6 Corporate Reward Perks to Boost Employee Engagement

In today's competitive job market, it's crucial for companies to keep their employees happy and motivated. One way they do this is through corporate reward perks. These perks are extra benefits that go beyond regular pay and make working at a company more enjoyable. 77% of employees say they are more productive when they feel appreciated.

In this blog, we'll explore what corporate reward perks are, why they're great for both employees and companies, the different types available, and how companies can use them effectively. We'll also look at a real-life example to see these perks in action. 

Discover how these perks can make a big difference in the workplace and help companies keep their employees happy and loyal.

What are corporate perks? 

Corporate perks are extra benefits that companies give to their employees to keep them happy and motivated. These perks are in addition to their regular salary.

Some examples of these perks include bonuses, extra vacation days, health and wellness programs, and opportunities for training and career growth. Companies might also offer things like stock options, flexible working hours, or gym memberships. 

These rewards help to make employees feel valued and appreciated, which can lead to higher job satisfaction and loyalty. By offering these perks, companies can attract and keep the best employees and create a positive work environment.

Types of corporate perks

Here are the types of corporate perks:

1. Financial Rewards

• Bonuses: Special rewards granted to the employees and often tied to goal-oriented bonuses or performance bonuses. This makes the employees produce more and feel like adding value to the company. For instance, if an employee is expected to sell a certain number of products in a given month or year, they will be rewarded with a bonus after the specified period.
• Stock options: It allows employees to purchase Company shares at a concessional price to become part of the Company's destiny. This enables them to feel like they are part owners of the company, thus boosting their morale to work harder. When the company is good, then the value of their shares rises leading to better returns on the project.
• Profit-sharing: In this case, the employees are given part of the profits that the company has generated. This implies that when the company has increased its profitability then the employees stand to benefit from a raise as well. When used correctly it makes the staff feel like they are directly involved with the success of the company and get more involved in achieving corporate goals.
• Salary increases: Frequency adjustments of the base pay to reflect other merit factors such as a merit increase in performance ratings or length of service. This means that employees gain more money as they progress in their careers, enhancing the probable feeling of security and appreciation with the employees of an organization.

2. Non-financial rewards

• Recognition programs: Organizational development strategies that were incorporated to include public recognition of the employees and what they accomplish. This could be through awards, certificates or being mentioned in the company’s newsletters or during company meetings. It increases the morale and motivation of the employees and they feel valued.
• Professional development opportunities: Opportunity to enroll in such courses, workshops, and training which could enable the employees to enhance their skills and be promoted to higher positions within the organization. For instance, a business firm might come up with a seminar where the members are introduced to new tools to use in performing their duties.
• Flexible working hours: Giving workers some freedom to select the time they want to work within some pretty tight prescrip plus, associating their work with their private lives. This implies that they can easily be free during certain hours and hence can freely pick up children from school or attend a doctor’s appointment.
• Work-from-home options: Flexible working arrangements, virtual meetings being possible, and therefore cutting down on the number of working hours that may be spent on the road. This is preferred since it gives the employees an easy time managing their time and working under conducive conditions.

3. Health and wellness benefits

• Health insurance: Medical benefits are for reimbursement of medical bills so employees can receive challenging healthcare without economic pressures. This implies that while at work, an employee can seek medical attention without fear of incurring excessively high costs.
• Gym memberships: Fitness centers and gym memberships, which could be had for free or at a very low cost, ensuring the physical fitness of beneficiaries. Fitness enables the employees to feel better and be more productive at the workplace amongst members.
• Mental health support: Company-sponsored counseling and therapy services, to help employees with their psychological and emotional issues. This could be useful in helping the workers overcome stress, anxiety, or any other related health complication so that they can be more joyful and productive in their workplace.

4. Work-life balance initiatives

• Paid time off (PTO): Negotiable time off that makes it possible for employees to step away from their workplaces and regain energy while still being paid for it. This makes it possible for the employees to be relaxed and prevent them from being stressed when working.
• Family leave policies: Child-rearing leave – a time that is essential in taking care of the baby and the new mother. This enables employees to serve their family obligations without fear of losing their employment or facing the risk of being paid less.
• Childcare support: Child care either through the offer of subsidies or provision of childcare facilities within the company compounds. This helps working parents who thus can balance both work and the care of their children.

5. Career growth and development

• Training programs: Educational sessions that help employees gain new skills and knowledge relevant to their jobs and careers. This could include learning new software, improving communication skills, or other job-related training. 
• Educational assistance: Financial support for further education, such as tuition reimbursement for degrees or certifications. This helps employees advance their careers and gain new qualifications without worrying about the cost. 
• Mentorship programs: Mentoring, where staff members are grouped together, and senior employees offer them personalized briefing regarding their career paths. This is especially useful for an organization as it enables workers to gain experience without having to gain experience from their personal mistakes and losses.

6. Lifestyle and convenience perks

• Free meals and snacks: Complimentary food and drinks available at the workplace, making it convenient for employees and saving them money. This can also encourage social interactions and teamwork during meal times. 
• Commuter benefits: Financial support or subsidies for travel expenses to and from work, reducing the cost of commuting. This can include discounted bus passes or parking fees, making it easier and cheaper for employees to get to work. 
• On-site amenities: Facilities like daycare, laundry services, or fitness centers available at the workplace. These make employees' lives easier by providing useful services right at their place of work, saving them time and effort.

Case Study: Freshworks Automating Reward Distribution with Xoxoday Plum

Freshworks Inc. is a NASDAQ-listed SaaS company that provides innovative software solutions to help businesses delight their employees and customers. Known for its affordable and user-friendly software, Freshworks has made a significant impact in the SaaS industry.

Challenges

The Freshworks team, specifically the Field Marketing domain overseeing the Middle East & APAC zones, faced several challenges:

1. Gifting Event Participants Across Geographies: Sending physical gifts to event participants in different locations became difficult and infeasible during the pandemic.
2. Incentivizing ABM & Referral Campaigns: Freshworks wanted to reward their prospects and referrers digitally for better engagement, but physical gifts were not feasible across different geographies.
3. Local Vendor Management: Finding and onboarding multiple local vendors was time-consuming and expensive.
4. Currency Conversion Difficulties: Sending rewards to virtual event speakers, organizers, referrers, and meeting participants across different currencies was a challenge.
5. Lack of Personalization: Crafting customized emails with branding and sending them in bulk was time-consuming.

Solution

Freshworks implemented Xoxoday's robust rewards platform, leveraging Xoxo Reward Codes, Xoxo Reward Links, Zapier integration, and its extensive global rewards catalog of 21,000+ options across 75+ countries. These features helped Freshworks:

1. Automate and send localized rewards: Freshworks could send localized rewards to referrers regardless of their location through customized referral campaigns.
2. Incentivize ABM campaigns: By creating personalized virtual meetings with prospects, Freshworks could drive engagement, increase brand awareness, and boost meeting bookings.
3. Increase event participation: Digital gifts were sent to speakers and participants across different geographies without dealing with multiple vendors.
4. Overcome currency conversion issues: The platform automatically showed localized gift choices to end-users based on their location.
5. Configure and send rewards efficiently: With just a few clicks, Freshworks could configure and send a bundle of gift options to targeted locations.

Results

1. Reward distribution: Freshworks sent over $5,000 worth of brand vouchers through Xoxoday's platform.
2. Streamlined processes: Xoxoday's Zapier integration and tech blocks streamlined lead capturing and currency conversion.
3. Enhanced user experience: Customized landing pages with CTAs redirected end-users to redeem localized brand vouchers instantly.
4. Wide distribution: Over 500 gift vouchers were distributed.

Benefits of implementing corporate perks

1. Enhanced employee satisfaction

If the employees feel valued through the aspect of rewards then they are more content with their jobs. It might be gift certificates for coffee or restaurants, additional days off, or even a simple ‘thank you’ gesture. When employees are happy, they are more capable of maintaining their positive attitude towards work and staying motivated.2. Improved employee retentionAs it is known, the retention of valuable staff is always important for any organization. If companies provide incentives, then employees are more motivated to stay in that position since they are appreciated rather than moving around looking for a new job. This implies that the company is able to reduce its costs in hiring and training its employees in the market.3. Increased productivity and performanceWhen employees are motivated to work harder by offering them incentives, it makes them continue working hard. When people understand that their efforts are appreciated, it would only increase productivity levels among individuals. This means that the productivity as well as the overall outcomes for the firm are enhanced.4. Attraction of top talentPeople would be willing and eager to join those companies promising them juicy incentives. These people also feel motivated, and other top talents are encouraged to learn that such a company rewards their employees properly. This supports development of a powerful, qualified staff within the business.

5. Boosted employee morale and engagementThese are very effective in making employees change their attitude by boosting their morale to work. When the employees are engaged they are willing to come up with new solutions, to work cohesively and to have a higher identification with the company. It should be noted that this positive energy can uplift the entire work environment in the workplace.

Strategies for implementing effective corporate reward perks

1. Understanding employee needs and preferences

Conduct surveys and feedback sessions to find out what employees want and need. This helps in customizing rewards to fit diverse employee needs, ensuring that everyone feels valued and motivated.

2. Aligning rewards with company goals

Make sure rewards support the company's business objectives. For example, if a company wants to boost innovation, it can reward employees who come up with creative ideas. This way, rewards help the company achieve its goals while motivating employees.

3. Regularly reviewing and updating rewards

Keep perks relevant and appealing by regularly reviewing and updating them. This ensures that the reward programs stay fresh and exciting. For instance, a tech company might update its perks to include the latest gadgets or software training as new technologies emerge.

4. Promoting and communicating rewards effectively

Ensure employees are aware of the available perks by promoting and communicating them effectively. Use newsletters, meetings, and the company intranet to share information about the rewards. This way, everyone knows what they can benefit from.

5. Ensuring fairness and transparency

Make sure the reward system is fair and transparent. this means clearly explaining how rewards are earned and ensuring that all employees have an equal opportunity to receive them. Fairness builds trust and encourages a positive work environment.

Conclusion

Corporate reward perks are more than just extras – they're about creating a workplace where employees feel valued and happy. By offering a variety of perks like bonuses, career growth opportunities, and work-life balance benefits, companies can attract top talent and keep their employees satisfied.

To make these perks work, it's important for companies to understand what their employees want and to communicate the value of the perks clearly. The case study showed that when companies invest in their employees' well-being and development, they see positive results in terms of employee satisfaction and loyalty.

In short, corporate reward perks can play a big role in creating a positive work environment where employees are motivated and engaged. By offering perks that matter to employees, companies can build a strong and successful team.