Severe labor shortages are still impacting companies around the country, and the competition to attract and retain top talent is fierce. The employee of today is more selective than ever in the wake of the Great Resignation, and they can afford to be; as of February of 2023, there were over 10 million open jobs in the U.S., but only 5.7 million unemployed workers.
Few industries are immune to ongoing labor shortfalls. Hiring managers are scrambling to fill open positions, and business leaders are fighting to retain personnel and reduce burnout for current employees. With so much pressure, it’s understandable that so many organizations are retooling their hiring strategies, but there’s one employee benefit that companies tend to overlook—providing workers with safe and reliable company cars.
Company cars attract top talent.
If you’re in a service-related or delivery industry, you’re already using vehicles to move your product or service from point A to point B—but many business leaders aren’t thinking about leveraging their company fleet to attract workers, according to Joe Voors, director, client partnerships at Mike Albert.
“Providing employees with a company vehicle, as opposed to making them use their personal car, is a major recruitment tool nowadays,” he says. “Employees are looking harder at their total compensation package, and getting a reliable, well-equipped vehicle is something that could tip the scale as much as competitive healthcare and vacation time.”
Today’s workers place more importance on things like a comfortable work environment and comprehensive benefits when searching for their next job. Setting a new hire up with a safe, reliable company car can be a way to check both of those boxes.
Company cars boost employee retention and satisfaction.
Employee retention is another huge priority for today’s employers. The Great Resignation has put a lot of pressure on the remaining workforce, who are experiencing record levels of burnout. In today’s tight labor market, many companies are struggling just to stem the flow of employees leaving for greener (or perhaps less stressful) pastures.
A reliable company-provided vehicle can be a powerful motivator for your employees to stay on board, according to Brent Pietroski, director, client partnerships.
“With company fleets, the door swings both ways,” he says. “Obviously, a company car is great for employee satisfaction, but it also gives the company a certain advantage, too. It’s harder to leave a company if you know you’re going to have to go out and buy a car, especially in the current market.”
This isn’t just a hypothetical benefit, either, says Kathy DelCol, client partnership manager.
“Without a doubt, a company car is a perk for your top talent, and a reason for them to stay,” she says. “We’ve seen companies that have moved away from company fleets in favor of reimbursement or allowance programs, to save costs. Now they’re seeing increased turnover because so many of their employees placed a lot of value on having that vehicle.”
Interested in learning more about how a company fleet can attract top talent to your company? Set up a consultation with one of our experts today.
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