A US technology firm is spending $1m (520,000) a year to offer its employees financial incentives to purchase fuel-efficient cars for personal use.
The move reflects the increasing desire of companies to highlight their commitment to corporate social responsibility, improving their employer brand.
Hyperion, a supplier of business performance management software, launched its ‘Drive Clean to Drive Change’ initiative last week, under which the company will reimburse employees $5,000 (2,600) for vehicles that achieve 45 miles per gallon.
The 45-mpg standard, which is approximately 5.3 litres per 100 kilometres, results in dramatically less carbon dioxide emissions when compared to the vast majority of gasoline-powered vehicles. The standard also is achievable by fuel-efficient vehicles using technologies such as hybrid, diesel and electric.
Hyperion has about 2,500 employees worldwide – 1,500 of which are in the US. The funding will allow 50 workers per quarter to take advantage of the subsidy.
Godfrey Sullivan, president and CEO of Hyperion, said: “We know we are not necessarily going to change the world through this initiative, but we aim to get people thinking about change.”