Vehicle-related benefits continue to rank high with corporate America
Powered by signs of an economic recovery, automobile allowances continue to be popular employee benefits programs for United States companies according to a new survey, “Vehicle-Related Benefits Programs” by WorldatWork and underwritten by Runzheimer International. WorldatWork conducted the 2015 survey of its membership to better understand the prevalence and perceptions of vehicle-related benefits programs. WorldatWork conducted similar vehicle-related surveys in 2011 and 2008.
“Inconsistent fuel costs have done little to sway corporate America’s opinion on vehicle-related programs. We’re witnessing companies continuing to use a combination of automobile perks as employee benefits and as effective tools to satisfy top talent,” said Lenny Sanicola, practice leader at WorldatWork.
Nearly 9 of 10 (89 percent) organizations surveyed offer a car allowance, company car, fuel reimbursement or other vehicle benefit to at least some of their workforce. While vehicle allowance has increased to 69 percent since 2011, the overall allowance has decreased significantly from 76 percent in 2008. Vehicle-related benefits programs were most prevalent in the United States (74 percent), followed by Canada (24 percent), Western Europe (21 percent) and United Kingdom (20 percent). While domestic programs remain stable, international vehicle benefits programs have slightly increased since 2011.
A few additional highlights from the 2015 survey include:
- 70 percent of respondents report fuel or mileage reimbursement as the most common vehicle related benefit. While 69 percent of those surveyed report car allowance as the most popular program.
- Similar to findings in 2008 and 2011, in 2015, 75 percent of organizations offer a car allowance to executives while 66 percent provide executives with a personal vehicle. Fuel for mileage reimbursement is widely eligible among sales professionals (49 percent) and employees with a bona-fide business need (69 percent).
- Four percent of companies report vehicle benefit programs are believed to have a positive impact on employee satisfaction.
- Two-thirds of organizations (66 percent) always or sometimes promote their vehicle-related programs as a key employee benefit to attract new employees.
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