As the labor market tightens and your small business is struggling to compete with the compensation packages of larger companies, what can you do to attract the right job candidates? We’re here to tell you it’s all in the fringe benefits. That’s why we collected data from over 600 small and midsize businesses to give you the necessary insights in developing a competitive benefits package that’s right for your company.
What are fringe benefits?
We’re so glad you asked. Technically speaking, fringe benefits are any added benefits which help supplement an employee’s salary. This could include anything from dental insurance to free coffee.
More commonly, however, fringe benefits differ from general benefits in that they are seen as additional work perks as opposed to basic insurance packages and other necessities. These can include bonuses such as free meals, recreational and wellness programs, learning and development opportunities, and other similar policies.
Data shows that these types of perks, which are often low-budget programs, can provide a small business with the necessary competitive edge to compete with high-paying corporations. In fact, 68% of respondents to our survey said that fringe benefits and perks are at least as important as employer-provided health insurance and retirement.
68% of employees said that work perks are at least as important as employer-provided health insurance and retirement.
As the type of benefits that employers use to attract and retain talent expands and diversifies, it’s necessary to explore the fringe benefits outside health, dental, vision, and insurance programs. And here’s the good news: here’s your chance to get creative and exemplify your core values and mission statement!
Here’s why you should care about perks in 2018:
What are the most popular perks among small and midsize businesses?
Like we said before, fringe benefits can encompass a lot of perks. Healthy snacks, wellness stipends, commuter benefits, and more. So– what do your employees want to see in their compensation plans? Here are the highest ranked work perks for small and midsize businesses across the US:
- Wellness programs
- Education programs
- Financial wellness programs
- Free meals or snacks
- Commuter benefits
And this is just the beginning. We also examined the top 14 work perks across the country and broken down by age group. If your workforce is comprised mainly of younger workers (ages 18-25) their preferences differ dramatically from workers who range from 36 to 45 years old.
Download our Fringe Benefits Guide to learn which fringe benefits are most valued to your workforce, how to implement those programs, words of advice from our customers, and how to stay compliant while offering these perks.