Fringe Benefits by gyvwpsjkko

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									?Fringe Benefits

The employee benefits are certain additions to the normal salary that an employee
enjoys as a privilege for being associated with a particular organization. It can also be
referred as perks and it varies depending on the organizational policies. Health
insurance, gift vouchers, retirement plan, provident fund, holidays, free services, etc
can be included in Fringe benefits.

Tangible from of benefits are the ones mentioned above and the benefits are generally
non-cash items. Intangible benefits can be a gesture of appreciation from your senior
or boosting an employee's morale through confrontation, etc. Employees need to hear
‘good job' when a task is performed well. The major reason why employees leave
their job is because of lack of appreciation, constant pestering or finding faults in their
work mannerisms.

Fringe benefits can help in employee retention to a great extent. Apart from the
monthly salary a certain addition to the salary makes the employee feel worth wile.
They feel valued for their contribution and try to gain this kind of perk frequently,
which ultimately enhances their performance level and the company becomes the
beneficiary.

The life insurance plans provides security to the employee. Certain prerogatives like
concession on commodities are also included in fringe benefits which can be
beneficial to the employee. This helps in developing a sense of belonging in the
employee's mind towards the organization. It also assists in building efficiency since
the employee feels responsible for the company's future. The holidays or free services
makes the employee feel obliged towards the company and thus the employee takes
pain to contribute more vigorously for the company.

The perks are also a form of saving. As the amount directly gets transferred into a
provident fund account or retirement plan scheme, the savings for your future is
assured and anchored.

Every company is working for these benefits as they prove benign for both the
company and its employees. It works on the simple principle of having what you
deserve. If you contribute to the core, you will receive the most.


-Arti Bakshi
"Human Resource- A Magazine For The Discerning Professional
www.humanresource.net.in

								
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