As an employer, what goals and objectives does your company or organization hope to achieve this year? Perhaps your company wants to expand and grow but does not want a significant increase in costs. Maybe your organization would like to earn more recognition for sustainable and environmentally-friendly initiatives as part of your corporate culture. Or your management team may simply just want to see an increase in productivity and company profits.
While these are major goals for a company to have, initiatives such as commuter benefits and programs such as alternative work schedules can be a factor in meeting these objectives. Here are five ways to improve your company's bottom line and encourage low-cost commuting modes among employees.
1) Tax-free transit benefits
Offering a financial incentive is a great way to promote public transit as the primary commuting mode among employees. Employees can avoid sitting in traffic while saving time and money on commuting costs. Your company can also save money on employer taxes by offering either a direct transit benefit (employer paid), a pre-tax payroll deduction (employee paid), or a combination of both. And remember, the maximum allowance for the transit benefit just recently increased to $240 from $125, making it equal to the parking benefit.
Did you know over that over 80 of Fortune Magazine’s 100 best companies to work for allow employees to telework at least 20% of the time? While there are usually initial implementation costs and training involved beforehand, offering a formal or informal telework program has been shown to improve work productivity and retain quality employees. Companies can also save money by reducing the need for larger office space and parking spots, particularly when expanding operations.
3) Bike Programs
Bicycling is a fast-growing commuting mode, especially in Arlington, as the number of bike lanes and infrastructure continues to grow making it safer for riders. Incorporating biking into your corporate culture can help employees be physically healthier and save money on their commuting costs. Healthy employees typically result in fewer sick days and higher levels of productivity during the day. Some initiatives that companies can implement include the monthly bike benefit for bike commuters, offering bike safety programs and seminars, and speaking to property management about installing bike racks, lockers, and showers in your building.
4) Capital Bikeshare Corporate Membership
Capital Bikeshare is the nation’s largest bikeshare system and now has over 180 stations in DC and Arlington. Through the Corporate Membership program, you can offer your employees a low-cost benefit that encourages a healthier lifestyle through active transportation. Capital Bikeshare is a great commuting option for traveling short distances to work or a transit station, and is also an easy way of getting around during the day to go to lunch or run errands.
5) Carpool Incentives
For employees who may not be able to take public transit and have to drive to work, there are several programs and incentives that organizations can offer to promote carpooling within the office or building. Speak with your property manager about providing preferential parking spots for carpools or vanpools and consider offering free or reduced parking costs to those who carpool. Companies can also facilitate matching programs or events for employees to see who lives near them.
Your company is only as good as your employees – giving them the choice of different commuting options can greatly improve their fiscal, mental, and physical health, which can have a direct positive impact on your company overall. To get started on implementing commuter benefit programs at your workplace, or to learn how to complement current programs you offer, contact an ATP representative today!