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.

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