For most companies, keeping the status quo is a no go. That’s as it should be. The company that doesn’t change is one that goes obsolete. And there’s always another rung to reach on the ladder of success.
The same can be said of a company’s vehicle program. Whether its safety policy, cost savings or better insights into mileage reimbursement, most vehicle programs could use improvement. That’s why we’re sharing the 2019 Mobile Workforce Benchmark Report!
The 2019 Mobile Workforce Benchmark Report is a guide to current trends of vehicle programs. The report is informed by data gathered on the vehicle programs of over 2,000 companies in multiple industries across the United States. It goes beyond current trends in car allowances, cents-per-mile, company-provided vehicles and Fixed and Variable Rate Reimbursement vehicle programs. It additionally shares company trends regarding safety, mileage tracking and more. Find out how your company compares with those in our report. Or, check out these key findings of the 2019 Mobile Workforce Benchmark Report:
Fuel remains a constant in business travel, and will likely remain so for a long while. But it affects companies differently depending on their vehicle programs:
If you have a fleet of company-provided vehicles, it means you’re spending a lot on fuel. And, depending on how you track personal use of business vehicles, maybe more than necessary.
If you reimburse your drivers for the personal use of their vehicles, it means you should ensure you’re reimbursing enough. With California labor laws and the passage of the IWPCA, companies risk lawsuits when they do not reimburse the right amount.
Missed work hours are rarely the biggest expense in a vehicle accident, but can have a painful effect on companies. Safety should be a priority for all companies with a vehicle program and that goes beyond Motor Vehicle Record (MVR) reports and safety belts. The best way to avoid costly accidents is preventing them before they happen. Find out what a comprehensive safety program looks like.
It’s time to look at your current program and other options. Whether it’s a completely new program, a variation of the one you currently have or an option to streamline a newly acquired company, don’t spend more than you have to on your vehicle program. Especially if that vehicle program leaves something to be desired.
If your company has a mileage reimbursement program, also referred to as a cents-per-mile program, you’re exposed to mileage reporting fraud. Manual logs leave room for errors, including rounding up on mileage. There may not be a large difference between the actual number and the reported one, but the little adds up to a lot across many trips from many drivers. That’s why we encourage automated mileage tracking.
If your company has a vehicle allowance, it’s high time you take a look at it. Vehicle allowances may be easy to implement, but they leave you exposed to the risk of under reimbursing your drivers. That, and they tax both your company and your drivers, guaranteeing you pay more and they receive less. Look into an accountable allowance as a possible alternative.
FAVR reimbursement programs are great for your company because they ensure IRS compliance, tax-free reimbursement, accurate mileage reporting and insights into your mobile workforce. They’re great for your driver because they receive an individualized reimbursement, benefit from increased productivity and have freedom of choice over their vehicle. Curious to know how it all works? Check out this video.
Simple! Just submit your information here. We’ll reach out to you with questions, updates and the like as we develop the 2020 Mobile Workforce Benchmark Report.
You’re a busy person. What time you have isn’t likely to be filled with a deep dive into current vehicle program trends. We did that part for you. This report is designed to educate you on the current standard. All you have to do is give it a look and ask yourself if your current vehicle program is performing as you’d like it to.
If it is? We’d like to hear about it! Please reach out to us about your successes. If not? Let us know what your goals are and we can work together to reach those. It all starts with the report. Check it out!