The health and fitness benefits of cycling are now undisputed and the links between health fitness and motivation at work are well known (this is one of the reasons the government are so supportive of the scheme).
Provision of a Cycle to Work Scheme is one of the most popular employee benefits in the country and is proven to improve recruitment and retention of staff, increase motivation and output and generally improve the well being of workers.
At the outset the business will buy the bicycles so there is some capital outlay. Of course this is all paid back by the employee and there are valuable cost savings (Employers NI) and Capital Allowances, which help to offset the initial outlay/make this a ‘free’ scheme, which in fact will be financially positive for the business.
Other than that, the costs are simply the cost of administration of the scheme. In real terms these amount to very little increase in the cost of running your payroll.
1. It will ‘Up your Work Rate’! 2. Fitter, healthier, more punctual and more productive staff. 3. Enhances Employee Benefits package, improving staff recruitment and retention (Cycle to Work has been voted one of the most popular Employee Benefits) 4. Reduced Employer NICs. 5. Provides capital allowances that can be offset against company tax (currently 20%pa on annual capital expenditure of up to £100,000). 6. Can ease parking problems. 7. Reduces your Carbon footprint.
How do you get started?
Register with one of the appointed Cycle to Work administrators. There are half a dozen to choose from. Our preferred partner is CycleScheme.co.uk.
Promote the scheme internally to your employees – we are happy to help you do this, with presentations and or literature.