Fringe Benefits
Discover fringe benefits and extra perks offered to employees alongside basic salaries to boost job satisfaction, loyalty, and output - Jisr Glossary.
What are fringe benefits?
Fringe benefits are additional benefits provided to employees in addition to their base salaries. They are used to attract and retain talent, improve job satisfaction, and increase loyalty and productivity.
Fringe benefits encompass a wide range of perks, some of which may be mandatory under applicable laws and regulations, such as:
- Health insurance for all employees and their family members covered by the system, regardless of age, nationality, or gender.
- Social insurance for all Saudi workers, without discrimination based on gender, to provide for retirement benefits, compensation for occupational hazards, and work-related injuries.
while others are optional, depending on the company’s policies and internal regulations and what it deems appropriate to attract employees, such as product discount coupons, gym memberships, meals, or gifts.
Related Terms
Back to GlossaryIncentives System
Incentives are among the most important tools used by companies and organizations to achieve their goals, motivate employees to give their best, improve their performance, and increase their productivity. So, what is an incentive system in human resources management? What are the stages of designing an employee incentive system? And what characteristics should it have?
Zero Based Budgeting
Organizations face increasing challenges in striking a balance between reducing costs and maximizing efficiency, which requires innovative mechanisms to manage financial resources effectively. Zero-based budgeting stands out as one of the modern budgeting methods in financial management that focuses on evaluating expenditure items from scratch in each fiscal cycle rather than relying on the previous budget, making it a vital tool for balancing objectives and resources. In the following paragraphs, we will explore the importance of zero-based budgeting and its objectives, as well as its advantages and disadvantages, and the steps involved in preparing it.
Salaries
Salaries are one of the most important aspects of employees’ lives, as they are the primary reason for their work and play a vital role in motivating them, fostering their loyalty, and increasing their productivity; unfair salaries lead to low employee morale and higher turnover rates, They are also one of the most important tools for income distribution in society, as they determine individuals’ purchasing power and well-being at work, and represent a fundamental part of the operating costs of any project or company and its competitiveness in the market.
Compensation
Compensation management is one of the vital elements in developing and motivating the workforce within organizations, as it strikes a balance between achieving organizational goals and employee satisfaction by providing fair and transparent financial and non-financial compensation packages. It helps attract top talent, incentivize performance, and ensure legal compliance, thereby enhancing an organization’s competitiveness in the market and fostering a stable and productive work environment.
Total Rewards
Learn about total rewards, including compensation, benefits, performance bonuses, and career growth opportunities to drive satisfaction - Jisr Glossary.
Benchmarking
Discover benchmarking and its role in comparing company performance against market leaders to optimize operations and build salary structures - Jisr Glossary.
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