A benefit, which is also called a fringe benefit or a perk, is reward offered to or received by employees in addition to their salary. The choice of benefits offered by a company can be the deciding factor for someone seeking employment. Not all benefits are used by all employees, even when offered. Some benefits may be ongoing, while others may be offered at significant job-related events. A benefit is a way to reward employee loyalty and to encourage employees to remain with the company. There are many types of benefits, some based on the product or service provided by the company.
Gifts
Gifts provided to an employee for years of service, reaching a certain job milestone or other memorable job-related event may be a common occurrence to all employees attaining the goal. For instance, all employees at their first-year anniversary with the company may receive the same type of gift, like a high-end monogrammed pen. For greater longevity with the company or for more notable achievements, employees may be provided a catalog of items from which to choose an item of their choosing. A gift card to a local restaurant or bookstore may be given. The company may extend the corporate discount options for products the company uses, like allowing you to purchase a computer for home while getting the corporate discount.
Outside the Office
To foster healthy living practices, employees may receive health club memberships paid in full, in part or at a substantially reduced price through a corporate membership. As an incentive to use public transportation, the employee may be provided bus or train passes. The company may have an arrangement with a pool service within the building or a franchise to give employees free or reduced price access. In large cities where parking is available at a premium price, the company may offer employees free or reduced price parking in the building's garage.
Inside the Office
Free meals or discount food or beverage dispensing machines are offered in some company facilities. The office may have a kitchen stocked with coffee, hot chocolate and bagged soups that are free to employees to drink/eat at the office.
Open to Most Employees
Larger companies may pay all or part of the monthly insurance premiums for health, life, disability, dental or vision care. Other wholly or partially paid company benefits could include a company retirement plan or a 401k plan where the company would match part of your contribution, flexible spending plans, education assistance, relocation assistance, reduced price on company manufactured goods or services, stock options, performance bonus, child care, referral bonus, paid vacations that increase in duration with length of service, paid holidays, paid sick leave, paid annual leave, holiday party or company picnic.
Companies may be required to pay all or part of the following items, which can be considered as benefits: Social Security, disability, unemployment insurance, workers' compensation. In addition, you are entitled to up to 12 weeks off under the guidelines of the Family and Medical Leave Act.
Options for Senior Management
Senior staff may receive special benefits such as a sign-on bonus, stock options, more vacation time, cell phone or pager, company car, membership to clubs affiliated with the company, expense accounts or use of the company jet or rental properties.
