Company cars are the best work perk for businesses

The offer of a company car could be the key to attracting new talent, according to a new study. The research by vehicle supplier OSV showed that a majority of interviewees admitted that the best perk a firm could offer is a car.

As well as considering company cars to be the top job perk, 25% of workers admitted that the option of a car was the deciding factor when taking a job and a further 22% admitted that they had even turned down a job because it didn’t offer a company vehicle. Among the reasons for the attraction of a company car, nearly half admitted that the exotic nature of driving a car they wouldn’t typically buy was the biggest pull.

Often because of financial reasons or stopped from buying a certain car due to family suitability or pressure from a significant other, the opportunity to drive an Audi or BMW is enough to persuade prospective employees to apply for one position over another. Despite this, the report claims only 10% of managers are expected to invest in more cars over the next financial year.

The draw of company vehicles has grown by more than a fifth over the last year, according to the study, with OSV believing that businesses with company cars offer real hiring power. While they don’t know the cause of the spike in car popularity, the vehicle specialist is excited to see how the results could change the way employers look at the recruitment process.

“Whatever the reasons behind the draw towards company cars, it seems that few employers appreciate the increasing importance of their fleet when it comes to attracting talent, given that so few are prepared to invest in upgrading their vehicles this year,” said joint-company director of OSV, Debbie Kirkley. “I wonder if that will change too, as competition for talent acquisition hots up in the wake of Brexit.”