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Fringe Benefits FAQs. The Bottom Line. Key Takeaways Fringe benefits are perks that employers give to their employees above and beyond any financial compensation. A wide range of fringe benefits and employee perks exist from one employer to another.
The most common benefits include life, disability, and health insurance, tuition reimbursement, and education assistance, as well as retirement benefits. Other perks include fitness centers or fitness center discounts , employee meals, cafeteria plans, dependent care assistance, and retirement plan contributions. Salary shouldn't be the only consideration when you are looking for a job since fringe benefits can save you a lot of money in the long run.
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Income Tax How are an employee's fringe benefits taxed? Employee benefits are compensation that employees receive outside of their salaries. Some common examples of employee benefits include health insurance, paid time off and tuition reimbursement. If you're currently looking for a job or might be soon, it can be helpful to know which companies offer good employee benefits to guide your job search.
In this article, we explore 21 companies that offer great employee benefits. Related: 25 Types of Employee Benefits. It's important to consider the benefits that a job offers when applying and before accepting offers because having good benefits can save you money in the future and ensure that you remain supported.
For example, a company that offers good health insurance coverage might be more attractive as an employee than a company that provides less or no coverage, as you're responsible for paying for your own healthcare without it. When choosing a company based on the benefits they provide, it can be common to look for the best options. To qualify as a company that offers the best benefits, a business can provide employees with benefits that exceed the typical industry standards.
For example, if the industry standard is for employees to receive healthcare coverage and paid sick leave, a company that offers the best benefits might also include paid vacation days or volunteer days in their benefits package.
Here are 21 companies that typically provide employee benefits above the industry standard:. Starbucks is a chain of coffee shops that sell drinks and food to customers. Some benefits they typically offer to employees include:. Facebook is a social media platform that helps people connect by letting them create profiles and communicate with other members of the platform online through posts and private messages. Here are a few benefits that Facebook offers to its employees:. Campbell Soup Company is a food company that sells products like soups, canned meals, baked goods and beverages.
Some of the most attractive benefits that Campbell Soup Company offers to its employees can include:. Sage is a technology company that aims to help small companies grow their businesses and improve their operations with their software products.
Here are a few employee benefits that Sage typically provides for its employees:. Spotify is a music streaming service that allows customers to purchase subscriptions and access an extensive cloud-based music library. Here are some of the most popular benefits that Spotify offers:.
Costco Wholesale is a retailer that sells memberships that allow customers to visit their warehouses and purchase products, often in bulk quantities. Some particularly attractive benefits that Costco Wholesale offers to its employees can include:. This is a company that takes a well-rounded approach to thinking about what its employees want. The company has a range of other benefits including a free driving lesson and beer fridge not be utilised at the same time.
It appreciates that people at different stages of life will value different things and is particularly focused on helping employees with their financial wellbeing, recognising the problems that financial issues can otherwise create. For charitably-minded employees, Salesforce is a company with a lot to offer.
They can take up to six days a year of paid volunteering time. Read more: Wellbeing in the workplace: what does the latest research say? Spotify was one of the pioneers in offering fertility benefits to employees, including paying for egg freezing and other forms of fertility assistance.
It also provides six months of paid parental leave, plus one month of flexible work options for parents returning to the office. On the hunt for some awesome employee wellbeing ideas? Some resources and samples are available to assist employers. See Communicating and Leveraging Benefits.
Employee understanding of the benefits is critical to employee buy-in. Without buy-in, the employer's efforts, no matter how perfectly designed to meet employees' needs, may be futile. If employee input was obtained and used in the benefits design process, employers should be sure to share this with employees and let them know how their feedback influenced the benefits program's design.
The positive impact on recruiting, retention and employee morale may be lost without effective communication plans. Although the employer is obligated to provide communications to comply with laws regarding disclosure of various benefits plans, such as a summary plan description, communications should go beyond the legal requirements.
Good benefits communication objectives should include:. Periodically reviewing the benefits plan program is another important step in the benefits management process. The benefits program must be assessed on a regular basis to determine if it is meeting the organization's objectives and employees' needs. Changes in the business climate, the economy, the regulatory environment and workforce demographics all create dynamics that affect benefits offerings.
Employers should consider developing goals and measurements to assess the benefits programs and make adjustments as necessary. Employers may also consider using external trends and benchmarking data to evaluate the effectiveness of the benefits plan or conduct employee surveys or a full-fledge needs assessment on a recurring basis.
You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page. Reuse Permissions. Page Content. Step 1: Identify the Organization's Benefits Objectives and Budget An important first step in designing an employee benefits program is to identify its objectives.
Step 2: Conduct a Needs Assessment A needs assessment should be conducted to determine the best benefits selection and design based on the needs and wants of the employees. Step 3: Formulate a Benefits Plan Program Once the needs assessment and gap analysis are complete, the employer will need to formulate the new benefits plan design.
Step 4: Communicate the Benefits Plan to Employees The communication strategy is a critical component to the benefits planning and management. Good benefits communication objectives should include: Creating awareness and appreciation of the new or existing benefits and improving employee financial security.
Providing a high level of understanding of the benefits offered. Encouraging wise use of benefits. Step 5: Develop a Periodic Evaluation Process to Determine Effectiveness of Benefits Periodically reviewing the benefits plan program is another important step in the benefits management process.
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