Company cars are still a desirable part of employee benefits package. More than six in 10 (64 percent) of company car drivers say vehicles are an important factor in job decisions. Almost 90 percent of employees who are offered a company car take it up.
Nearly half of fleet managers say company cars are becoming more important in staff recruitment and retention. Company cars continue to play a crucial role in recruiting and retaining talent, with two thirds (64 percent) of company car drivers stating they would only move role if a company car was part of the job offer.New research from Lex Autolease, the UK’s leading fleet management and fleet funding specialist, found that almost nine in ten (88 percent) employees take a company vehicle when it is offered. Just 11 percent of company car drivers would opt for a cash alternative instead.
Its Report on Company Motoring surveyed 501 company car drivers and 249 fleet managers to explore attitudes towards the company car as a recruitment tool, revealing employees’ increasing desire to personalise their benefits package. Almost three quarters (72 percent) of company car drivers said the degree of freedom to pick their own vehicle was important to them. Half of the fleet managers interviewed echoed this, saying they have experienced a greater demand for more choice from employees.
By contrast, the monetary value of a vehicle is somewhat less important for company car drivers, though 57 percent would still take it into consideration. As a tool to motivate staff, the company car continues to play a central role, with 43 percent of fleet managers stating that company cars are becoming more important in the retention of talent in their organisation. Almost half – 45 percent –-of company car drivers consider it a mark of achievement, with this being particularly the case among younger drivers – aged 17-34 – who may be on the lower rungs of the career ladder.
Tim Porter, Managing Director of Lex Autolease, said: “The company car has been at the heart of British working life for close to five decades. Now, with the UK economy showing signs of longer-term recovery and an increasingly buoyant job market, it is little wonder that 38 percent of the fleet managers we spoke to reported growth of their fleet over the last 12 months. “As organisations look to bolster their chances of recruiting and retaining the best talent, the importance of a comprehensive benefits package should not be understated. Our latest research shows that a company car remains an aspirational part of this.”
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