Santander will discuss the evolution of salary sacrifice cars at Employee Benefits Connect on 4 March 2015.
The session, ‘The evolving world of salary sacrifice cars– now and in the future’, will focus on the future of car salary sacrifice schemes and how communication methods are changing and influencing employee engagement.
Attendees will also gain practical insights into successful schemes and how to keep up to speed with market changes.
Elliot Rees-Davies (pictured), reward director at Santander, who will be speaking at the session, said: “We want to give delegates practical insights into how to best implement a scheme, through explaining lessons we have learnt, mistakes we have made and how to mitigate the risks.”
Andrew Kirby, commercial director, employee benefits schemes at Zenith, who will speak alongside Rees-Davies during the session, added: “We are constantly learning more and more about their impact, how to increase effectiveness, trends, what works and what doesn’t and we want to share a few insights.”
On car salary sacrifice scheme development, Rees-Davies said: “Employers need to be keeping up-to-speed with any changes as they happen. For example, staff are asking for electric and green cars, and manufacturers are starting to make them more.
“It’s certainly something we are keeping an eye on and want to promote, especially because we already cap employees’ CO2 emissions for a more tax-efficient scheme.”
And on communication, Rees-Davies added: “The most power method of communication is word of mouth. Although posters and website announcements can be effective, face-to-face discussions, perhaps at roadshows, work the best because they fuel interest from employees and get the momentum going.
“Communication between staff members themselves is also a great communication tool, because car salary sacrifice relays a lot on user experiences.”
But Kirby believes that technology will pay a key part in scheme evolution. He said: “Online systems are becoming increasingly sophisticated, as we look to continually provide a user experience that is as good as or better than retail experiences. HR teams will continue to become more data focussed, and salary sacrifice schemes will continue to grow in sophistication as technology evolves.”
Rees-Davies will also discuss how engaging short test drives can be for employees interested in car salary sacrifice. He said: “Test drives really raise awareness between employees and can lead to more enquiries, so engagement snowballs from there.”
Kirby added: “The schemes provide a no cost way for organisations to drive loyalty, motivation and productivity. Employees can save money through the cost of driving a car, including through monthly payments and also through the potential for lower fuel bills from a new and potentially lower emission car.
“The costs associated with driving, such as maintenance and insurance are increasing which makes an all-inclusive, fixed cost and easy to budget for package more and more attractive. The cost of public transport is rising much faster than inflation, whereas the cost of driving remains in line with inflation.”
Employee Benefits Connect 2015 is taking place at the Lancaster London on 4 March.