Businesses Providing Company Vehicles Are More Likely to Retain Employees, Finds GE Capital Fleet Services Survey
A recent GE Capital Fleet Services survey indicates businesses that provide company cars are more likely to retain employees than those that reimburse personal vehicle usage for work purposes. Notably, 87 percent of current company car users and 63 percent of personal vehicle users would not consider another company if it did not offer a company vehicle.
“With the impact of not providing a company vehicle being felt in both human resources and on the bottom line, businesses should evaluate if a company-provided vehicle can better contribute to their combined cost-saving and employee retention goals.”
The GE Capital Fleet Services survey polled drivers, who were divided between companies that provide company vehicles and companies that require drivers to use personal vehicles. Sixty-four percent of company vehicle users said their ability to drive company vehicles while on the job made them less likely to want leave their current role. Conversely, 61 percent felt that their lack of access to company vehicles would make them more likely to leave their current job.
Nearly all company car users surveyed (97 percent) stated that they prefer using a company vehicle provided either individually or via a shared pool. Far fewer personal vehicle users prefer using their vehicle for work (just 29 percent) with 64 percent stating that they would prefer their employer provided a vehicle for business use.
The benefits of company vehicles to drivers are well-documented. On top of providing less wear and tear on personal vehicles, additional top benefits that were cited by survey respondents include fewer maintenance expenses and a lower overall personal cost to drivers.
“While it’s no secret that drivers prefer access to company vehicles, this data makes a clear case for how the benefits of a company car can be a determining factor in hiring and retaining employees,” said Tim Mundahl, senior strategic consultant at GE Capital Fleet Services. “With the impact of not providing a company vehicle being felt in both human resources and on the bottom line, businesses should evaluate if a company-provided vehicle can better contribute to their combined cost-saving and employee retention goals.”
For more information on how companies can improve their vehicle programs and how a successful company vehicle program can positively impact drivers, please visit gefleet.com/reimbursement.