How to roll out a successful salary sacrifice scheme

Empower and reward your staff with a seamless rollout of a salary sacrifice scheme

Salary sacrifice is the hot topic right now, but what are the key considerations for any business looking to implement a scheme?

Widely viewed as one of the most in-demand employee incentives, a salary sacrifice scheme is packed with benefits for both employers and employees.

In short, salary sacrifice schemes allows an employee to forgo a portion of their salary in return for a perk, like a brand-new electric car.

At Corparison, we help your employees get an electric car lease for a fraction of the retail cost. Your staff can save up to 50% on the monthly cost of an EV.

Savings for you, savings for them – salary sacrifice benefits both parties.

Today, we’re outlining some of the measures your business can take to implement a thriving salary sacrifice scheme.

Find the right provider for your business

Salary sacrifice goes beyond sourcing a brand-new, fully maintained electric car.

There are deeper financial and legal aspects that your business needs to be assured of before proceeding with such an incentive.

Take the time to find the right provider that will work with your business, not for it.

From policy documentation to communication materials for your staff and payroll support – there are measures to address at every level of your business.

Corparison can assist your business with the implementation of a salary sacrifice scheme by offering your employees access to their own personalised portal where they can browse and compare our latest vehicles and in-stock offers.

Chris Bagwell, Corparison Local Business Development Manager, comments, “At Corparison, we're dedicated to helping businesses execute successful salary sacrifice schemes that benefit both employers and employees.

“By creating personalised portals for staff or offering comprehensive support with policy documentation and payroll, we have the expertise and resources to ensure a seamless implementation. Our goal is to work alongside businesses every step of the way, helping them navigate the complex financial and legal considerations while keeping their employees informed and engaged throughout the process.”

Educate your staff with effective communication

The name ‘salary sacrifice’ doesn’t do the scheme justice. The word sacrifice traditionally has negative connotations, so you can understand why some might find it unnerving – especially during a cost-of-living crisis – to what looks like on paper, to be paid less by their employer.

If your business is thinking about implementing a salary sacrifice scheme, consider holding workshops or training sessions with your staff.

Introducing the benefits on offer through educational training will increase the likelihood of mass buy-in from your employees. Company-wide training sessions will be effective but also offer one-to-one time with your staff. Personal finances can be a sensitive subject and some might feel more comfortable finding out more information privately.

You have a duty of care to your staff to ensure they have sufficient knowledge to make an informed decision.

Chris continued, “Educating your staff on the true potential of a salary sacrifice scheme is likely to significantly increase its success. Failing to do so will risk it being overlooked like historic employee benefit schemes.

“Saving money on their car lease payments is the big appeal, but your staff also need to be aware of the changes to their tax and national insurance, as well as Benefit in Kind (BiK) tax.”

Consider workplace charging

Salary sacrifice makes electric cars attainable and affordable for staff for whom they may not have previously been available.

One of the key considerations for them as prospective EV drivers is how and where they can charge their vehicles at an affordable rate.

Workplace charging can be one of the most effective methods to increase the widespread adoption of electric vehicles.

Our workplaces are one of the few guarantees in everyday life where we know our vehicles will be stationary and out of action for hours at a time.

Knowing that they have the option to charge at work - either free or at a discounted rate - is a surefire way to incentivise your staff to go green.

Make the car leasing process easy for your staff

When your business signs up for a salary sacrifice scheme with Corparison, your employees are given access to their exclusive online portal. 

Here they can browse in-stock cars, our latest offers and compare prices to see how much they’re saving month on month.

Although the car is obtained through a workplace scheme, for your staff it will be their personal vehicle, so we treat their car-buying journey with the same care and attention.

Our industry-leading salary sacrifice car calculator makes it easy to browse and compare models to see where your employers can make the most savings.

And once they’ve found the car, we’ll take care of the rest. We promise they’re in good hands with our award-winning customer service team too.

Salary sacrifice schemes are becoming increasingly popular as a result of the significant benefits for both employers and employees.

For businesses looking to offer a scheme, it's crucial to find the right provider who can offer you comprehensive support. Corparison provides extensive support to businesses in all aspects, helping them create a thriving workforce that is suitably rewarded and motivated.