Over the course of a year Annual season tickets are approximately 15% cheaper than monthly tickets, 20% cheaper than weekly tickets and substantially cheaper than pay as you go. The problem is they cost a lot to purchase upfront.
Offering an employee the ability to access Annual season tickets is an important employee benefit. The cost of commuting deducts a high proportion from the employee's take-home, with long distance commuters reportedly using 1/3 of the average UK salary just to get to work. For this reason, many employers choose to offer this benefit to their employees in order to attract and retain excellent candidates.
It has recently become much harder for employers to offer this to their staff because the traditional approach of providing Company Cheques has been discontinued by TfL . There are alternative methods of issuing a season ticket loan to employees, but they all retain the administrative burden of ticket research and procurement, payroll data administration and management of company leavers, to name a few. Furthermore the network providers can be difficult to connect with in the event of ticket cancellation, route changes and other related issues.
A further critical point for many companies is the provision of capital; issuing an in-house loan puts a liability on company balance sheets, but more importantly there is an opportunity cost. Any business, whether it be an SME or a large corporation, will be looking to allocate their capital in the most effective way for the growth of the business, capital tied-up in employee loans can have a major impact on this.
CommuterClub are here to provide companies with access to this competitive benefit and attract top candidates to their company, without the administrative and financial pain points. Clients are provided with a fully-managed end-to-end bespoke solution. This covers the entire process with an online on-boarding portal, ticket procurement, excellent customer service, managed leavers scheme and optional financing, If you would like to learn more then get in touch - firstname.lastname@example.org with ‘Corporate' in the subject line.