Tool and plant hire company Speedy has successfully launched a salary sacrifice scheme with leasing partner Lex Autolease.
The business launched the scheme in March and has already surpassed targets set for its first year, with 20 per cent of the workforce registering their interest and 100 cars ordered to date, from 15 different manufacturers including Ford, Audi, BMW, Nissan and Peugeot.
The scheme was unveiled at a special event held at Haydock Park Racecourse, where employees could meet representatives from Lex Autolease and manufacturers to find out more about the scheme and explore the vehicles on offer.
Low emission vehicles such as the Toyota Yaris Hybrid, and Ford Fiesta 1.0 Ecoboost have proved particularly popular with employees who have been keen to take advantage of additional tax benefits.
Salary sacrifice schemes provide employees with a fully managed car for a monthly fee, which includes insurance, service, maintenance and repair costs that are deducted from their salary before tax.
Steve Jones, head of HR – reward and development at Speedy said: “Our salary sacrifice scheme has been incredibly well received since its launch and has exceeded our expectations. For many of our staff, it has provided the perfect opportunity to buy their first car, whilst also enabling them to take full advantage of the tax benefits that salary sacrifice presents.”
“The team at Lex Autolease worked closely with us to design a scheme that would form part of our employee attraction and retention strategy, enabling staff to access brand new vehicles they might not otherwise have been able to afford, all the while cutting costs for the business. Thanks to the expertise and support on offer, we have hit our 12 month target in less than half that time.”
Paul Kinney, customer relationship manager at Lex Autolease, said: “To see such high levels of uptake in the first six months of a new salary sacrifice scheme is fantastic, and is testament to the hard work of Speedy’s HR team and our Consultancy team to develop a solution that truly works for the business.”
Lex Autolease has worked with Speedy Hire for 18 years and provides a range of leasing solutions, including telematics, accident management and salary sacrifice.