Executives value their car parks

An article published in the Sydney Morning Herald this week rated and ranked the top ‘extras’ in demand by senior business executives.

A car park ranked as the third most in-demand perk; following money and holidays. (The fourth and fifth most important factors were flexibility and relocation). Given the scarcity of CBD car parks, the value of a car park in the building is a significant motivator. In Sydney and Melbourne,  off-street car parking spaces can have a value of anything up to $10,000 per year. However, relative to $300-500k salaries, it’s not a huge investment.

According to the article in the SMH,  large bonuses and free car spaces are some of the ways that companies show executives that they are being looked after. These benefits can actually lead to bigger long term savings for companies, ensuring that their staff don’t move on after two or three years and saving hundreds of thousands of dollars on recruiting their replacements. 

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