Company cars are still an important factor in the decision over switching jobs for two thirds of workers in the UK, according to fleet management specialists Lex Autolease.
Sixty-four per cent of workers who already have a company car said they would only consider switching jobs if another car was an offer.
Nearly nine in ten (89%) of workers accept the offer of a company car, with 11% choosing to go for the cash alternative instead.
Almost three quarters (72%) of company car drivers said the degree of freedom to pick their own vehicle was important to them. Half of the fleet managers interviewed echoed this, saying they have experienced a greater demand for more choice from employees.
By contrast, the monetary value of a vehicle is somewhat less important for company car drivers, though 57% would still take it into consideration.
As a tool to motivate staff, the company car continues to play a central role, with 43% of fleet managers stating that company cars are becoming more important in the retention of talent in their organisation. Almost half (45%) of company car drivers consider it a mark of achievement, with this being particularly the case among younger drivers, aged 17-34, who may be on the lower rungs of the career ladder.
Tim Porter, Managing Director of Lex Autolease, said: “The company car has been at the heart of British working life for close to five decades. Now, with the UK economy showing signs of longer-term recovery and an increasingly buoyant job market, it is little wonder that 38% of the fleet managers we spoke to reported growth of their fleet over the last 12 months.
“As organisations look to bolster their chances of recruiting and retaining the best talent, the importance of a comprehensive benefits package should not be understated. Our latest research shows that a company car remains an aspirational part of this.”