Gearing up the benefits of a cycle to work scheme
As we approach Cycle to Work day on Thursday 1 August, it’s worth reflecting on the many reasons why employers should offer a cycle to work scheme for their employees.
The day is a great opportunity to increase engagement and raise awareness around what a cycle to work scheme has to offer. If you already have one, August 1 provides a perfect reason to promote your own scheme and its link to employee wellbeing.
Growing popularity
With several providers in the market who offer a variety of bikes, accessories, parts and safety equipment, there is lots to choose from. Most providers also offer a choice by way of a range of electric bikes, which are growing in popularity.
It’s also worth noting that with current cost-of-living challenges, employees are feeling the pinch across all areas of financial wellbeing, so much so that a bike might be deemed as a luxury.
Therefore, there are providers who offer lower cost alternatives, such as cycle hire, whereby employees can get discounts on the largest hop on/hop off cycle services around the country.
What’s in it for employers?
So what does the employer get from introducing and promoting a cycle to work scheme for their employees?
- There are huge health benefits for employees through the promotion of physical health. Regular exercise can reduce the risk of chronic diseases, improve mental health, and decrease absenteeism due to illness.
- Regular physical activity is also linked to higher levels of productivity and job satisfaction. Cycling can help employees start their day energised and in a positive mood, leading to better performance at work.
- The introduction of a cycle scheme means that employees could save costs on fuel, parking, and public transport costs. Employers have been known to reduce expenses related to providing extensive parking facilities. Encouraging cycling can also help reduce traffic congestion around the workplace, improving the overall commuting experience for all employees and contributing to smoother organisational operation.
- A cycle to work scheme can have an environmental impact as cycling reduces carbon footprints, contributing to your organisation’s sustainability goals. Fewer cars on the road mean lower greenhouse gas emissions and improved air quality.
- Implementing a cycle to work scheme demonstrates an organisation’s commitment to social and environmental responsibility, which can enhance its reputation among clients and potential employees.
- There are financial incentives and tax breaks for employers who support cycle to work schemes, making it a financially attractive option. For employees, the ability to spread the cost over a 12-month period makes it equally attractive as an employee benefit.
- Offering a cycle to work scheme can be an attraction and retention tool, as it’s an attractive benefit for current and prospective employees, enhancing the organisation’s competitiveness in the job market.
By implementing a cycle to work scheme, employers can foster a healthier, more productive workforce, contribute positively to the environment, and enjoy potential cost savings and reputational benefits.
For further information about implanting a scheme, or to understand how this could work for your organisation, contact the benefit consultants at Barnett Waddingham.
In partnership with Barnett Waddingham
Everything we stand for at Barnett Waddingham is embedded in our promise – to do the right thing. We’ve applied this meaningful principle across all aspects of our business with continued success.
