cycle to work schemes are a popular employee benefit
Here's how it can benefit your business too...
We all know our physical wellbeing is important to look after, from eating well to exercising and making sure we get enough sleep.
As an employer, there are a number of ways you can support your employees with their physical health, from Cycle to Work schemes, discounts on gym memberships or online fitness classes; there are plenty of ways you can help. Your employees want this, too - more than 67% of employees say they believe it is an employer’s responsibility to support their physical wellbeing and fitness (Westfield Health).
If you’re looking at offering a Cycle to Work scheme, you might be wondering what it is and what the benefits are for your business.
We’ve put together five benefits for an employer…
What is a Cycle to Work Scheme?
With a Cycle to Work scheme your employees can get access to their dream bike, whether it’s a mountain bike, BMX or electric bike, and can spread the cost over 12 to 18 months, so it’s more affordable. At the same time, they’ll also be saving up to 42% in tax and NI contributions and on the cost of travel and improving their fitness.
Top 5 Employer Benefits of offering a Cycle To Work Scheme:
1. Save money:
As a business, you can save up to 13.8% on National Insurance Contributions because of the salary sacrifice arrangement.
2. Healthier staff, improved mental wellbeing and productivity:
Exercise can help reduce our risks of major illnesses such as heart disease, stroke, type 2 diabetes, and cancer by up to 50%. It can also help boost self-esteem, mood, sleep quality and energy, as well as reduce the risk of stress and depression (NHS).
If we’re in a better mood and have more energy we’re likely to feel better and be more productive at work. Plus, cycling is a great way to get out into the fresh air.
3. Environmental benefits
It’s not just health benefits that come from cycling; it has benefits for the environment too. Cycling to work means there are fewer cars on the road and lowers emissions - a great way to reduce your company’s carbon footprint. If more people are cycling, you could swap some of your parking spaces for greenery!
4. Improved employee engagement and retention
Offering a Cycle to Work scheme is a great employee benefit that is both useful and engaging. It also supports a healthier workforce who are happier and more motivated to stay with you for the long term.
5. Simple to implement
With our Cycle To Work scheme, we will manage it for you, giving you an administration portal, so it doesn’t add to your workload. We’ll also help you to develop a communication strategy to get people signed up.
How to get started:
Our Cycle to Work scheme is a great way to support your employees' physical health and save money – win-win! If you’re interested in offering a Cycle to Work scheme for your employees, get in touch with our experts today. They can help guide you through the process and how it can benefit you and your employers.
Sources:
Westfield Health – Wellbeing Index Report
NHS – Benefits of Exercise