Natural gas network Cadent introduced a company car scheme to its flexible benefits programme for all of its 4,076 employees.
Due to the nature of the job for many employees at Cadent, the business has introduced a number of flexible benefits since being part of the National Grid in 2011. Since May 2017, Cadent has provided brand new cars for its employees through a salary sacrifice scheme with Tusker.
The organisation always looks to improve its benefits package, and it thought that it would be the perfect opportunity to offer to make the benefits offering more relevant and fresh by offering a brand new scheme, as well as helping to improve employee attraction and retention.
Keri Handford, head of employee relations, reward and pensions at Cadent says: “People have realised the advantages [of] being able to get a brand new car through the business. The monthly amount that they pay for the company car covers tax, insurance and servicing."
The scheme was first promoted to staff through a business-wide email. Regular emails are sent out to showcase new features available on the new scheme, such as new cars on offer, and events that employees can attend if they want to register their interest.
Employees are also able to bring one additional family member on to the scheme to purchase their own car through the salary sacrifice scheme.
The scheme is a highly demanded benefit for employees, says Handford: “It’s the ease of one monthly payment and they’re driving round in a brand new car. It's always going to be attractive. People can come to Cadent and they can see they’re entitled to a great range of benefits including a new salary sacrifice car.”
Handford believes that the company car scheme has been an effective addition to its benefits offering, which includes yearly bonuses and flexible working. There are a wide range of cars available to employees.
Handford says: "If employees are looking for something cheap and reliable through the salary sacrifice scheme, there are many options available to them for a smaller monthly amount."
Due to the most recent tax changes and low emission rates, in the coming months the organisation will look to offer hybrid vehicles through the scheme.
