Helping employees save on their commuting cost will not only boost morale and employee satisfaction but make your organisation a more attractive proposition for potential recruits. After all, if you can help them save on their commute their pay cheque will go further. It’s a win-win for everyone!
So, how do you do it? If you’ve found your way to this article, you’re probably somewhat interested in employee benefits. And guess what, loads of companies use their employee benefits to help employees save on commuting costs. Some of these benefits you may already use.
For example, we’ll talk here about how Bike to Work schemes can help. The way you package up and promote your employee benefits is the key. Many companies advertise their bike to work schemes as a way to improve health and wellbeing. Of course, we know there are loads of other benefits to be gained from the bike to work scheme and one of them is it helps save on fuel costs as well as other costs associated with owning a car.
Try promoting your bike to work scheme as a way to save on your commute.
So, what other employee benefits can we use?
Commuting Loans
For those who travel to work by bus, rail or any other form of public transport, commuting loans are a fantastic way to save money. The cost of travelling by public transport can be very expensive, particularly when travelling by train.
The UK has seen a 3.5% rise in season ticket cost over the last year. Season tickets are particularly expensive for those travelling to and from in and around the capital. A typical season ticket cost for those travelling to London from Reading is around £4,600.
With season ticket costs rising faster than wage increases, it’s more important than ever to give employees a way of saving. Savings will vary on a scheme like this, but many employees say they save around 20%. A £4,600 annual season ticket between London and Reading would then cost £3,680, a saving of £920!
Of course, costs and savings vary. Not everyone will pay £4,600 for a season ticket to get to work. But either way, you’re saving your employees a shed load of money on their commute each year and making your organisation more attractive to those based a little further out.
It’s worth noting, companies based in and around London should seriously consider commuting loans if they don’t offer them already. More and more people are moving to the outskirts of the capital to avoid rising living costs. Giving them a way to save on their commute will almost certainly be a deciding factor in attracting new candidates to your company.
Parking Loans
Depending on your workplace and the type of work your employees do, you could also help employees save through parking loans or a car parking scheme. Many employee benefits providers offer this scheme which provides employees with discounts on parking at car parks in and around their place of work as well as car parks around the country.
It’s particularly useful if your employees need to travel to see clients or to different offices. It also helps if your workplace has limited parking.
Bike to Work Schemes
As mentioned, bike to work schemes are often packaged up as something that can improve your health and wellbeing. There’s absolutely nothing wrong with that, however employees will get bored of seeing the same message if all you do is promote the same benefit. They’ll also become so used to it that they’ll almost blank it out.
Switching up your employee benefit communications is more important than you might think. With a scheme like this, its really easy. There are loads of benefits to a bike to work scheme and focusing on a different one each time you send out marketing communications will almost guarantee more uptake from your employees.
Liftshare
Do many of your employees liftshare? Lots of people liftshare to help reduce carbon emissions, however it also helps cut down the cost of commuting. For those who drive to work, they’re splitting the cost of their fuel. For those who commute via public transport, they might be saving money on expensive bus passes or season tickets for trains.
Having an employee benefits platform that has the facility for employees to organise liftsharing is the first step. Employees can then see who has a similar commute to them.
Working from home is also a great way of cutting commuting costs. We’ve talked before about how working from home is becoming more and more common. Like commuting loans, it allows companies to become a more attractive option for employees who are based further out.
As mentioned, one of the most important things to think about is how you communicate your benefits. If you can quantify how much your employees could save, then even better. It might just increase take up in your schemes and boost engagement!