Almost a quarter of company directors (23%) would not include any form of employee reward package, if they could redefine their benefits provision.

A report from fleet provider Lloyds TSB Autolease reveals 14% would first remove the company car scheme and 5% would take the car allowance option away to save costs.

Only 2% are concerned about holiday entitlement and childcare, only 5% worry about pensions and 7% are concerned about healthcare spend. But 11% would slash bonuses while 8% see leisure perks like gym membership as a perk their staff could do without.

Claudia Rose, corporate sales director at TSB Autolease, said: "Pure, finance-driven decisions are in vogue at the moment - and that is understandable - but benefits like company cars have endured the test of time because of the wider business benefits they bring.

"In our view HRDs should have more of a say in far-reaching business decisions to ensure blanket cost-cutting measures are not taken without due consideration to operational performance, employee morale, future recruitment policy and even brand reputation."