Have you heard how popular Cycle to Work Schemes are these days? If not, be prepared to have your eyes opened to the latest employee and company benefit that everyone’s going to be interested in? However, to the casual observer, whilst it may be obvious how the employee benefits, many people wonder why should a business use a Cycle to Work Scheme.
What are the benefits of a Cycle to Work scheme for a business then?
- Cycle to Work schemes are rapidly growing in popularity and are one of the most sought after employee benefits in the UK.
- Employees highly value the benefit, whilst the scheme is easy to implement, operate and manage by the business
- Is a cost-neutral benefit that business can offer to employees
Once a business implements a Cycle to Work scheme, they will also note several tactile benefits, such as :-
- easing parking and congestion at company locations
- reduces organisational carbon footprint
- enhance the employee benefit package
- improves the health and wellbeing of employees (less sick days!)
- ensures National Insurance Contribution savings (usually around 13.8%!)
How should a business use a Cycle to Work scheme?
Perhaps the easiest way for a company to implement a Cycle to Work scheme is by a managed solution that is fully-outsourced to specialist providers.
These provider can implement marketing campaigns within the business to promote and build uptake, as well as helping employees learn the benefits – such as 42% discount on retail prices of bikes and accessories!
Ideally, a minimum number of employees should be interested in joining the Cycle to Work scheme – often as low as five – and once applied for, vouchers can be issued for purchasing almost immediately.
A Cycle to Work scheme is one aspect of Salary Sacrifice program, so once employees and businesses have realised the benefits it’s highly likely they will look to adopt similar benefits packages, so it’s a win-win for everyone!
Conclusion: A Cycle to Work scheme provides many benefits, for employees and businesses
Given how all parties gain by implementing a Cycle to Work scheme, it’s (hopefully) now clearer why these programs are growing in popularity so fast, isn’t it?
With a combination of health, fitness, lifestyle and financial benefits for both the employee and the business, isn’t it about time you started asking around your company if they could start a Cycle to Work scheme too?
Perhaps the best way to start off is researching online, perhaps by using the keywords of the keywords ‘Fair Care Cycle to Work Scheme’, as it is one of the most popular – so it’s as good a place as any to start.