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Company cars most 'important' benefit for young employees

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A company car is the most desirable employment benefit for workers under 25, according to new research.

In a study by Škoda, approximately nine tenths (88%) claimed their benefits package is important when negotiating a job. Of those, nearly two thirds cited a company vehicle as a perk that would be of interest.

Desirability was strongest among young drivers (17–24), with 33% revealing they would be more likely to accept a job if they were offered a vehicle to drive. Meanwhile, over a quarter of young workers said a company car was the most appealing benefit.

Furthermore, company cars were shown to be a powerful way for businesses to retain staff – with nearly two thirds of respondents saying they would be more likely to stay in a job if given a set of work wheels.

In general, company cars were more popular than medical insurance, a mobile phone and frequent training.

Men find the offer of a car more appealing than women with 68% saying they would accept a job due to a company vehicle. This is 10% more than women.

Northern Ireland is the region of the UK where people want company vehicles most with nearly 40% saying it’s an important work benefit.

Henry Williams, head of fleet at Škoda UK, said: “Our research shows company cars are very appealing to workers of all ages, but particularly young people.

“We see this trend strongly outside of London, where many companies are based at out-of-town locations – making a car essential for the daily commute.”

The top ten benefits for UK workers:

  1. Good pension contributions – 62%
  2. Flexible working hours – 62%
  3. High number of holidays days – 53%
  4. Private medical insurance – 28%
  5. Frequent training/ CPD – 23%
  6. Provided with a work laptop/tablet – 18%
  7. Company car provided – 17%
  8. Sabbatical/career break option – 15%
  9. Provided with a work phone – 14%
  10. Company car allowance – 13%

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