A new study had confirmed the power of the company car as a recruitment tool.
The study found that the prospect of a head-turning company car can be a big enough incentive for a third of employees to jump ship and move on.
The Masterlease survey of more than 500 employees found that almost one-third would consider leaving their current job if they were offered an equivalent position somewhere else with a better company car.
“A top-spec company car can be the ultimate incentive for a skilled worker, particularly in industries that are facing fierce competition in recruitment,” said Robert Kingdom, head of marketing and business development at Masterlease.
“Cars are very symbolic of wealth and status and are therefore an important form of recognition in the workplace.”
The research also found that 27% of company car drivers surveyed who have been offered a cash alternative have accepted it to source a vehicle privately.
Mr Kingdom said that fleet managers need to be aware that the motivation behind an employee opting for a cash-for-car scheme may be freedom of choice.
“Some may wish to take advantage of being able to choose a larger, more polluting vehicle that is free from the restrictions of carbon dioxide based benefit-in-kind (BIK) tax,” he said.
“There’s no reason why company car lists can’t be both attractive and environmentally-friendly, particularly with new ranges such as the efficient dynamics vehicles from BMW and Lexus hybrids.”