CARROTS used for attracting and retaining the best talent for business don’t come any bigger or juicier than a company car, latest research reveals.
Two-thirds of UK company car drivers surveyed said they would only move role if a company car was part of the job offer.
Hire the best with a company car
- Company cars are still a desirable part of employee benefits package;
- 64% of company car drivers say vehicles are an important factor in job decisions;
- Almost 90% 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
Research by Lex Autolease, the fleet management and fleet funding specialist, found that 88% of employees take a company vehicle when it is offered while only 11% 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.
Of company car drivers surveyed, 72% 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 was less important for company car drivers, although 57% would still take it into consideration.
The company car continues to play a central role, with 43% of fleet managers stating that the vehicles are becoming more important in staff retention – 45% of company car drivers consider it a mark of achievement, particularly among drivers aged 17-34 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% 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.”
