Fringe Benefits

What are fringe benefits?

Fringe benefits are perks and extra compensation that companies offer to their employees beyond their salaries. Simply put, fringe benefits are provided to an employee above their stated salary. They are also known as voluntary benefits.

Fringe benefits include free breakfast and lunch, coupons, bonuses, cash, discounts, savings accounts, paid time off, gym memberships, and even experiences. They can be both monetary and non-monetary.

According to Forbes Advisor, 40% of employers say workers leave their jobs to find a job offering better employee fringe benefits.

Fringe benefits offer companies a chance to stand out from their competitors and grow holistically by;

• Enhancing employer branding
• Attracting top talent
• Promoting employee well-being and engagement
• Improving employee engagement
• Reducing turnover