Rewarding the Employee: Cash Vs Fringe Benefits

<p>Guests:</p> <ol> <li>Donovan Cunningham: HR Manager - National People’s Co-Operative</li> <li>Francisca Anderson, Group HR Manager at Polypet Co Ltd &amp; Unibev and Founder of Strategic HR Concept Limited</li> </ol> <p>Welcome to Your Business Matters, a podcast of EXIM Bank Jamaica where we bring thought leaders together on thought-provoking ideas and methods to help grow your business</p> <p>Fringe benefits are compensations given beyond an employee's normal wages. An employer might choose to offer Fringe benefits versus monetary compensation as it decreases the taxes that it would ordinarily attract. An article by the<a href="http://boongroup.com/"> <u>boongroup.com</u></a> stated that by&nbsp; offering fringe benefits and reducing cash expenses, Fringe benefits help businesses to remain competitive. But the question is, does it offer the employee the same value returns as it does the business owner? Wages paid to the employee are subject to income tax.&nbsp; The employer is required to offer certain benefits to its employees such as health insurance, one of the most prominent forms of fringe benefits to exist (along with life insurance). But in spite of this, several business owners still choose to pay benefits in cash&nbsp; as a preference and many find it as a simple solution to a complicated issue.&nbsp; So cash or kind, how do you compensate your workforce?</p> <p>Some of what we discussed include:</p> <ol> <li>Use of cash benefits vs Fringe benefits</li> <li>Are fringe benefits used to compensate for wage insufficiency?</li> <li>Are fringe benefits geared towards saving the company revenue or the employee’s well-being?</li> </ol> <p>We also touched base with a member of our audience <strong>Andre Robb</strong> who posed this question to our guests “Types of fringe benefits that will make my business stand out?” Connect with our guests:</p> <p>Connect with Donovan at 962-5360 National People’s Cooperative Bank Of Jamaica. Connect with Andre Robb CEO of Will and Tomorrow at&nbsp; Willandtomorrow.