13 Corporate Reward Programs with Ideas and Benefits

Are you aiming to cultivate a vibrant company culture that keeps your team engaged and supercharges productivity? Well, Corporate reward programs offer a comprehensive solution to building a positive company culture. Designed with the aim to make every effort count, these programs can work wonders for companies that prioritize their employees.

This blog serves as a guide, providing essential information on reward programs to help you create your own.

What are Corporate Reward Programs?

Corporate Reward programs are structured initiatives designed by a company. They aim to recognize and reward employees for their contributions, achievements, and organizational commitment.

These programs are particularly tailored to cater to the preferences of diverse employees, bringing out the best in them and creating a positive work environment. They are more like strategic tools that move beyond simple gestures and tokens.

The Essentials of Corporate Reward Programs

Corporate rewards can take the shape of monetary bonuses, gift cards, non-monetary incentives, extra time off, discounts, exclusive offers, and recognition of employees’ efforts.

Fostering a culture of rewards and recognition through these programs not only caters to employee job satisfaction but also enhances team collaboration and organizational success.

To charge up the effectiveness of corporate reward programs, it is crucial to set clear objectives and criteria. The success of these programs relies significantly on how closely you adhere to their essentials.

• First, you must offer a diverse range of monetary and non-monetary rewards.
• To make the impact sustainable, you must communicate constantly, exchange feedback, and integrate with performance management systems.
• Legal and ethical considerations should be a priority.
• The programs must be tailored to align with organizational goals, reinforce positive behavior, and lead to long-term employee satisfaction, engagement, and loyalty.
• It is equally necessary to measure the programs’ success with established metrics.

Benefits of Corporate Reward Programs

After going through the essentials of the programs, let us quickly glance through the benefits. Both employees and employers can enjoy the benefits of a well-designed corporate reward program.

You basically get what you reward. If you want to achieve the goals and reflect the values in your mission statement, then you need to align the reward system with these goals and values
– Stephen Covey

1. Boost in Employee Morale and Productivity

Acknowledging your employees' contributions and achievements will help them boost their morale. This boost in morale ignites a sense of motivation in them. As a result, their confidence level will rise and enhance their productivity.

These programs instill a sense of pride and encourage employees to take ownership of their roles. As a result, they are enthusiastically driven to deliver higher-quality results.

2. Boost in Loyalty

Employees only showcase their loyalty when they feel the organization appreciates their efforts and contributions. And this is only possible with a well-designed corporate reward program.

These programs cater to employees’ needs, such as recognition and personal development. It instills in them the motivation to work harder. As a result, they decide to stick to the organization in the long run and showcase their loyalty toward your organization.

3. Enhanced Collaboration

One of the best ways to enhance collaboration is to introduce Peer-to-peer recognition. It is a significant component of Corporate reward programs, designed to foster a sense of trust and collaboration among the employees.

When co-workers start recognizing each other's efforts, there is a higher possibility for teams to connect among themselves. This connection allows teams to share innovative ideas and work towards common goals.

4. Greater Innovation

In a creative space where ideas are freely shared and appreciated, recognizing and rewarding them acts as a catalyst for everyone’s success.

When employees are rewarded and recognized for their efforts, they are motivated to experiment with ideas and take risks, irrespective of the outcome. Innovation only takes place where there is a scope for experimentation.

They find a sense of freedom to handle unconventional ideas. This freedom leads to the generation of breakthrough solutions and the pursuit of unique projects.

Top 13 Corporate Reward Programs for Businesses

Let us dive into a list of companies that have established their stance on employee engagement. The companies listed below are employee engagement companies that offer their employees a range of recognition and reward programs.

The companies have unique ways of catering to their employees and keeping them engaged by offering rewards with the help of their corporate reward programs.

Interestingly, these programs are software-based programs where AI plays a significant role. Leveraging technology to its full potential, these companies have developed user-friendly ways to make rewards and recognition easy and accessible for employees.

We will delve into the programs that each company has to offer.

1. WorkTango

As a revolutionizing company, WorkTango takes the lead in engaging and inspiring employees. Through a holistic employee experience platform, it is improving employee performance and work culture.

Recognition & Rewards

• Public or private recognition of employees, with or without reward points
• Global Rewards Marketplace with 10M+ options to choose from in 85 countries (i.e., gift cards, merchandise, experiences, donations)
• Custom recognition for supporting peer-nominated awards and automated milestone celebrations (i.e., years of service, birthdays)
• Driving key company behaviors such as wellness, learning and professional development, and employee referrals with incentives
• Building a culture of appreciation for all environments encompassing office and remote workspace.

Goals & Feedback

• Enabling leaders to focus on employee success with 1:1 discussions and Sync-Ups
• Goal setting, tracking, and alignment with easy-to-use Goals & OKRs
• Recognition for supporting growth discussions
• Customizable templates for giving, receiving, and requesting feedback

2. Bonusly

Source: SelectSoftware Reviews

Specializing in peer-to-peer recognition, Bonusly aims to create a culture where everyone can appreciate and reward each other. The rewards exchanged between coworkers create meaningful connections, boost communication, and foster a deeper sense of socializing, belonging, and purpose.

• Peer-to-peer recognition enables employees to appreciate coworkers for their contributions.
• Rewards range from gift cards, charitable donations, and company swags.
• Automated milestones take off the burden off managers' shoulders, and the important dates are not missed.
• Incentive programs that help in appreciating for reaching a milestone.

3. Vantage Circle

Taking pride in excelling in employee engagement, Vantage Circle stans out as a cloud HR software. It blends AI and SaaS-based solutions to keep employees engaged meaningfully.

• on-spot peer-to-peer monetary and non-monetary recognition
• Custom Awards and badges, Team Awards, and panel Awards
• Automated birthday and anniversary wishes with points awarded.
• Gift Cards, Merchandise, and Experiences
• Discounts, exclusive offers for employees
• Wellness programs to maintain the well-being of employees.

4. Motivosity

As a leading employee engagement company, Motivosity has a platform that is easy to adopt and fun to use. It puts employee engagement at the forefront, strengthening the team dynamic and recognizing their efforts.

• With the recognition tool, everyone can easily send public appreciation with dollars attached to let employees, managers, and peers recognize one another.
• Provision of ThanksMatters Card allows employees to redeem gifts from a customizable company store with hundreds of gift cards and local offerings
• Weekly collaborative 1 on 1’s between managers and employees help develop powerful relationships.

5. Awardco

Awardco is a reward-based platform that prioritizes variety over limitations. It stands out from the rest for offering choices to its employees. It allows them to choose the right gift from the wide range of offerings.

• Recognizing the team's efforts.
• Integration with communication tools like Slack and Microsoft Teams.
• Celebrating a special occasion by curating an experience for them, like a custom care box from different brands, delivered right to the employees’ door.
• Automation for special days like service anniversaries, birthdays, onboarding, and more.
• Creating a custom Earn program to encourage behavior in employees.
• Awarding points and managing incentives with Earn programs is way easy.

6. Bucketlist

Source: Appsource

Leading in Employee Rewards and Recognition platform, Bucketlist takes pride in building a positive culture of recognition and rewards. It wants to ease the reward and recognition process with a single integrated platform.

• Peer and Manager Recognition
• Automate anniversaries and milestones
• Recognition and awards for high performance such as Safety Award, Innovation, Performance Awards, Employee of the Month, or Team Player
• Motivating and rewarding teams with modern gifts and experiences

7.Cooleaf

Cooleaf thrives in celebrating its employees through powerful engagement strategies. The platform is designed in a manner that aims to build team connections and create meaningful experiences among its employees.

• Automatic work anniversary rewards
• Customizable awards
• Rewards ranging from merchandise, gift cards, and company swag to unique experiences.

8. Guusto

Through rewards and recognition, Guusto aims to build a workplace culture with which employees want to associate. The rewards and recognition programs encompass frontline, office, and remote staff.

• Milestones / Anniversaries
• Manager-to-Employee Spot Bonuses
• Peer-to-Peer Shoutouts and Gifting
• On-boarding Programs
• Wellness Program Goals
• Learning and development incentives
• Performance Programs
• Quarterly & Annual Awards such as milestone, anniversary, years of service awards.
• Birthdays & Holidays
• Any Gift Card Program

9. Assembly

Source: SelectSoftware Reviews

Assembly excels in creating a virtual community for its employees that offers perks and prioritizes social recognition. In a way, it aims to enhance its company culture.

• Celebrating achievements
• Nominate the top performers and recognize their accomplishments
• 1,000s of gift cards, charities, personalized culture rewards to choose from, and Reward points to redeem for a gift.
• Automate special milestones
• Integrations with Slack and Microsoft teams.

10. Workstars

Workstars takes pride in helping local and global HR teams enhance employee engagement strategies. The social recognition software makes recognition easier and less burdensome for managers. It caters to businesses of all sizes.

• Award programs such as service-based, employee of the quarter, monthly polls, or new starter onboarding.
• Provision of electronic voucher codes and pre-paid cards, all handled electronically and delivered quickly, anywhere in the world.
• A pre-built catalog of time and activity rewards that employees love.

11. Kudos

Source: TrustRadius

Etching its name in the employee engagement industry, Kudos is a one-stop destination for peer-to-peer recognition and people analytics. It has everything covered on the technological front, with customizability as its helping hand.

• Peer-to-peer recognition
• Provision of collecting points and earning rewards ranging from merchandise, events, charities, gift cards, and custom rewards.
• Nomination-based awards.

12. Compt

Compt embarks on a mission to change the workplace experience positively. With rewards and recognition, it aims to create an employee workplace that prioritizes balance, belonging, and empowerment.

• Employee bonuses
• Peer-to-peer recognition
• Integration with Slack, which makes delivering information and showcasing experiences easy.

13. WorkProud

The renowned employee recognition and reward program by WorkProud is designed to energize the company culture. It ignites inspiration, appreciation, and employee engagement.

• Wellness programs
• Incentive platform
• Milestone recognition and award programs
• Corporate Reward Program Ideas to Boost Employee Engagement

Corporate Reward Program Ideas to Boost Employee Engagement

Corporate reward programs are experimental in nature and hence can be fed with ideas that can boost employee engagement. You can come up with several ideas per the employees' requirements. However, some basic rewards and recognition ideas can help you positively impact employee engagement levels. Let us explore them.

1. Peer-to-Peer Recognition

Peer-to-peer recognition is one of the most effective components of employee appreciation. Instead of only relying on a central form of recognition, having your peers recognize your work and contributions is a beneficial approach. This approach has the potential to nurture team spirit, foster friendship, and identify true team players.

Recognizing your peers doesn't have to be a complicated process. Instead, you can make it easy and user-friendly through online recognition platforms that allow colleagues to acknowledge their efforts and achievements.

You should allow colleagues to openly recognize whenever they feel the need to without any restrictions as such. Implementing such a practice in the workplace is one sure way of establishing and encouraging a positive culture.

2. Rewarding Milestone Achievements

You should be vigilant enough to see that employees are instantly recognized for attaining a milestone by completing a project or undertaking activities that benefit your organization. Acknowledging their efforts in real-time can only positively impact employees.

Such milestones can be rewarded through incentives such as paid time off, dining vouchers, or gift cards. These milestone rewards significantly elevate employee experience, morale, and overall engagement.

3. Skill Development and Learning Opportunities

Investing in employees' professional growth and skill development is a win-win strategy for the employees and the organization.

In fact, research research shows that 47% of employees consider new growth opportunities a better option to reward them for their achievements.

Providing rewards such as access to online courses, workshops, or certification programs best aligns with employees' career goals.

Employees attaining newer skills and knowledge will become more valuable for the company’s growth. Hence, it becomes essential that you provide the necessary skill development.

4. Embrace Small Triumphs

We should learn to celebrate small victories along the way because, without them, we won’t be motivated to keep going.
– Roy T. Bennett

Let us clear the air of the misconception that Employee recognition does not limit you to only recognizing grand achievements. Small initiatives and victories also carry the weightage as much as the larger ones do.

As a result, you should take the initiative to celebrate your employees' minor accomplishments. This will go on to inspire them to work harder and achieve more. Achievements like meeting 30-day goals, successfully resolving complex issues, assisting colleagues in overcoming obstacles, or finding innovative ways to boost productivity are some small achievements for recognition.

Small wins are the driving forces of motivation and overall performance. Rewarding them for small wins reinforces their confidence and belief about their value, and they, too, can make a meaningful impact in the organization in the long run.

5. Experiential Rewards

The experiential rewards category involves gifting employees memorable experiences rather than offering them tangible items.

The experiences can cover sporting events, exclusive dining experiences, movies, travel opportunities, concerts, specialized training workshops, to cultural activities, and more. Your diverse options will make the reward programs engaging and exciting.

7 Steps to Design a Successful Corporate Reward Program

You must carefully plan and design beforehand to churn success out of the corporate reward programs. And designing the program will require you to follow the steps. These steps will ensure that your design stands in tune with the needs of your employees.

1. Define Your Objectives

Before embarking on building your rewards program, you need to be clear with your objectives and define them accordingly. Be precise about what you wish to attain with the program.

Are you on the lookout for boosting employee morale and productivity, fostering an innovative culture, or reducing turnover? Understanding your objectives is the stepping stone that allows you to tailor your program to meet specific goals.

2. Determine the Channels for Your Corporate Rewards Program

Decide the channels through which you will deliver rewards and recognition to your employees. Decide beforehand whether in-person ceremonies, digital platforms, or a combination of both.

Channels should be such that are convenient and accessible to your workforce, ensuring that all employees have the opportunity to participate and get their due rewards.

3. Plan the Budget for Your Corporate Reward Programs

Allocating a budget for the designated programs is crucial. While determining the budget, consider the factors of sustainability and affordability that will help you in the long run.

Consider including both monetary and non-monetary rewards. This will help you curate a reward program that will be most optimal and effective for the organization.

4. Identify Performance Metrics

Make sure to list the criteria for recognition and reward. Be vocal and clear about the metrics of accomplishments and behaviors that merit reward.

The metrics you decide should be objective, measurable, and aligned with your company’s values and objectives. As a result, this will ensure transparency and fairness in the program.

5. Aligning Rewards with Employees' Preferences

Corporate reward programs are designed for employees. Hence, their preferences play an important role in shaping the programs accordingly. It helps in motivating and engaging employees by creating a positive workplace culture.

This is how you can align rewards with employees’ preferences.

• Engage in open communication through surveys to understand their desires.
• Offer them diverse reward options and allow the employees to choose incentives that resonate with them personally.
• Tailor recognition according to individual achievements and be mindful of the generational differences in preferences.
• Implement transparent programs tied to performance metrics and encourage peer-to-peer recognition.

6. Collect Feedback and Adapt

Monitor program effectiveness by seeking regular feedback and making changes accordingly. You can opt for anonymous employee surveys, team meetings, or hosting one-on-ones between leadership and employees.

The information gathered can be assessed to determine employee engagement levels and the effectiveness of rewards. Likewise, necessary improvements can be made based on the feedback.

7. Leveraging Technology in Corporate Rewards

With technological dependence on the exponential rise, you must ponder whether your reward programs fit the digital age. And if they are not, how do you intend to design and implement them effectively in the digital era?

It is no secret that technology and data are currently reigning in the world. Their collaboration is vital in creating timely, personalized, meaningful rewards and recognition that suit your organizational goals and values. Hence, integrating technology into your rewards program is a boon for your organization.

Let us look at ways how you can leverage them to make your corporate rewards program effective and result-worthy.

• Analyze Employee Data

Employee data is one important source that sheds light and helps you understand what motivates and satisfies your employees. Using surveys, assessments, and analytics tools to gather and analyze data about their needs, preferences, values, and behaviors.

This data will allow you to segment employees into different groups and tailor the rewards program. In addition, this will help you gauge the impact and effectiveness of your designed programs and make the changes as per the requirement.
Online Platforms

• Online Platforms

Online platforms are the best way to automate and smoothen your rewards program. You can utilize them to set up criteria, track performance, send notifications, and deliver rewards. You can design these platforms to offer a range of rewards such as vouchers, gift cards, charity donations, and experiences.

To make your culture of recognition stand out and hassle-free, use online platforms to enable social recognition, peer-to-peer feedback, and gamification.

• Integrating with Other Systems

Integrating reward and recognition programs with other systems is the surest way to enhance their reach and relevance. Linking to the Performance Management System (PMS) and Learning Management System (LMS) will align the programs with your learning and development objectives.

In addition, integrating them with collaboration and communication tools like Slack, Microsoft Teams, email, and social media channels enables you to expand your visibility and engagement.

• Adopting a Mobile-first Approach

To make your reward programs more accessible and convenient for your employees, you must adopt a mobile-first approach. By using mobile apps, you can deliver your programs on any device at any given point, irrespective of the location.

Mobile features like QR codes, push notifications, and geolocation have the potential to enhance your programs to become more personalized and interactive.

• Incorporating Artificial Intelligence

How can you miss out on AI when it is the need of the hour? AI can make your reward programs more intelligent, adaptive, and enriching. AI can be used to automate tasks like reward recommendations, recognition triggers, and feedback analysis.

In addition, you can use AI to enhance your programs with features like voice assistants, chatbots, and facial recognition, giving it a more human and conversational experience.

Conclusion

You now possess a solid understanding of the corporate reward programs catering to the required piece of information you find helpful. Utilize these programs as catalysts to transform your workplace and boost productivity levels.

It’s time to prioritize your employees and carve well-designed reward programs according to their needs.

FAQs

Can small businesses implement effective reward programs?

Yes. Even small gestures such as offering flexible schedules or giving recognition certificates can go a long way in keeping employees satisfied.

How can companies ensure fairness in reward distribution?

First of all, you have to communicate the required criteria clearly. Also, ensure the reward system is transparent and accessible to all employees.

Do reward programs need to evolve over time?

Yes, it is absolutely necessary to stay relevant to the changing times and make necessary adjustments and changes. It should align with the evolving company dynamics and employee needs.

This article is written by Riha Jaishi, a Content Writer at Vantage Circle. Apart from being an active and keen writer, she is generally found reading books and articles, feasting her eyes on food videos, and binging on her favorite shows and discussing them. For any related queries, contact editor@vantagecircle.com