{"id":685,"date":"2020-04-29T13:53:00","date_gmt":"2020-04-29T13:53:00","guid":{"rendered":"https:\/\/www.carbar.com.au\/blog\/?p=685"},"modified":"2023-12-05T11:31:45","modified_gmt":"2023-12-05T00:31:45","slug":"are-company-cars-still-a-way-to-win-talent","status":"publish","type":"post","link":"https:\/\/carbar.com.au\/blog\/are-company-cars-still-a-way-to-win-talent","title":{"rendered":"Are Company Cars Still a Way to Win Talent?"},"content":{"rendered":"\n<p>The takeover of the workforce by younger generations has upended many of the easy assumptions businesses-owners used to be able to make. Leaders are starting to question what it is their new staff members actually value in a workplace. The market isn\u2019t short on suggestions \u2013 from flexible working hours to collaborative management styles, stock options and catered lunches, there\u2019s a wealth of advice out there for the business-owner trying to keep up in a shifting talent market.&nbsp;<\/p>\n\n\n\n<p>But in the rush to meet this generation\u2019s desire for new ways of working, many leaders might be metaphorically throwing the baby out with the bathwater. While attracting the latest and greatest talent will take a shift in how you structure remuneration and perks, it doesn\u2019t mean getting rid of everything you know.&nbsp;<\/p>\n\n\n\n<p>One perk frequently on the chopping block is the humble company car. As one of the more expensive and high-profile perks, it\u2019s one of the first to come to mind. But is it time to say goodbye to what was once one of the most sought-after job benefits? Carbar takes a look at the costs and the benefits of this iconic perk in our latest blog.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">On this page:<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carbar.com.au\/blog\/are-company-cars-still-a-way-to-win-talent\/#Do_people_still_want_a_company_car\" >Do people still want a company car?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carbar.com.au\/blog\/are-company-cars-still-a-way-to-win-talent\/#Can_you_still_afford_to_offer_a_company_car\" >Can you still afford to offer a company car?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carbar.com.au\/blog\/are-company-cars-still-a-way-to-win-talent\/#Threading_the_needle_with_Carbar\" >Threading the needle with Carbar&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_people_still_want_a_company_car\"><\/span><strong>Do people still want a company car?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The first question to ask is a simple: Is a company car still an attractive offer to today\u2019s top-performers? To answer that, we need to take a broad look at what entices Millennials. Why this generation in particular? Contrary to what you might think, Millennials aren\u2019t all in their mid-20s. With the oldest Millennials closing in on 40, they make up a much larger portion of your talent pool than you may be led to believe. In just five years, <a href=\"https:\/\/media.haworth.com\/asset\/89200\/Millennial%20Series:%20Raising%20the%20bar:%20Australian%20Millennials%20in%20the%20Workplace\">three out of four workers<\/a> in Australia are projected to be Millennials, making them a significant determiner of what the talent market overall is looking for.&nbsp;<\/p>\n\n\n\n<p>While it\u2019s often reported that <a href=\"https:\/\/www.forbes.com\/sites\/lanceeliot\/2019\/08\/04\/the-reasons-why-millennials-arent-as-car-crazed-as-baby-boomers-and-how-self-driving-cars-fit-in\/#3dcc803b63fc\">Millennials have fallen out of love with the car<\/a>, this couldn\u2019t be further from the truth. <a href=\"https:\/\/www.globalfleet.com\/en\/smart-mobility\/europe\/features\/90-millennials-still-want-car?a=FJA05&amp;t%5B0%5D=Shared%20Mobility&amp;t%5B1%5D=Multimodality&amp;curl=1\">Nine out of ten Millennials still say they want a car<\/a>, it\u2019s simply <a href=\"https:\/\/www.marketwatch.com\/story\/turns-out-millennials-love-cars-just-like-everybody-else-2019-05-17\">economic conditions<\/a> getting in the way. With significant demand but limited ability to purchase their own vehicle, offering a company car could be a way to attract loan-averse Millennials with top-rate skills. With company cars still appearing in the <a href=\"https:\/\/www.pagepersonnel.co.uk\/advice\/management-advice\/attracting-candidates\/employee-benefits-battleground\">top five most wanted workplace benefits<\/a> on many studies, there\u2019s definitely a call to hold on to this classic perk.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_you_still_afford_to_offer_a_company_car\"><\/span><strong>Can you still afford to offer a company car?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Demand might be there, but is supply? While modern workers still appreciate the opportunity to drive a company car, is it still viable for your business to offer it to them?&nbsp;<\/p>\n\n\n\n<p>Recent changes to accounting standards have made it harder and harder for organisations to retain a fleet of vehicles on lease cost-effectively. With <a href=\"https:\/\/www.carbar.com.au\/blog\/australian-accounting-standards-transforming-fleetmanagement\/\">AASB 16<\/a> coming into effect this financial year, businesses can no longer keep leased vehicles off the balance sheet. Needing to record the cost of use associated with a leased vehicle can have an adverse impact on your business\u2019 debt, potentially impacting your ability to attract creditors.&nbsp;<\/p>\n\n\n\n<p>This change has sent many businesses running to offload their leased vehicles, preferring to go without rather than accept the significant change to their balance sheet. With buying a car outright as expensive as it ever was, how can your organisation satisfy the needs of a car-hungry talent pool?&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Threading_the_needle_with_Carbar\"><\/span><strong>Threading the needle with Carbar&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Luckily, there\u2019s a way you can provide your staff with simple, flexible access to late-model vehicles without damaging yourself financially. Carbar is a car subscription service giving you and your employees the choice of hundreds of different cars from respected manufacturers. Offering vehicles from Jeep, Holden, Jaguar and more on a flat weekly payment including registration, servicing, roadside assistance and insurance, it\u2019s the simpler, easier way to attract top talent.&nbsp;<\/p>\n\n\n\n<p>Choosing <a href=\"https:\/\/www.carbar.com.au\/car-subscription\">car subscription<\/a> over leasing means no requirement to record the vehicle on your balance sheet, allowing you to get your team moving without affecting your debt-to-income ratio.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re interested in learning more about how Carbar can offer a perk for your employees, start a conversation about our <a href=\"https:\/\/www.carbar.com.au\/business\/car-subscription\">Carbar for Business service<\/a>.\u00a0<br><\/p>\n\n\n\n<p><a href=\"https:\/\/www.carbar.com.au\/business\/car-subscription\">Register your business today<\/a> and join the Carbar revolution.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The takeover of the workforce by younger generations has upended many of the easy assumptions businesses-owners used to be able to make. Leaders are starting to question what it is\u2026<\/p>\n","protected":false},"author":2,"featured_media":687,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[108],"tags":[],"class_list":["post-685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-driving-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are Company Cars Still a Way to Win Talent? &#8211; carbar Blog<\/title>\n<meta name=\"description\" content=\"Learn whether company cars are still a valuable perk for attracting talent and enhancing your organisation&#039;s appeal to prospective employees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carbar.com.au\/blog\/are-company-cars-still-a-way-to-win-talent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are Company Cars Still a Way to Win Talent? 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