We are dedicated to not only reducing our carbon emissions as a business but also actively encouraging our co-members to do the same.
For many years, we have provided a popular ‘cycle to work’ scheme as part of our reward landscape and now we are offering co-members the opportunity to lease a brand-new electric vehicle in exchange for some of their gross salary. Through our partnership with Octopus Electric Vehicles, we are helping to make electric vehicles more accessible whilst also encouraging more sustainable transport choices. Additionally, the savings of up to 40% make this scheme an attractive option for our co-members.
As part of last year’s Golden Ticket giveaway, one lucky co-member walked away with a brand new Tesla and we are already counting down to do the same again this year! Partnering with Octopus for this benefit was also a conscious choice. Octopus is known for its green energy solutions and sustainable investment approach, so it’s a great fit for our sustainability goals. Our company purpose is ‘improving lives through work’ and we fundamentally believe that being a champion of the environment lies at the very heart of this purpose.
We spoke to Chris Brindley – Head of Reward & Co-member Experience to find out more…
Chris, why did Reed decide to launch an EV scheme?
We launched an EV scheme for a number of reasons. Firstly, none of our competitors do it, so it makes us unique and ahead of the curve. We have done a lot to reimagine our reward landscape over the last couple of years, and offering a benefit like an EV scheme is part of that. Secondly, it supports our environmental strategy. Cars are essential for many people, our co-members included, but electric cars are widely regarded as the future. This scheme allows co-members to travel efficiently whilst being kinder to the environment. Finally, it’s a great opportunity for co-members financially. As it’s a salary sacrifice scheme, co-members don’t pay income tax on the cost of the electric vehicle, saving money in the process.
What benefits will the EV scheme bring to co-members?
We have partnered with a reputable brand, so alongside the reassurance that brings, they should also get a great selection of potential vehicles to choose from. The financial benefit of a salary sacrifice scheme can be significant as those participating in the scheme won’t pay income tax or national insurance contributions on the salary they are sacrificing, which is the cost of the vehicle. In addition, our EV scheme is an “all in one” that includes the vehicle, insurance, maintenance and servicing, making everything easy!
What do you hope having an EV scheme means to our co-members?
I hope that co-members are able to access the latest electric vehicles at an affordable price. This means that they can support Reed’s (and their own) environmental objectives whilst making a financially sound decision. I hope it also demonstrates that as a company, we are continually looking for what’s next in Reward.
It was super easy, and Octopus were super patient. They patiently went through all my preconceived ideas like… it is a faff to go on long journeys? will I have to wait hours to charge the vehicle in an emergency? I made the move to electric for environmental and financial reasons, the running costs have considerably reduced – the savings are huge, and insurance and maintenance is all included.
Regional Managing Director