A cycle to work scheme means that your staff can purchase a brand new bike to ride to work and the accessories to go with it, with no upfront cost. They pay for the bike tax-free, through payments taken from their salary.
It’s a great way to improve staff wellbeing, increase loyalty, and save money too!
Exercise makes staff more productive
There is plenty of evidence to show that exercise improves work productivity. When you exercise, you improve your blood flow, specifically to your brain. This has huge benefits for alertness and energy levels, which in turn has a positive impact on productivity. Not only this, but encouraging your staff to exercise regularly will mean that they are likely to have better levels of overall health. This will mean that they have better stamina, which also links to job performance.
Finally, exercise is really important for looking after mental health. This includes the ability to cope well with stress. If your workforce is exercising regularly, they are likely to be more resilient and therefore perform better.
Reduce employer National Insurance contributions
The bike to work scheme from Cycle Solutions can actually reduce your National Insurance contributions, which is in effect cash back for your business. For all equipment supplied, you can reduce your Employer National Insurance contributions by 13.8% of the total value.
The scheme is also completely free for employers to set up, and Cycle Solutions take care of everything to make the process as simple as possible.
Increased job satisfaction and loyalty
Incentive schemes are a great way to improve employee loyalty. Providing rewards and perks outside of an employee’s salary is a great way to show a little extra appreciation at no extra cost.
Employees who feel appreciated generally have higher levels of job satisfaction, and they are also much less likely to look for employment elsewhere. This is great news for you because you are more likely to keep hold of the employees you have invested in.
Each time you lose an employee and need to replace them, it’s not just the period of time while you’re looking for a replacement that you need to worry about. When considering the cost of replacing an employee, you need to consider:
- Loss in productivity while new staff members are trained
- Impacts on the office culture
- Customer service errors
- Hiring cost
It’s definitely worth making an effort with schemes like these if it means more retention.
Great for company image
Cycle to work schemes show that your company is concerned with its employees’ wellbeing. It also shows that your company is actively promoting a more green and sustainable way of living. Both of these things make your company look great!
Company ethos and values are increasingly important for consumers and for businesses looking for other like-minded organisations to work with. If you are seen to have an ethos that aligns, it could be the difference between you establishing a new business relationship or not.