The human aspect of your business brings life to your company. This is precisely why you compensate them properly and even provide bonuses just to show how you appreciate them as part of your firm.
There are many different and unique non-wage perks that you can implement in order to build employee morale, loyalty, and motivation. One of these is providing company cars.
This does not mean that you have to buy a shiny, gleaming vehicle and give it to one of your key people as his or her personal possession. What you can feasibly do is set up a programme that awards the top performer of the month with the opportunity to lease an automobile and use it for a certain period of time. In order to generate excitement and encouragement, offer those with luxury brand. However, if you need to economise, choose those that are fuel-efficient or is “green”. Make sure that it looks attractive and a joy to drive.
To cite an example illustrating the viability of this kind of reward, a software firm named Infusionsoft managed to expand their ranks from 30 to 140 in just a few years time using the abovementioned staff recognition programme. The executives have since offered other sorts of perks, like upgrades in health benefits, cash incentives, paid day-offs, disability plans, and others. However, they say that it is the vehicle that inspires and is most anticipated by the employees themselves.
At first glance, this strategy may appear costly and involve certain financial, tax, and legal issues. However, you should also consider the benefits that you may get from it. Such a unique arrangement can help generate publicity, attract better candidates for hiring, minimise employee turnover, and boosts the morale of not just your people, but that of your stakeholders and corporate partners as well. The classic business principle, which says that the higher the risk or investment involved, the more significant the returns, applies to this setup, too.
Given the aforementioned advantages, why don’t you try this strategy? It may be the key to increasing the productivity of your people and making them more committed in their jobs. It can also help them appreciate working in your firm. So, if you do finally decide to give this a run, you can use car financing to help you secure the needed transport. Feel free to browse this website for information about vehicle loans and leasing arrangements.
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