Company Cars Increase Employee Retention, GE Capital Says
Providing a company car to employees improves retention within the ranks when compared to reimbursing employees for using their personal vehicles for work, according to a new survey by GE Capital Fleet Services.
The survey found that 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.
The GE Capital Fleet Services survey polled drivers from companies that provide company vehicles as well as companies that require drivers to use personal vehicles. Of company vehicle users, 64 percent 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.
By using company vehicles, employees put less wear and tear on their personal vehicles and deal with fewer maintenance expenses, which will lower the overall personal cost to drivers, according to GE Capital Fleet.