Connect with us

5 Reasons Startups Should Join the Cycle To Work Scheme

Business

5 Reasons Startups Should Join the Cycle To Work Scheme

Cycle To Work is a scheme that’s been running for over ten years. It allows employees to buy a brand new bike, tax-free, and pay for it from their salary.

It also counts towards National Insurance contributions, so it benefits employers as well. Signing up to the Cycle To Work Scheme is a great way for startups to improve their own reputation and increase employee loyalty into the bargain.

It shows that you are looking after your employees

By encouraging your employees to ditch their cars and cycle to work instead and actively giving them the means to do so, you are showing that their wellbeing is important to you.

Having a reputation as a company that cares about the wellbeing of its staff will benefit you in numerous ways. 

  • It will inspire your employees to trust you more if they think that you are genuinely looking out for them.
  • When you are recruiting, your reputation as a company that cares about its staff could be the reason that a talented new staff member chooses to work for you over a competitor.
  • When you are looking to make deals and forge relationships with other businesses and customers alike, it will go in your favour that you care about your employees.

It shows that you care about the planet

Being an employer that promotes taking action that is good for the planet will help to cement your reputation as a forward-thinking new company. 

Forbes has reported that it is becoming increasingly more important to consumers that the brands they are buying from are ethically sound.

Customers are increasingly considering a company’s ethics, alongside other factors like price, customer experience, and availability. This will vary depending on your target demographic, but for some groups, ethics is actually the most important thing to them.

It’s free to set up

As an employer, you don’t need to pay anything to set the scheme up! This is especially great news for startups who often don’t have a huge amount of capital available. According to the cycle to work scheme employers info shared by Cycle Solutions, they will take care of everything and make the process as simple as possible for the employer.

As the employer, your main role is to make savings and enjoy the benefits that the scheme brings to your workforce.

Greater staff wellbeing

Encouraging staff to cycle more will have a positive impact on their wellbeing. Regular exercise is linked with greater wellbeing and resilience, as well as greater levels of physical health. 

Absenteeism costs UK employers around £16 billion each year, and the number of sick days being taken each year is rising. Even when considered from a bottom-line perspective, it makes sense to take care of your employees’ physical and emotional wellbeing. The greater levels of physical and emotional health, the less absenteeism and the more money you save.

Inspires loyalty in staff

It’s really important to staff that they feel valued and appreciated. Salary and job satisfaction are important parts of this, but extra perks like the Cycle to Work scheme can be a great way of showing your appreciation.

When staff feel appreciated in a role, they are less likely to start looking for work elsewhere. This, in turn, increases your retention rates and saves you the unwanted cost of recruiting and training new staff members.

I am the founder of Startup Today. I am the main writer and have put in many hours of work into creating this blog. If you want to find out more about me then lets get in contact.

More in Business

To Top
Read previous post:
Creating the perfect working environment for your small business

Having a small business can be incredibly gratifying. Handling a workforce and having total control over your day-to-day activities allows...

Close