We at financialfootprint know that fringe is making a comeback you vintage clothes lovers, but we ain’t talking about fringe clothing. We are talking about Fringe Benefits.  These are what every employee dreams about (no data to back up this statement). These benefits should be taken into account when choosing a job and employer along with the many other factors important to you.  Now that we’ve pumped Fringe Benefits tires a little bit, let’s take a peek at what they are all about.

Vacations:

• Companies give you a set amount of days for vacation.
• They can offer your either paid or unpaid vacation.
• Not required to be offered by law.

Paid Lunch:

• Paid lunch is usually offered to salary workers instead of hourly workers.
• You get paid for lunch!  Better not take advantage of it or you will get canned.

Sick Leave (Paid Time Off):

• God forbid you become ill and need to utilize that healthcare plan you selected.
• Refer to you company’s guidelines because they typically differ from company to company.

FMLA (Family and Medical Leave Act):

• FMLA is focused on you and your family.  It sets the guidelines for maternity leave, funeral leave, if you need to take care of a family member, etc.  You can refer to the Department of Labor’s website to see the full definition.  FMLA on DOL

Rest Period:

• These are your 15-minute breaks.  Ahhh, those 15 minutes you dream about while staring at your computer screen.
• Savor these until the last second.

Employee Relocation: A Little Change of Scenery

• Some companies will pay for the cost of moving you, if it was their decision to move you.
• Some plans reimburse the moving costs after you have paid them.
• There are some detailed loopholes and terms so refer here to get the full story.

Severance Pay:

• Severance pay is money provided by an employer to an employee.
• Severance is usually paid after a lay-off, job elimination or mutual agreement for your separation from the employer.
• Severance packages differ between positions in the company, i.e. executive vs. normal employee and can be affected by length of employment.
• Employers are not legally obligated to pay out severance.

Cash Bonuses and Awards:

• This is pretty self explanatory, you get bonuses for a job well done.
• You can get bonuses for a job well done on a project or just a bonus because you get one every year.

Reimbursement:

• This covers a broad range of business expenses.  Check what your company’s reimbursement rules are because they will most likely frown upon that third Cosmo you had during lunch with a co-worker to discuss a sales opportunity. 
• Make sure you keep all your receipts so you get your money back.
• Your company may require Corporate Credit Cards for business use.

Legal Assistance:

• Legal assistance can be free to you and paid for by the company.
• Legal assistance can be provided to you for a yearly payment (taken out of your paycheck).
• The company pools together a team of lawyers (third-party organizations) that can be provided to you.

Child Care: Maternity Leave Can’t Last Forever

• Companies can pay for childcare during the workday, pretty self-explanatory.
• This has nothing to do with medical issues.

Discounts: Always Love Hearing That Word

• These can be discounts on products or services. It depends on what field you work in.
• For example, if you work for Peach Computers you could get 20% off on that new smart phone, you know the one, uPhone 4 as well as other products.

Parking: Do You Like Walking Miles and Miles To Work?

• Companies can offer you parking spots on site for free or for a discounted rate.
• This can be beneficial if you work in a city and your building has a parking garage.

Cafeteria and Meals: 12 O’clock!? Lunch Time!

• This benefit is pretty self explanatory, you are granted a cafeteria and meals.  We can’t promise the food will be good, but a meal is a meal.

Company Credit Card:

• Yes, you heard right my friend.  You could get access to the coveted company credit card. This is a privilege employees salivate over, but with this privilege comes responsibility so use the card wisely.
• Companies will not appreciate you using their credit card to buy a 50” plasma or taking your rival enemy’s mother out to a nice seafood dinner (and never call her again! Even if Dorothy Mantooth is a saint). 

Company Aircraft:

• The practice of allowing employees to use company jets for personal use is very frowned upon in the corporate world and could get you on the front page of the Wall Street Journal, for all the wrong reasons.  It is meant to be used for company related trips only.
• If a company allows you to use it for personal use you are subject to being taxed for it.
• Company jets are pretty sweet so savor the flight, as long as its business related.

Free Gym Memberships:

• Your company wants you to be healthy, so they may offer you free gym memberships.
• Some buildings also come equipped with gyms in them to give you that added convenience.

Education Assistance: Back To School To Prove The Boss That I’m Not a Fool, I Got My Lunch Packed Up…

Some companies provide their employees with educational assistance.  Now this is an awesome deal.  This could mean that your company has faith in you and want you to continue your education to possibly one-day climb the corporate ladder to leadership roles.  There are typically two types of educational assistance, continuing education and tuition reimbursement.

Continuing Education: Your employer defines guidelines as to exactly what “continuing education” really means. (Sorry to those of you who began dreaming about bacchanalia and face painting at football games.) Companies are more interested in paying for professional or industry related degrees. These can be taken via online seminars/courses or classes at universities and colleges.

Tuition Reimbursement is a program that tends to be a little more lenient than continuing education programs.  You won’t be able to bunk yourself up in the dorm and chill with the homies playing YboX 720, but night classes will be covered while you’re still working for the company. They may have a maximum reimbursement and require a commitment from you to stay with the company after graduation. (If you leave, they could require you to repay the investment they made in you.)  Some employers may require that you to get a degree in a certain field.  You can’t go out there and major in brewing beer, unless you work for a brewery and in that case, lucky you!  Sometimes, employers want you to work for a couple of years before they will cover the cost of your degree.  And lastly, you might have to maintain a minimum GPA.  So keep your nose in the books and study hard.