It takes more than competitive pay to attract and retain top talents in today’s hyper-competitive job market. Employees are always on the lookout for companies that offer valuable perks and benefits. 80% of employees prefer a job with more benefits over a 30% pay raise. And 54% are ready to take a lower-paying job with a robust benefits package.
While 401(k), health insurance, and paid time remain the most desired workplace benefits, there are other perks organizations can introduce to win the talent acquisition and retention war. Company car parking is one, but it’s often overlooked because most companies view it through an expenditure lens.
In this piece, we’ll explore 6 reasons why company car parking is one of the most valued employee benefits and why it matters for employee satisfaction, productivity, and retention. Let’s go.
Why company car parking matters
Bob works in a bustling part of town where finding a parking spot is a daily nightmare. Every morning, he spends at least 20 minutes circling the block, desperately hunting for a spot on the street or digging his pockets for cash to feed the parking meter. What an irritable morning routine! Bob has to endure
After a long shift at work, an exhausted Bob wanted to relax at home but couldn’t recall where he parked his car. He had been in such a rush earlier that morning that he hadn’t paid attention to where he was parking.
After what felt like an eternity of up-and-down street searching, Bob spotted his car two blocks away from the office. He sighed in relief and made his way over. But to his utter dismay, his car bumper has been dropped. Now Bob’s frustration boils over as he drives after a long day at work.
This experience left Bob longing for the convenience and peace of mind that a company-provided parking spot can provide.
Let’s see what Bob is yearning to have.
1. Managed parking space
Many companies have car parks, but their employees still suffer for parking spaces because they are poorly managed.
When there is no clear signage for employee, visitor, or handicapped parking, arguments are bound to ensue about why one person parks in a particular spot. This can brew up workplace tension and lead to bad blood within the organization.
The best way to avoid this problem is to introduce a work parking lot management system. This software can help companies track the usage of their parking lots, analyze data on parking patterns, and optimize the layout and design of the parking lot to improve efficiency.
A parking lot management system regulates access to the parking lot, prevents unauthorized vehicles, and controls traffic flow. It can also help with issuing parking passes and tracking
2. Employee convenience
One of the greatest advantages of company car parking is convenience. A dedicated parking area can save employees time and stress by eliminating the need to search for a parking spot or pay for parking in a lot or at a meter. This can be especially valuable in busy or congested areas where parking is at a premium.
Back to Bob, who spends 20–30 minutes each day searching for a parking space on the street or in a paid lot. Not only does this take time away from the employee’s workday, but it’s also frustrating and stressful.
With a company parking lot or garage, Bob can easily pull into a designated spot and head to work. This removes the stress and allows Bob to focus and work more efficiently.
employee parking usage.
3. Increased productivity
A company parking lot has a direct impact on employees’ productivity. Bob, who is constantly worried about finding a parking spot or paying for parking, is likely to be less productive and focused at work because of the everyday headache.
By getting rid of parking-related stress, Bob can leave these issues behind and come to work with a clear mind.
Employee punctuality is another indirect benefit of a company car park. With the parking hassle out of the way, employees are more likely to arrive at work on time, which can improve overall productivity and reduce the need for absenteeism or tardiness.
The unavailability of a company car park causes Bob to report late to work. With a designated parking space, Bob’s ability to come to the office on time and feel at ease about his car will make him perform better and report positively every day.
Employees who use public parking will always leave their office to top up the parking meter in the middle of the day. This everyday act interrupts workflows and decreases the overall efficiency of employees.
4. Cost saving
Employees who park on the street or in a paid lot may have to pay for parking daily or hourly, which can add up quickly. Companies can help employees save money on parking fees by providing a parking area.
In addition to saving money on parking fees, company car parking reduces the need for additional transportation services. This can be especially important for employees who have long commutes or work in areas with limited public transportation options.
Because of the stress of hunting for a parking space, most employees often leave their vehicles at home. They have to take a bus or train to work, which can take an additional 20–30 minutes each way. The time and cost implications of this can be too heavy on employees who live in the suburbs and have a long commute to work and back home every day.
With a company-provided parking lot or garage, the employee can drive to work and park in a dedicated spot, saving time and money on transportation.
5. Safety and security
A dedicated parking area can also provide a sense of security and safety for employees in their workplace, especially if they are working late at night or in a potentially unsafe area. By providing a parking area that is monitored and secure, companies can help ensure the safety of their employees and their vehicles.
A company car park reduces the risk of break-ins and damage to employee vehicles. This gives employees peace of mind and eliminates unnecessary fear during work hours. Employees who feel safe and secure in their workplace are more likely to be satisfied and engaged with their work.
If Bob parked in a company parking lot, his car bumper would most likely remain intact.
6. Company reputation
A company parking space speaks volumes about its commitment to employee satisfaction and happiness. In today’s competitive business environment, companies that are perceived as being employee-friendly are more likely to attract top talent.
A dedicated parking area is a great perk for many employees, as it shows that the company is invested in the well-being and convenience of its employees.
Case in point: Bob is now considering two job offers. Company A offers a parking lot, while Company B does not. All other things being equal, due to the past frustrating experience, Company A is likely Bob’s next workplace.
Even for job seekers without Bob experience, Company A with a parking area will be perceived as an attractive workplace.
Thus, any company looking to woo top-tier candidates for job openings can gain a competitive edge by including parking space in their list of benefits.
In addition to attracting new talents, company car parking can help reduce employee turnover. With Bob’s everyday parking woes unresolved, a similar role in another company with a designated car park could be enough for him to work out.
Employees value it
By now, I guess you have an entirely different notion about how significant a car parking lot could be to your organization and the many benefits that comes from it.
A company car park is an essential employee benefit that every Bob in your company can’t wait to have. By providing a dedicated parking area, you help your employees save time, money, and stress and create a more positive work environment.
And don’t forget that having a parking lot is not enough. Without proper management, your employee will still run in circles and argue over space. Investing in a work parking lot management system ensures that your parking area is used efficiently and effectively.