One in three bosses fail to cut personal business car costs
20 July 2009
Author: Tom Webster
One in three bosses has admitted to taking no action to reduce personal business costs, including ignoring company car expenditure.
Only one in ten bosses has taken a more economical company car in order to cut costs and set an example to staff, according to a survey run by Lloyds TSB Autolease.
The survey also showed that 23% of those interviewed have taken a pay cut or freeze, 8% have turned down a bonus, 16% have reduced accomodation costs and a further 16% have cut travel expenditure.
Claudia Rose, corporate sales director at Lloyds TSB Autolease, said the taking of pay cuts was only a short-term solution.
"Tackling other employee benefits, such as the cost of running company vehicles, will invariably do more to help businesses large and small," she said. "Fuel is one of the biggest and fastest rising company costs, so it makes sense to think hard about implementing a low C02, fuel efficient car policy across the board for all employees."