The director of the art department at an advertising company, Wilson Watson, wants to hire new office staff. His boss tells him that to do so he must find in his budget not only the base salary for this position but an additional 30% for “fringe benefits.” Wilson explodes: “How in the world can there be 30% in fringe benefits?” Write a memo to Wilson Watson explaining the costs that probably make up these fringe benefits.

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Answer preview

To: Wilson Watson, Director of the Art Department

From: Amazon Jim, Finance Consultant

Date: June 17, 2019.

Subject: The costs that make up the fringe benefits

Every organization should understand the importance of fringe benefits which key indicators of employees’ satisfaction, productivity, and retention are. Fringe benefits are legalized by the Bureau of Labor Statistics; therefore, organizations that fail to offer such benefits fail to comply with the law. As a financial consultant, it is important to note that apart from the job salary that workers receive…