Real world examples | Salary sacrifice scheme
One of the fastest growing iconic motorcycle brands in the world, with a focus on employee satisfaction and flexible benefits, was keen to explore ways to further enhance its employee benefits package by introducing a salary sacrifice car scheme, to assist in employee retention, and support its corporate and social responsibilities.
Our specialist identified the potential for the introduction of a new car salary sacrifice scheme for employees, and completed an in-depth risk and impact analysis to establish appropriate criteria and issues surrounding its introduction.
The new salary sacrifice scheme would need to be tailored to suit the specific requirements of the business and be fully aligned to its HR strategy. We provided expertise and technical knowledge to support the whole project from design, specification, supplier selection, through to implementation.
The Maxxia team has extensive experience in working with car salary sacrifice schemes which enabled it to put in place an effective scheme, incorporating all of the critical HR requirements, along with a methodology to ensure that throughout the project all issues and risks were proactively monitored and resolved. We ensured that the formal salary sacrifice arrangement and execution of the scheme allowed HMRC to agree the appropriate scheme concession against income tax and National Insurance.
Communication with the work force is a vital element in introducing such schemes and we consulted with employees to understand existing communications practices, what worked well and preferred media for launch of the programme. Our team worked closely with the client communications team to provide support throughout the initial launch and internal marketing of the salary sacrifice car scheme.