Can cycle to work schemes really help your business?
According to a report by the Cycle to Work Alliance 89% of employers with a cycle to work scheme believe that they are an important tool to improve employee engagement. The survey also found that 98% of the users of the scheme would encourage their colleagues to take part.
In the survey of 1,233 employers and 44,500 employees who take part highlighted some interesting facts:
- 97% of employers thought that the scheme is an important way to encourage a healthy workforce
- Slightly under 2/3rds using the scheme did not cycle before signing up
Mark Smith, Cycle to Work Alliance representative and retail director of Evans Cycles said: 'The rapid growth of the cycle to work scheme is testament to its popularity. Employers are seeing the benefits of a healthier and more engaged workforce, vital as the country moves out of recession.'
The scheme is also becoming more and more popular as users encourage colleagues to make use of the employee benefit.
If you haven't come across cycle to work schemes before they are a tax exempt benefit for employees. Under the scheme employees sacrifice part of their salary in return for etyh loan of a bike from their employer and effectively provide a means to obtain tax and NI relief on the purchase of a bike.
Time to get on your bike.