Perkbox ( https://www.perkbox.com/uk/platform/recognition/reward ), the global benefits and reward platform, today announces its new Global Reward tool to help employers reward and recognise their people wherever they are located.
With conventional rewards and benefits no longer enough to remain competitive in an increasingly candidate-driven market, employee turnover is still on the rise. Perkbox has developed the first-of-its-kind Global Reward to address these challenges and propel businesses to manage reward and recognition in a way that’s uniquely future fit for a multi-locational workforce.
It enables employers to build an easy to execute, non-labour intensive, employee reward strategy. One that gives people the power of choice and unlocks peer-to-peer appreciation and recognition anywhere in the world, whether in-office or fully remote.
Global Reward is a currency agnostic, fully borderless, points-based reward system that allows managers to allocate rewards as points instantly to employees anywhere. Employees can then choose how to spend these points – opting for anything from a meal delivery service to an exercise class. The pioneering system empowers people to choose the rewards that bring them the most value and positive impact on their lives.
Gautam Sahgal, CEO, Perkbox comments: “Borderless working is an increasingly prevalent trend. Yet businesses are grappling with their traditional rewards and benefits processes that haven’t kept pace with this evolution in working.
“Global Reward marks our first phase in providing rewards and benefits for a borderless workforce, with more exciting innovation to come. It offers a simple and seamless process of planning and allocating reward budget, and unlocks rewards equity for employees across an organisation.
“In the current global talent market, a powerful reward system is the cornerstone of being able to attract, retain and nurture talent amongst stiff competition.”
Delivering value across the company
— HR teams enjoy a simplified process for planning rewards and the reward
budget, removing the need for manual intervention. HR teams can
facilitate an easy to implement, truly global experience that offers
consistency for all employees as the company evolves
— Managers have a hassle-free and unique way to reward their teams in
real-time, wherever they are located. The new offering removes
uncertainty around what value a reward has in different markets, making
the process seamless and quick
— Employees can choose the rewards that are most useful to them. And will
also see their efforts are being recognised by managers
— Finance teams find it much easier to drive budget decisions and
activities. Budget allocation is simplified with purchasing power
parity and currency exchange concerns removed
Fanuc, an automation products and services company based in Japan with a UK office trialled Global Reward as a beta test.
Kerry Booth, Head of Human Resources, Fanuc, commented: “We’re excited to introduce Global Rewards to our team. Even in beta testing, our managers appreciate the simplicity of the platform, and the ability to reward their teams for their hard work in an effortless manner. Before this innovation there was no way of offering a reward instantly in recognition of great work; we would often have to wait for a one-to-one meeting to thank employees. Rewards are integral to our people strategy and motivating our people – Perkbox is now a central part of us recognising and celebrating our teams.”
Perkbox is the global benefits and rewards platform that allows companies to care for, connect with and celebrate their employees, no matter where they are and what they want. With over 10 years’ experience, Perkbox is trusted by more than 4,500 companies across 51 countries and counting. Its location agnostic platform helps companies with diverse and dispersed workforces harmonise their Employee Value Proposition (EVP) — keeping each employee happy, healthy, and motivated.