REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, the Silicon Valley-based online leader in fuel solutions for U.S. businesses, today launched Miles Ahead, an innovative employee incentive program that helps companies defray their employees’ gasoline expenses.
With Pricelock’s Miles Ahead gas incentive program, businesses can increase retention and recruit from a larger geographic area by decreasing the cost of gas for their employees. Employers award ongoing or one-time discounts to employees based on personnel goals, employee tenure or performance rewards. Employees can purchase gas at discounted or capped rates at 93% of gas stations in the U.S. with a co-branded gas reward card. Unlike one-time use gas cards, Miles Ahead is an ongoing program that employers can fully monitor, configure and change at their discretion at any time.
“Miles Ahead helps employers provide a benefit that has a strong ROI and is highly visible to employees. With benefits costs skyrocketing, employers are looking for innovative ways to help employees. Pricelock’s Miles Ahead helps reduce employees’ commuting costs every day. It is a benefit that continuously reinforces company brand in the mind of the employee and that translates to higher employee loyalty and satisfaction,” said Naveen Agarwal, CEO of Pricelock. “Miles Ahead is not a discount gas card since employers control the level of benefit and can change it month to month or even day to day. We are pleased to see our program directly helping employers retain their best employees and a small reduction of three or four percent in attrition can completely pay for the cost of the program.”
Since 2008, Pricelock has been managing a similar program to subsidize the gas costs for employees of the Aegis Communications Group, a subsidiary of Aegis Limited, a leading global business process outsourcing provider. The program has been so successful in helping Aegis retain its best employees and recruit candidates from a broader geographic region that it has rolled out the program to six of its locations. According to an employee survey, the benefit is used by 99 percent of Aegis employees at the company's participating locations.
With Miles Ahead companies can choose between a discount per gallon, a cap per gallon, or a combination of the two. Companies pay a set fee per participant, which is available for as little as $25 per employee per month. Pricelock maintains a co-branded website where employers and their employees can keep track of fuel purchases and savings.
Redwood City-based Pricelock’s investors include Goldman Sachs, Barclays, Travelers Insurance, Artiman Ventures, and RenaissanceRe Ventures, Ltd., a subsidiary of RenaissanceRe Holdings Ltd.
To date, through its fuel hedging and incentive programs for large auto manufacturers such as Chrysler and Hyundai and small to mid-sized local businesses across the U.S., Pricelock has been responsible for more than 100 million gallons of fuel transactions.
About Pricelock
Pricelock, headquartered in Redwood City, CA, offers online fuel and energy solutions to businesses of all sizes. Pricelock’s Fuel Price Protection plans empower businesses large and small to control fuel costs in ways that were previously only available to the largest fuel buyers. Pricelock Marketplace is the first customized, online energy auction platform that allows utilities, power plants, government and large commercial and industrial companies to buy and sell both natural gas and motor fuels. Miles Ahead is Pricelock’s innovative discount gasoline incentive program that helps U.S. businesses reduce their employee’s daily driving costs. Pricelock has been awarded the 2010 Rising Star Award of Excellence by Platts Global Energy Awards and the 2010 Risk Innovator ™ Award by Risk & Insurance. A full suite of Pricelock’s solutions can be found at www.pricelock.com. An overview of the Miles Ahead program is available at https://www.pricelock.com/solutions/miles-ahead-employee-incentive-program-overview