Corporate Rewards

Corporate Rewards

By Raphael Crawford-Marks

Corporate rewards are benefits offered by companies, usually to employees, partners, or customers. For employees, these benefits go above and beyond base salary and other employment benefits. There are many types of corporate rewards programs:

    • Customer loyalty rewards
    • Sales incentives
    • Partner rewards
    • Manager spot bonuses
    • Employee recognition rewards
    • Years-of-service rewards
    • Achievement rewards

In the case of corporate rewards for employees, research has shown that many traditional rewards programs are not effective at motivating or retaining employees. Spot bonuses, years-of-service rewards, and achievement awards in particular are seen as wasteful and ineffective.

On the other hand, employee recognition rewards in the form of peer-to-peer bonuses are highly effective. Research by Bersin & Associates identified the 5 characteristics of an effective corporate rewards program:

    • Specific (tied to results/behaviors)
    • Peer-to-peer, not top-down
    • Public
    • Easy and frequent
    • Tied to company values and goals

There are several companies that offer online and offline solutions for corporate rewards of this type:

  • Bonusly, peer-to-peer employee recognition with small bonuses
  • Baudville, a paper-based peer recognition program

Written by Raphael Crawford-Marks

Raphael Crawford-Marks

Raphael is co-founder and CEO of Bonusly, where his focus is on creating a work environment that enables the Bonusly team to thrive.

Originally published on July 23, 2014 → Last updated August 21, 2018