Employer / Industry / Salary Sacrifice
27th June 2022
How company benefits benefit companies
Post Covid and the ‘great resignation’ of 2021, the employment market has never been more pressurised. The need for companies to attract and retain talent has never been so acute, and savvy employers are having to look beyond the traditional backstays of salary and pensions to stay ahead of the game.
Increasingly, employees value benefits as a major factor in assessing a company, and with salary sacrifice car benefits schemes, the up sides are not just limited to the employee, the employer can benefit too.
Tusker’s innovative salary sacrifice car benefits schemes offer staff access to safe, new, environmentally friendly and highly affordable vehicles which, thanks to the way salary sacrifice is structured, are advantageous for not just the driver, but for payroll as well.
Importantly, as a result of the way in which these schemes are set up, it is not just higher-earners that are able to enjoy a new car, all employees whose deductions don’t take them below NLW are able to take advantage too, which is not always possible on more traditional company car schemes. In fact, a massive 70% of Tusker’s drivers fall into the lower tax bracket, and Tusker is proud to be helping many public sector and key workers access affordable new vehicles, often for the first time.
In the face of a cost-of-living crisis, which is seeing prices rise for everyone across the board, employers are increasingly finding that their duty of care to staff members extends to ensuring the financial wellbeing of staff. A key attraction of a Tusker benefit scheme is that in taking the form of a subscription package, and with no need for a hefty down payment, monthly budgeting becomes easy.
All costs, excluding fuel or electricity are included with a Tusker package, so insurance, tax, breakdown cover and even tyres are included for a single monthly amount. With more and more families worried about unexpected expenses in the face of rising living costs, the peace of mind brought about by a package in which a no-surprise guarantee comes as standard, is important not just for the employee, but also for the employer in fulfilling their duty of care responsibility.
In addition, unlike many other traditional car schemes, Tusker minimises risk for both employers and employees, with a full suite of protections available in the case of early termination, redundancy, and long-term sickness cover, neither party is penalised in the event of unforeseen circumstances.
With the environment increasingly at the forefront of everyone’s minds, employers that can offer affordable access to emissions free vehicles are winning favour with existing and potential staff. Not only do Tusker’s schemes benefit electric motoring, thanks to the low Benefit in Kind payable on these vehicles, but it also guarantees its drivers complete carbon neutrality over the life of their subscription. Tusker calculates the emissions for every vehicle it provides, and offsets these using verified carbon offsetting schemes – even EV drivers benefit from this as Tusker offsets each electric car on the worst-case assumption of it being charged with non-green tariffs.
For any company looking to gain the edge when it comes to their staff, a Tusker car benefit scheme really is a win-win. Giving employees access to brand new vehicles at fully inclusive, affordable monthly rates, while also benefiting from advantages with payroll and increased levels of Corporate Social Responsibility, there are no reasons not to investigate introducing one in 2022.