The rise of Electric Vehicles (EVs) parallels the growing popularity of sustainability initiatives worldwide. Over two thirds (70%) now expect their employers, or potential employers, to be proactively working towards sustainability. So it’s not a surprise companies are paying more attention to their Corporate Social Responsibility (CSR) and any Environmental, Social, and Governance (ESG) initiatives, and aiming to become a B Corp.
One simple step businesses can take towards sustainability is by offering sustainable choices to their employees, like the provision of EVs.
Why should businesses care about sustainability?
Well, besides the fact it’s the right thing to do, there are many benefits for businesses having sustainability as a core value.
- It helps with employee engagement and retention – employees today seek more than just a job – they seek alignment with their values. Companies prioritising sustainability often see higher levels of employee engagement and retention.
- It can reduce costs by minimising waste, energy consumption, and water use.
- It can increase market share – if you are seen (and act, no greenwashing please) as an ethical business that cares about people and the planet, your market share will likely grow.
How can your business become more sustainable?
From going paperless to using green energy, there are many ways you can become more sustainable. More recently, businesses have taken to offering things like EV salary sacrifice options.
Switching to EVs is a simple, but impactful, way for businesses to adopt sustainable practices. Drivers can save up to 2.6 tonnes of carbon every year by switching from fuel-powered cars to an EV – that’s the same as planting 1,300 trees! Imagine the amount of carbon your business would be saving if your entire workforce adopted an EV.
So, with the impending ban on petrol and diesel cars, and the increase of ULEZ zones, many businesses are looking to improve their sustainability efforts and help employees access environmentally-friendly transport options, by offering EV salary sacrifice schemes (with no cost to the actual business itself).
And if you need more convincing, our customers have said, “We shortlisted EV salary sacrifice schemes and Octopus EV came out on top because of all the additional benefits that they could offer”, and “Retain staff for longer, reduce carbon emissions, and pass on green tax savings to our team – it’s not a difficult sell”.
What is an EV salary sacrifice scheme and how can it benefit my business?
Enterprises are leveraging EV salary sacrifice schemes, such as Octopus EV’s salary sacrifice scheme, to empower employees to embrace eco-friendly transportation. Salary sacrifice allows employees to save up to 40% off a brand-new EV. It works by employees giving a portion of their salary in exchange for an EV, saving on income tax and National Insurance contributions.
And with Octopus EVs salary sacrifice scheme, you get some extra perks, such as:
- A free home charger (including standard installation)
- 4,000 free miles of charging
- Servicing and maintenance included for the whole of your lease
- Insurance and breakdown cover for the entirety of your lease
With expert advice from Octopus, this makes it super easy to make the sustainable switch to electric for an employee. We found that most employees (61%) want to make the switch to an electric vehicle (EV) for their next car but price is a key factor for most (78%), so offering EV salary sacrifice schemes can get over this hurdle and offer your employees a benefit they want.
They cost nothing to set up, are cost-neutral to run, simple to manage and are low risk with early termination protection built in; they are a clear benefit to any sized business looking to adopt more sustainable practices.
But, why EVs?
In today’s business landscape, sustainability isn’t just a buzzword; it’s a strategic advantage. Offering EV schemes is not merely a gesture; it’s a step towards a more sustainable future and a future that is desired by the wider employee population. Through our Sustainable Workforce Report, we found the majority of employees (74%) said they’d want their employer to offer an EV salary sacrifice scheme when they were shown what was included.
As EVs gain popularity and legislation evolves, companies embracing this transition stand to benefit from enhanced employee engagement, strengthened Employer Value Proposition (EVP), and an amplified brand reputation.
The rise of EVs symbolises a broader societal shift toward sustainability. By embracing this change, companies can not only contribute to a greener future but also foster a positive workplace culture and set themselves apart as responsible corporate citizens.
Want to learn more about implementing an EV salary sacrifice scheme with Octopus EV? Register your interest here and a member of the team will reach out