What Is In An HR Rewards Package?

HR Rewards Package?

You will often hear that the best way for a company take a leap forward is to take care of their employees. And there is a lot of truth in this statement. After all, you aren’t the one acquiring and keeping customers nor are you the one who sees to it that the job is well done. These are all contributions of employees. With that, if you don’t take care of your employees or if you don’t make them feel appreciated, there could be a massive decline in in motivation and efficiency. But how can one show their employees that they are valued? One of the best ways is through providing an HR rewards package. What is an HR rewards package and what does it include? You are about to find out. 

What Is An HR Rewards Package?

This is just a term used to pertain to a set of corporate rewards that an employee can receive. We are not talking about bonus or anything like that. 

This has more to do with unique rewards that employees can earn through working hard and being proficient in their job. 

Multikrd is an example of a platform that companies can use to implement HR rewards package. What will happen is that the contributions of an employee to a company will be converted into points. The employee can then exchange these points into a reward such as a free meal, free travel destination, cash back, and many more. 

Take note that the rewards are not limited to what we have just said. It depends entirely on the company. Multikrd lets you customize the rewards that your employees can have. That way, the system will be geared towards your company culture or the kind of objectives you have for having this kind of rewards package. 

What Is In An HR Rewards Package?

HR rewards package

We are going to talk about what having an HR Rewards Package means for you and your business. 

A Well-Systemized Platform

There is a mobile that you and your employees can use to keep track of certain points as well as the rewards

That way, employees will have the motivation to reach certain heights in their career knowing that they can exchange it for the kind of rewards that they want. Take note that this kind of motivation benefits your company most of all. 

Cash Back

We told you that you could customize the rewards but cash back is something that is already given. 

This means that your employees will have membership to all the companies and brands that we are partnered with. This also means that whenever they make a purchase to any of these companies, they will earn cash back. 

This might sound like a pretty simple thing but in the long haul, it can truly help people save a lot of money in their everyday expenses. 

Salary Bonus

We are not talking about the kind of bonus that you usually give to employees at the end of the year. Although it is a bit similar. 

You should definitely give that kind of bonus to your employees. It is one of the things that employees look forward to before the year ends. 

But the great thing about this one is that employees will receive a certain percentage of their salary in cash depending on their work performance. 

If they are really good, they could even receive 100% of their salary. There you go. No other motivation for work can beat this one. 

Free Meal

All employees would want to treat their kids or maybe spouse to a fancy restaurant every once in a while. 

It is just not something that can easily be accomplished due to lack of resources. Well, you are not going to give your employees money that they can use to spend for dinner but by using Multikrd, they will get free meal vouchers to the most famous restaurants that they can dream of. 

Free Travel

HR rewards package

This is something that every employee dreamt of being able to do. Who wouldn’t want to be able to travel the world if only their budget could afford it. 

But the thing is that this is not something that employees are permitted to do given the salary that they have. 

If you will be able to give this opportunity, your employees will most definitely love you for it. It might even be the solution if you have a problem with keeping your top talents. After all, not every company can given employees the luxury of being able to travel the world. 

This is the default reward Multikrd can give your employees but you have the option to change it. If you can think of any other rewards that could fit your company better than travel then go for it. 

Personalized Promotions

Personalized promotions doesn’t seem like something employees would be interested in at first sight. But think again. 

The great thing about personalized promotions is that your employees will gain access to promos of brands that your people will be interested in. 

AI will determine the type of brands that captures the interest of your people. These promos are exclusive to partners which means that your people will be saving a lot of money just by being part of this program. 

If they purchase books or even clothes, they will get it at a much lower price thanks to this rewards membership. 

Final Takeaway

What we’ve told you in this blog post is just the default in what people can expect in an HR rewards program. It should be able to help you envision how much motivation and extra boost having a package like this can have on your company. But ultimately, you will have the luxury to customize these rewards as you see fit. 

Take note that having an HR rewards program can help you keep your top talents and increase your employee retention rate. People have the tendency to overlook employees but these are actually one of the most critical ingredients in a company. Neglect them and your business could suffer.                                  

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