The electric vehicle (EV) wage sacrifice programs (EV) become an increasingly popular advantage of employees, due to the financial and environmental advantages that they offer both employees and employers. Thus, for Virgin Media O2, the update of his EV salary sacrifice scheme became a priority after his joint venture in 2021. With Ayvens (formerly ALD Automotive and Leseplan), renowned via a competitive restraint, the objective was to create a unified diagram that supported the integration of Virgin Media O2 unique challenges of the combined organization.
The first obstacle for Ayvens in the United Kingdom to jump was the separation of the pay between the two entities. This required that two separate patterns be created and delivered so as to appear as one program for employees. The additional complexity has come from the O2 population, a number of people spending perk cars to a cash option. This meant that although the financial and safety standards of cars are increased due to the implementation of insurance, maintenance and breakdown, its introduction would be a big change for people to get used to a regime of wage sacrifice.
This aspect of security was a major consideration for the decision -making process, as Dave Roberts, responsible for awards and benefits at Virgin Media O2, Note: “”It was really important for us during the program design that we reduced as many risks as possible for our employees as far as possible. This would help guarantee the long -term financial health of the agreement and prevent potential problems. “”
To ensure comfort, a very extensive termination coverage was introduced as part of the program. This coverage has enabled employees to put their wage sacrifice car at no cost if they go through what is considered a life event, as a serious illness, divorce or leave the company. The hidden advantages of salary sacrifice schemes like these provide a level of coverage which is simply not made available in standard personal leases. Although the probability that this coverage is used is low, it offers real tranquility of mind for employees and the employer.
To support employee cohesion while helping to solidify the integration of Virgin Media and O2, Ayvens was challenged to provide a program that was open to as many people as possible. In that spirit, the Ayvens team has organized many conversations to facilitate a maximum call for the program.
Emily Tunnard, who is part of the Ayvens strategic account team, says:
“To take up the challenge, we have worked to introduce entry -level electric vehicles in the scheme, which offer exceptional value and we have made sure to correct the cost of automotive insurance for the terms of the contract.
This series of advantages leads to what can be a considerable economy, as Emily:
“Regime savings can really be important. Depending on the choice of vehicle and the tax rate of an employer, we saw savings up to £ 5,000 per year compared to retail. ”
Thus, to encourage employees to make these advantages, a pre -recorded video was prepared and made accessible to the employees of Virgin Media O2 which detailed the concept of wage sacrifice schemes, which received more than 2000 views in the first 90 days and is now on their internal website as a source of constant reference. In addition to covering the macro advantages of salary sacrifice, the video also highlighted some of the least known insurance provided by the regime, such as no credit verification requirement and initial deposit.
This video was followed by a roadshow which has engaged directly with the employees, which not only generated enthusiasm and aroused interest, but also gave people an idea of some of the electric vehicles available via the program.
All of this has contributed to leading a greater commitment of employees to the scheme, although the additional advantage for the employer also deserves to be kept in mind. First, these regimes contribute to reducing the employer's national insurance bill, while reducing the confidence of the company with the gray fleet. Not only that, but it helps employees feel valued by their business and allows them to feel more safe, which is intrinsically a stronger reputation by the employer. Virgin Media O2's program has seen all of these potential advantages made.
With the program now booming, Dave Roberts says:
“”Our partnership with Ayvens has allowed us to offer a leading system, which makes it a real advantage which offers real value for our employees. This was made possible by a robust implementation plan and very successful drivers' commitment initiatives. The results speak for themselves in terms of volumes of order.“”
