financial stress which can translate directly into better on-the-job performance.
Boosts employee work ethic
Ensuring employees have a good work ethic is one of the keys to boosting productivity and ultimately increasing a business’s bottom line. Work ethic has a direct correlation with performance which means that recognising and rewarding employees for their hard work is an essential part of helping the workforce grow, evolve and perform at their absolute best. Offering a workforce access to a car salary sacrifice scheme is a great way for businesses to show employees that they are valued and appreciated. Want further proof? In a recent study from Employee Benefits UK, car salary sacrifice schemes were identified as one of the top 10 benefits a business could offer its employees.
Enhances brand image
Any company offering its employees a car salary sacrifice scheme immediately boosts its reputation as being a business that cares about its workers. This will encourage new applications from a higher calibre of worker and help establish a prominent industry reputation.
Promotes staff retention and loyalty
When employees enjoy benefits such as a car salary sacrifice scheme, they are far more likely to display company loyalty and a desire to stay with their current employer. In the long run, this could represent significant savings for businesses working in all market sectors. In fact according to recent research from HR Review, the average cost of replacing an employee is a huge £30,000. When companies encourage employee commitment and loyalty, they are instantly saving themselves thousands, if not hundreds of thousands, of pounds.