A very basic examination of employee compensation will lead employers to only consider salaries. However, there are so many more ways to repay workers for their efforts, and most of them are employee benefits. Even companies that have called on the services of an employee benefit specialist often forget about some of the most important types of compensation – fringe benefits.
While healthcare and retirement funds are important to make available to employees, fringe benefits can also be an immense draw for some of the most talented candidates. This is especially true of younger workers, most of whom are not yet thinking about their futures and instead are focusing on the present.
For instance, one of the most valuable types of fringe benefits is transportation. The use of a company car is very appealing for personnel who don't want to spend money on their own transportation. It also make getting to and from work a lot easier. If this isn't financially feasible, have an employee benefit consultant analyze your company's situation and think about subsidizing public transportation fees. If it's possible to make commuter rail or subway transportation available to your workers, you should think about doing so.
Another sort of fringe benefit can be in the form of workplace training. The things employees learn from employers and company-hired instructors won't just make their current jobs easier. They will also bolster an employee's resume going forward. As such, it can be a good idea to market this in job listings and promotional material. Consult with an employee benefit specialist to determine which classes will benefit both your company and your future employees.
