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Company Cars Reported as One of The Most Important Benefits for Young Workers

Company Cars Reported as One of The Most Important Benefits for Young Workers

What do millennials want? Well, if you read the news it could be anything from to spend all their time on social media, travel the world, or waste their days sulking and complaining.

This is a problem for business owners who are trying to attract and retain young workers – unless they happen to be in need of a social media expert. But according to a new report from Skoda, there is something else they want that could act as a magnet for bringing in new, youthful talent, and even keeping it for the long-term. And what’s more, it’s something that small to medium business owners can do even on a budget.

In the report by the the Czech car manufacturer, almost nine out of ten young employees – between the ages of 17 and 24 – said their benefits package was an important part of negotiating a new job, with two-thirds responding that they would like a company car to be a part of that package.

But it’s not just a pleasant addition to a generous benefits package, more than a quarter of those respondents said a company car was the most appealing benefit, trumping medical insurance, a mobile phone, and frequent training.

This makes, according to Skoda, a company car the most desirable employment benefit for workers under the age of 25.

Men responded more favorably than women, with 68 percent saying they would accept a job due to a company vehicle. The results were 10 percent less for women. This data suggests the offer of a vehicle can be used to great effect for attracting young employees of both sexes.  

It seems what young workers want slightly differs geographically, too. Employees in Northern Ireland came out top, with almost 40 percent saying a company car is the most important work benefit a company can offer. One reason for this may be the higher number of businesses with premises in less connected and harder to reach locations.

 “Our research shows company cars are very appealing to workers of all ages, but particularly young people… We see this trend strongly outside of London, where many companies are based at out-of-town locations – making a car essential for the daily commute.” – Henry Williams, head of fleet at Škoda UK

The report also provided evidence that company cars are an effective way to retain staff, with nearly two-thirds of respondents saying they would be more likely to stay in a job which came with the benefit of a company vehicle.

Here’s Skoda’s list of the top ten benefits for young UK workers:

  • Good pension contributions – 62 percent
  • Flexible working hours – 62 percent
  • High number of holidays days – 53 percent
  • Private medical insurance – 28 percent
  • Frequent training/ CPD – 23 percent
  • Provided with a work laptop/tablet – 18 percent
  • Company car provided – 17 percent
  • Sabbatical/career break option – 15 percent
  • Provided with a work phone – 14 percent
  • Company car allowance – 13 percent

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