As an employer, it’s pivotal to do everything in your power to retain worthwhile and productive employees as well as attract new potential work-horses to your organisation. It can be a difficult task to entice employees to stay when they look for greener pastures, however, offering novated leases on vehicles could be a great reason that keeps them around!
Both employees and employers alike can enjoy the benefits of novated leases, and it’s important to know what these are before considering implementing them into your workplace. So, what exactly are novated leases and how can you best utilise them for your business?
At Vehicle Solutions, we aim to provide as much information as possible to aid our users and help them find the best way to finance their new vehicle. Please continue reading to learn some of the reasons you should consider offering novated leases to your employees!
There are Zero Risks for Your Business
An employer isn’t at any financial risk as novated leases only continue to apply as long as an employee remains with your company. The agreement can be transferred to an employee’s new place of work if it’s agreed to by the new employer; otherwise, it’s up to the employee to finalise the payments.
Vehicles supplied through novated leases are not company property, so they aren’t liable to financially impose your business whatsoever.
Novated Leases Attract and Retain Workers
The benefits for an employee to engage in novated leasing are immediately apparent to both employer and employee alike, making it an attractive opportunity for new workers as well as providing great incentive for them to remain.
Offering a way to finance a new car as well as reduce their taxable income is often a very pleasing thing to hear for workers. It’s a bonus that the car isn’t required to be used solely for business and the option to buy is always there once the novated lease gets completed.
It Takes No Time to Set up or Manage
The most significant barrier for employees when it comes to beginning novated lease agreements is that they believe it’s a complicated process and doesn’t understand exactly how they work. The truth is that there is very little work that needs completing via the employer at all.
Novated leases are straightforward concerning administration and as well for your payroll departments. Vehicle Solutions assists heavily in completing all the relevant documentation and in making sure that all the boxes are ticked.
Employers are not required to pay any setup, support or administration fees. It won’t cost you or your business a thing, and the benefits to your workplace are wide-ranging. If you’re considering novated leases for your employees, then call Vehicle Solutions today to find out more!