What Are Fringe Benefits?
Fringe benefits are benefits that supplement an employee’s normal salary. While the name might suggest that fringe benefits are uncommon or unique, they are commonly called employee benefits.
What are Fringe Benefits examples?
Some of the typical examples of fringe benefits are:
- Health Insurance
- Retirement Plans
- Family and medical leave
- Paid leave
- Mean Subsidization
- Commuter Benefits
Fringe Benefits and Employee Satisfaction
Fringe benefits help improve employee satisfaction. Even if it doesn’t increase, it helps to prevent employee dissatisfaction. For example, most employees view health insurance as a necessity, providing it as a benefit won’t necessarily increase employee satisfaction—it will simply prevent the dissatisfaction your employees would feel if your organization did not provide health insurance. On the other hand, paid vacation is not a requirement in many employees’ eyes, so offering it to can boost their morale and make them feel that the company cares about them.