How a Company Car Can Help Hiring & Retention in a Tight Job Market
It’s no secret that we’re living in one of the hottest job markets in years. Companies across every industry are fighting for top talent, and with job-seekers, in many cases having greater leverage. Employers have had to get creative with their incentives for not only hiring but retaining the most qualified applicants.
Many companies have discovered that one of the most effective tools is offering a company-provided car as one of the primary benefits of a prospective employee’s job offer and compensation package.
In fact, as explained in our previous article, Hidden Dangers of Vehicle Reimbursement: Recruiting & Retention, “companies who offer company-provided vehicles have a key advantage over their competitors when it comes to competing for talent … and it is one of the most sought-after benefits by current and prospective employees.”
Stand Out from the Competition
Separating yourself from the competition is critical in today’s hiring market. With nearly 11 million job openings in the U.S. as of January 2022, attracting the best talent demands being on top of your game with innovative and creative ways to draw the attention of qualified candidates. The competition is fierce, job-seekers have the upper hand and companies can set themselves apart by offering a company vehicle.
Free food, yoga classes, gym memberships, and Friday Happy Hours are great perks, but nothing attracts, or retains, a top performer like a company-provided car. Recent industry surveys support this fact, showing that employees view a company-provided vehicle as a benefit equal to health care coverage and a 401(k).
In a hot job market like today’s, it’s not uncommon for job-seekers to search for the proverbial “greener pastures” and exercise the leverage that comes with applicants being in high demand. The recruitment of top talent is an everyday reality, and compensation packages that include perks and benefits not offered by one’s current employer can often mean the difference in a top performer staying or leaving.
A company-provided vehicle is a great (and proven) solution in helping retain a valued employee, by enhancing their existing compensation package. Studies have shown the added financial benefit of a company-provided vehicle, saving an employee thousands per year in maintenance, repair, fuel, and insurance costs.
Improved Employee Satisfaction
Happy employees are better employees, and cultivating a workplace environment that focuses on employee satisfaction has proven to benefit a company in a multitude of ways. The most important of which is productivity. Research has shown that happy employees are as much as 20% more productive than their unhappy counterparts. They work better as a team, they work harder and often contribute outside the scope of their position, and most importantly, they’re loyal to their employer.
So, how does a company car fit in? A 2014 study by Fleet Financials indicated that 64% of company vehicle drivers said they would be less likely to leave their current job due to their company’s vehicle program. Perhaps even more telling, 87% of company vehicle drivers surveyed stated they would not consider accepting an offer or performing their current position at a company that didn’t provide a company vehicle.
It’s a fact that happy employees make for a more productive, more successful workforce, and company-provided vehicles are one of the major benefits that employers can offer to not only recruit top talent but retain them as well.
Contact Motorlease today and we can help you customize a company vehicle program that’s perfect for you.