#employeebenefits #fringebenefits #hr #employee #jobbenefits #financialrewards #employeeappreciation #compensationplan
What are Fringe Benefits? Do Fringe Benefits attract any costs from an employer? How to use Fringe Benefits to motivate employees?

Lesson Summary:
Fringe benefits are any benefits that employers give employees in addition to their salary or hourly wage. Some employers offer these benefits to all employees while other employers offer them as an incentive to individuals who provide notable contributions to their workplace.

Fringe benefits can encompass a wide variety of benefits. They are any form of nonwage compensation. Common benefits include group health insurance at reduced rates, life insurance, retirement plans, prescription plans, vision plans, dental plans and long-term care insurance plans. Paid holidays, paid sick days and paid maternity leave are other such fringe benefits. Some employers currently offer employees relocation assistance, transportation benefits, childcare benefits and legal assistance plans. Employee discounts at hotels, theme parks and theatres are also considered a fringe benefit.

These perks help make recruiting new and high-quality employees easier since people often want to work for a company that offers good benefits. In fact, sometimes employees prefer to work for a company with a lot of benefits that don't pay as much as a company that pays more but offers fewer benefits. The downside of this payment method is that if the fringe
benefits offered to a potential employee don`t fit their lifestyle or expectancies and they would rather just have a larger paycheck instead, you might not be able to convince them to work for your company.

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Chapters:
0:00 Intro
0:30 Defining fringe benefits
2:30 Types of fringe benefits
7:17 Advantages of such a financial reward system
10:12 Disadvantages of such a financial reward system
12:42 Conclusions

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