by WEX Health
You’re always looking for an edge when it comes to recruiting and retaining employees. And why not, especially when employee turnover costs an estimated $15,000 for every employee you need to replace? Your employee benefits package is one way to get that edge. And commuter benefits are one way you can enhance your benefits offering.
With commuter benefits, your employees can save in some pretty common ways, such as mass transit options like the bus or rail. But you might be surprised to learn some of the other ways they can save.
For employees in metro areas, it’s not uncommon for them to spend thousands of dollars per year on parking. For example, the average car owner in New York City spent over $5,000 in parking fees in 2017. In San Francisco, Los Angeles, Washington, Chicago, and Boston, the cost per year was at least $2,000. Fortunately, your car-loving employees can save money on parking costs with commuter benefits (as long as the expenses are related to their drive to and from work).
Participants with our benefits debit card can also save time not having to drive around looking for parking spots by using the SpotHero app. In select cities, SpotHero lets them reserve and pre-pay for spots.
It’s never been easier to get a ride from anywhere to anywhere, thanks to smart phones and the emergence of ride-sharing services such as uberPOOL, Lyft Shared, and Via (in select cities). Did you know that your employees can use their commuter benefits dollars on these services (as long as they’re related to the work commute) and save money? Plus, the apps for each service will store our benefits card debit card as a form of payment, so purchasing rides is easy.
Please note: In order for a vanpooling expense to be eligible, the vehicle must seat at least six adults, excluding the driver. And at least 80% of the mileage must be for the purpose of transporting employees to and from work, and the average number of employees must be at least half of the adult seating capacity of the vehicle.
Your third-party administrator may have additional discounts when working with transit authorities to give your employees even more savings. For example, our participants who purchase a Smart Commute order in the Atlanta area can purchase passes at a discounted rate from two transit authorities.
- MARTA (Metropolitan Atlanta Rapid Transit Authority): Participants can receive a discount of up to 20 percent.
- GRTA (Georgia Regional Transportation Authority): Participants receive a 10 percent discount on Smart Commute orders.
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