Welcome Financial Services is launching a cash allowance scheme for senior staff who are eligible for company cars and introducing an option for other drivers to trade up or down model grades, both through its flexible benefits scheme.
It is also introducing holiday trading into its flex scheme so staff can buy or sell up to two days holiday per year.
Due to health and safety reasons, employees in the cash allowance plan will be subject to some restrictions, including a limit on the age of the vehicle. Although soft-top cars are often excluded from many cash allowance schemes, the finance firm has included these for staff to select.
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Tracey Quiggin, HR manager (reward) at Welcome Financial Services, said: “We are mindful of health and safety but we don’t want to offer something with loads of restrictions. Six years is the oldest car staff can buy; we were going to have it at five but we thought it wouldn’t be flexible enough.”
Fleet management firm Masterlease has helped Welcome benchmark its scheme against the rest of the industry.
Drivers who are not eligible for the cash allowance scheme will have the option of trading their car up or down a grade. For example, if an employee trades down a grade the driver will receive an extra £100 per month on top of their salary, whereas if he or she trades up, a charge of £100 will be levied through the flex scheme.