Employee schemes are exceptionally beneficial; they benefit the employee and the employer. For you, the business owner, they can improve employee retention, boost productivity, and result in you hiring better talent. One option is the riding your bike to work scheme. Read on to find out everything you need to know.
So, what is the bike to work scheme? This is a salary sacrifice scheme whereby the employee will get up to £1,000 worth of bike and safety equipment through the business. The employee then pays to effectively ‘hire’ the bike each month, as a salary sacrifice charge. This tends to be over a 12 or 18-month period. There are numerous benefits for the employee. Not only will they save money…sometimes as much as 42% but also it means they get a nice new bike without having to make an upfront payment or paying for it on their credit card. In fact, they can have a new bike every year if they wish. For the employer, there are many benefits, including low implementation, boosting employee retention, branding, reduced parking and congestion, improve attendance, fitter and healthier staff – leading to improved productivity, and they can save money as well. Sounds good, right? So, who can take part in this scheme? Well, literally any business and pretty much an employee of the participating business can sign up. As per the rules of the scheme, the employee is meant to use their Cycle to Work equipment a minimum of 50 per cent of the time but this can also be travelling to public transport locations such as train stations or bus stops.
If you are interested in this scheme, it is advisable to get in touch with employee benefits specialists, as they will be able to ensure it is implemented effectively and that your business gets the most out of the riding your bike to work scheme. They will also be able to enlighten you to other options that are available.