Why Choose Pluxee UK for Cycle to Work
6 June 2023
Bike Week 100 is here, and it’s all about workplace cycling. The campaign aims to encourage as many businesses as possible to help their employees adopt cycling as a mode of commuting to work. Read on to discover the benefits of partnering with Pluxee UK for Cycle to Work.
The workplace landscape is changing, and the Cycle to Work scheme is evolving. Listen here to discover why this popular employee benefit remains impactful in the current financial climate, how it applies to the world of hybrid working and what the future holds.
We surveyed 1,000 UK employees to get their feedback on the Cycle to Work scheme, asking the five questions below:
Does your company offer a Cycle to Work scheme?
How many times do you commute to work a week?
What is the average cost per day of your commute?
Why, if for any reason(s), do you/would you not use a Cycle to Work scheme?
How do you currently commute to work?
Here are some of the key findings:
64.2% of employees said their business offered a Cycle to Work scheme, and while only 24.7% said they used it, a further 11% said they planned to use it in the future.
Remote and hybrid working is on the rise, but only 7.6% of our respondents were fully remote. When combining all responses, the average days commuted to work was 3.25.
39.5% of our respondents said their average daily commute cost them between £6 and £10.
44% said they lived too far away to cycle, and 13.8% said they didn’t have facilities for showering and changing at work after cycling.
33.12% of our employees drive to work via a petrol or diesel car, with the remaining 66.88% commuting via other methods, including cycling, walking and public transport.
What matters to you right now?
Retention is the new recruitment, with employers focusing on retaining and developing talent. This is all happening within a cost-of-living crisis, where 57% of HR professionals feel pressured to reduce employee benefit spending and stretch money further whilst also prioritising employee wellbeing.
It’s a tall order but also sets the Cycle to Work scheme apart.
For every employee that purchases a bike through a Cycle to Work scheme, the business saves up to 13.8% in National Insurance Contributions - the more employees that sign up, the more money the company saves.
Reducing the risk
What’s the catch? There isn’t one.
Businesses enrol in our Cycle to Work scheme for free*, and our partner hires the bike directly to the employee. This role of the company is, essentially, an administrative one, handling the payroll elements.
That’s not to say there’s no financial risk to employers. If an employee leaves your business before the end of their hire period and insufficient funds are available within their final salary, you - the employer - would be out of pocket.
However, with Scheme Protect**, any outstanding deficit will be covered, removing the financial risk to the employer.
Funding benefits with savings
As we’ve mentioned above, HR professionals are being encouraged to reduce spending whilst also finding ways to support their workforce's physical, mental, and financial wellbeing. The need for a cost-effective and sustainable approach to employee-retaining benefits has never been more critical.
The Cycle to Work scheme saves businesses money every time an employee uses it to purchase or upgrade their bike, and these savings can be pumped back into your employee wellbeing strategy and fund other benefits.
Other business perks
The Cycle to Work scheme is a physical, financial, and mental wellbeing benefit wrapped up in one cost-saving package. Employees get fit, save money, and reduce their stress by spreading the cost and adopting a healthier lifestyle.
Environmental Impact: Potential employees, clients, and partners are seeking socially responsible businesses and employers, and the more your people get on their bikes, the lower your business emissions will be.
Account Management & Marketing Support: When you enrol your business in our Cycle to Work scheme, you’ll receive full marketing and communications support, driving employee engagement and scheme uptake.
A focus on your people
Employees aren’t just reviewing salaries. They’re assessing the support available to help stretch that salary and enhance their wellbeing with a comprehensive benefits package.
The average cost of a bike purchased through a Cycle to Work scheme was £800, adding that employees only sign up for what they can afford. So, while an amount is deducted from their salary each month, employees need to weigh that sacrifice against the reduction in tax and NIC.
Then there are the savings they can make on their commuting costs.
Research by Halfords found that the average monthly cost of running and maintaining a car is £228. In comparison, an £850 bike purchased through the Cycle to Work scheme would cost approx. £48 per month (dependent on the hire period). That’s a cost saving of £180 per month that employees can use towards the rising cost of living.
Let's bust a myth...or two
Referring to our research, 33.44% of our respondents said they lived too far away to cycle to work, but 11.47% reported that they travelled via train or tube.
One of the myths around the Cycle to Work scheme is that the employee must cycle all the way to work. However, that 11.47% could apply for the scheme because they cycled to the train station, meaning they'd use the bike as part of their commute.
It’s not worth the hassle…. what hassle?
Once the employer has approved the application, we can guarantee your employees’ letter of collection will be issued the next working day – in some cases – the same day.
Your employees will also receive unlimited lifetime safety checks on all cycles obtained through the scheme, a Lifetime Guarantee on selected bikes, and an optional 14-day free insurance on all bikes. With Cycle to Work, employees can upgrade their bikes and/or purchase accessories under the same application.
Cycle to Work with Pluxee UK
It’s clear that the Cycle to Work scheme is still an impactful core employee benefit, and with Pluxee UK, there are even more reasons for you and your people to get on your bikes.
*See the terms and conditions here.
**Scheme Protect is a chargeable add-on, so ensure you ask about it at the time of enquiring.