For a business to succeed, it needs to have access to the best possible talent. Attracting this talent might mean offering a generous salary. But that’s not the only factor that skilled applicants will consider before taking the time to fire off a CV. Increasingly, fringe benefits like paid sick leave, flexible hours, and working-from-home arrangements are valued.
Among the top list of most desirable benefits is a company car. It’s perhaps understandable that employers would hesitate before making an investment of this size, particularly if the benefits of doing so aren’t immediately clear. Let’s examine a few reasons why a company car might be worthwhile for both employee and employer.
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It Provides Flexibility
For some roles, employees will need to be able to travel at any given hour of the day. Clients may need to be visited, conferences may need to be attended, and impromptu meetings might be declared during a sudden crisis. A car will help any employee to get to where they need to be. Moreover, a car will grant employees greater flexibility when choosing their working hours.
It’s Cost Effective (sometimes)
If a given employee is racking up huge amounts of mileage, then the efficiency of their existing car might place a significant burden on the company’s finances. The employee has no incentive to care about this if their fuel is being paid for. By investing in a company car, you’ll be able to control the cost of fuel more closely. This is especially the case for employees who are driving older cars.
It Can Foster the Right Relationships
A high-quality car can help your employees to create the right impression on would-be clients and collaborators. If the employee is having to transport those third parties from place to place, then a luxurious interior can create a positive impression that will translate into higher conversion rates.
It will Attract Superior Candidates
Attracting and retaining the right candidates is, as we’ve mentioned, of vital importance. Surveys have demonstrated time and again that this perk is one that’s highly sought-after. Being granted a company car means that the employee can sell their existing one, which is an up-front financial benefit at little cost to the employer, particularly if the vehicle is sourced through a long-term leasing company like Zen Auto.
Using your own car for business purposes can dampen its value, particularly if the role demands high mileage. If the employee is able to use the car for their personal errands, then there’s an added financial boon, in that their insurance costs will be reduced.
For many high-ranking positions, the candidate may not only look for a company car, but expect to find one. By failing to make this offer, you might be putting your business at a competitive disadvantage when it comes to seeking out the required talent.
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