Employee fringe benefits and employer-provided benefits in the form include different kinds of non-wage compensation offered to employees as well as their regular salaries or wages. Sometimes, an employee exchanges salary for any other form of bonus, benefit or incentive program is commonly known as a “pay for performance” program. In some cases, a company provides its employees with access to a company-provided health care program.
Benefits offered as fringe benefits can also be referred to as an employee perk. Many employers consider fringe benefits to be an important part of the overall package that an employee signifies his professionalism, commitment to the organization, and willingness to work hard. However, not all employees enjoy such perks. Some employees may find it difficult to accept these perks because of their lack of financial benefit. But, there are several things you can do to make the work environment more accepting of employee perks. Read on to find out how.
Understand your employer’s needs and expectations. Before you decide whether or not to offer fringe benefits to your employees, you should first assess the needs and expectations of your company. Your HR department should be able to assist you in determining the type of programs that you will be offering your employees. Knowing your employer’s needs will help you determine what types of fringe benefits would be most appropriate for your company.
Consider the size of your company. If you have a small business, it may not make sense to provide many benefits to your employees. On the other hand, if you run a large corporation, you can provide great benefits to attract and retain good employees.
Don’t limit yourself to offering insurance, dental and vision plans. If your business has a high overhead, it may make more sense financially to offer your employees other types of benefits. Some of these benefits could include travel, meals and car rentals. When you consider your company’s finances and how much it would cost to provide your employees with benefits, it may be a better option to offer these benefits than insurance or dental plans.
Ask your employer whether or not they would be willing to negotiate fringe benefits with you. Sometimes your employer will try to reduce the benefits you are providing just to reduce your costs. By asking them early on whether or not they would be willing to negotiate, you can ensure that you are offering employees the best deals possible.