It is a well-known fact that the business landscape has become more competitive as companies try to attract talent, improve efficiency in processes – and keep employees around too. One way that many are doing this is investing in their mobility and providing them with company vehicles.
In this article, we look at some of the key benefits of company cars and why you should consider putting a program in place. Read on to find out what they are!
Cost Savings
Providing a company vehicle can be an effective and beneficial way to save money for both employees and employers. For the employees, company cars remove lots of expenses that come along with cars. Employers sometimes have access to better leasing terms, discounts on fuel as well certain deals on car maintenance from ultimate tire specials to bulk insurance rates and more. It can be more cost-effective for employers too as they can control transportation costs more effectively than reimbursing the team for travel expenses and mileage.
Productivity and Efficiencies
A company vehicle might not be the first thing that comes to mind when you think of improving productivity and efficiency, but they’ve been shown to do just that. If your employees rely on their own personal vehicles for work travel, they could face issues like fuel and insurance costs or maintenance issues.
It also helps get employees where they need to be faster, saving them time in the community so that they can be more productive at work.
Tax Benefits
Providing company vehicles for your team can also cut down on your tax bill. Many governments offer tax deductions and incentives which can include everything from depreciation benefits, tax write offs and more.
Choosing electric and hybrid vehicles can add to the benefits on your tax bill but also is a good ethical choice as it’s an environmentally friendly option overall. Making it a great option for a company’s financial stability.
Brand Reputation
Advertising is an important part of running a business and a fleet of company cars is a great opportunity for marketing. By customising these vehicles with your brand including slogans, logos and colours, you can increase your brand presence and professional image.
Company cars also make your employees look (and even act) more professional, especially when they’re using them to meet with clients or attend business events. This can impact client relationships and perspectives in a positive way and give your business and brand a stronger reputation.
Improved Safety
Providing your team with company cars is one way that you can keep them safe by making sure they’re driving in regularly maintained vehicles. With modern safety features like GPS tracking and driving monitoring systems, you can reduce the risk of accidents and minimise liabilities with work-related transportation incidents.
It’s a win for the employer and employee too as they can feel assured that they’re driving in the most up-to-date vehicles when it comes to their safety.
Rewarding Work Culture
Having a program at work that includes the option for company vehicles makes for a more positive and rewarding work culture. The costs saved by your employees, safety enhanced and luxury of having a company car can make them feel appreciated and even increase their productivity in the long term.
By feeling valued by their employer, an employee will then be more likely to contribute to a higher shared morale in the workplace which can have a strong impact on a businesses’ chance of long-term success.
Employee Retention
Employee retention can be a significant challenge these days, with such a saturated and competitive marketplace. By offering them access to a company car, it’s more likely that they’ll want to stick around – not just to continue to use the car but because of the other benefits that come along with it.
Not having to replace employees or spend time and energy trying to hire is a big win for employers as the costs associated with this can negatively impact their business.
