What are
Fringe Benefits?
Employee fringe benefits are the additional perks that companies provide to support the personal interests, hobbies, or lifestyle choices of their team. These go beyond the regular salary and are powerful tools that can unlock the full potential of your workforce.
These benefits come in various forms, including wellness programs, transportation subsidies, meal allowances, and fitness stipends, just to name a few. The core principle is to enhance your employees’ quality of life while making your company a more attractive place to work.
Fringe benefits play a crucial role in talent acquisition and retention.
They not only enhance the overall compensation package but also reflect a company’s commitment to employee well-being.
Types of Fringe Benefits
The beauty of fringe benefits is that this category can be very open-ended. Each employee is unique, and their interests, hobbies, and choices are as well. The goal with any fringe benefit program is to give employees lots of options to choose from, so they can pick what works best for them.
LIVD makes it easy to provide your employees personalization in their benefits experiences. Consolidate your benefits vendors and give your team access to:
Health & Wellness
Products and services that support employee physical and mental well-being.
Food
Connect your team with grocery and food delivery, restaurants, and meal kits.
Work From Home
Equip hybrid and remote workers for success with essential office supplies.
Transportation
Simplify your team’s commute.
Travel
Support your employees to relax and unwind with travel and experiences.
Entertainment and Experiences
Provide your team with events and experiences that they’ll love.
Household
Support your team with things like furniture, cleaning services, and essential home purchases.
Sports & Fitness
Encourage hobbies and activities that promote physical well-being.
Clothing
Help your employees look and feel their best.
Beauty & Wellness
Focus on health and happiness with access to popular spas, beauty stores, and pharmacies.
Pet Care
Keep every member of the family happy and healthy.
Continuing Education
Learn a new skill or improve an existing one.
Charity
Give back to the causes you care about.
Many More
Support your team with other categories available through the LIVD app.
Fringe Benefits vs. Core Benefits: What’s the Difference?
While both fringe and core benefits are important, they serve different purposes.
Core benefits include things such as health and dental insurance, vision care, or paramedical coverage. These benefits keep employees healthy.
Fringe benefits on the other hand are additional perks that can enhance job satisfaction and employee engagement. They look after an employee holistically, both inside and outside of work hours. They can be a powerful tool for businesses to differentiate themselves in the competitive job market.
Boosting Productivity with Employee Fringe Benefits
According to Forbes, 61% of employees agree that they have made healthier lifestyle choices because of their company’s wellness program.
According to the same study, 89% of workers at companies that support well-being initiatives are more likely to recommend their company as a good place to work.
47% of organizations report that keeping a competitive total compensation package is one of their biggest challenges.
Aflac, 2023
Try LIVD for your team for 2 months, absolutely FREE!
Ready to Reward and Recognize Your Team?
Learn how LIVD can help keep your employees happy and engaged!
