8 Extensions for Fringe Benefits That Will Boost Your Business

Fringe benefits are a great way to attract and retain employees. They can also help to increase productivity and morale. However, it can be difficult to know which fringe benefits are right for your business.

That's where this guide comes in. We'll discuss 8 of the most popular fringe benefits, and we'll provide you with the information you need to decide which ones are right for your company.

1. Health Insurance

Health insurance is one of the most important fringe benefits that you can offer your employees. According to the Kaiser Family Foundation, the average annual cost of health insurance for a family of four is $28,166. By offering health insurance, you can help your employees to save money on their healthcare costs, and you can also help to attract and retain employees who are looking for a company that offers comprehensive benefits.

2. Dental Insurance

Dental insurance is another important fringe benefit that you can offer your employees. According to the National Association of Dental Plans, the average annual cost of dental insurance for a family of four is $1,200. By offering dental insurance, you can help your employees to save money on their dental care costs, and you can also help to attract and retain employees who are looking for a company that offers comprehensive benefits.

3. Vision Insurance

Vision insurance is a fringe benefit that can help your employees to save money on their eye care costs. According to the Vision Council of America, the average annual cost of vision insurance for a family of four is $300. By offering vision insurance, you can help your employees to get the eye care they need, and you can also help to attract and retain employees who are looking for a company that offers comprehensive benefits.

4. Retirement Savings Plans

Retirement savings plans are a great way to help your employees to save for their future. According to the Employee Benefit Research Institute, the average 401(k) balance for workers aged 55-64 is $202,000. By offering a retirement savings plan, you can help your employees to reach their financial goals, and you can also help to attract and retain employees who are looking for a company that offers a secure future.

5. Paid Time Off

Paid time off is a fringe benefit that can help your employees to balance their work and personal lives. According to the Society for Human Resource Management, the average American worker gets 10 paid vacation days per year. By offering paid time off, you can help your employees to take time off to rest and recharge, and you can also help to attract and retain employees who are looking for a company that values work-life balance.

6. Flexible Work Schedules

Flexible work schedules are a fringe benefit that can help your employees to balance their work and personal lives. According to the Bureau of Labor Statistics, 29% of American workers have access to some form of flexible work schedule. By offering flexible work schedules, you can help your employees to work when and where they are most productive, and you can also help to attract and retain employees who are looking for a company that offers a flexible work environment.

7. Professional Development Opportunities

Professional development opportunities are a fringe benefit that can help your employees to grow their careers. According to LinkedIn, 94% of employees say that they are more likely to stay with a company that invests in their professional development. By offering professional development opportunities, you can help your employees to learn new skills and advance their careers, and you can also help to attract and retain employees who are looking for a company that values their growth.

8. Employee Discounts

Employee discounts are a fringe benefit that can help your employees to save money on products and services that they use on a regular basis. According to the National Retail Federation, the average American household spends $1,200 per year on employee discounts. By offering employee discounts, you can help your employees to save money, and you can also help to build loyalty among your employees.

How to Choose the Right Fringe Benefits for Your Business

When choosing the right fringe benefits for your business, it's important to consider the following factors:

• Your company's budget
• Your employees' needs
• Your industry
• Your company's culture

Once you've considered these factors, you can start to narrow down your options. It's also a good idea to get feedback from your employees before making a final decision.

Conclusion

Fringe benefits are a great way to attract and retain employees. By offering the right fringe benefits, you can help your employees to save money, improve their health, and reach their financial goals. You can also help to create a more positive and productive work environment.

Table 1: Average Annual Cost of Health Insurance for a Family of Four

Table 2: Average Annual Cost of Dental Insurance for a Family of Four

Table 3: Average Annual Cost of Vision Insurance for a Family of Four

Table 4: Average 401(k) Balance for Workers Aged 55-64