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Discount
Many larger companies negotiate special rates with different hotel chains, so, if you have access to those codes, you can get some pretty good deals, even after you leave a given company.
I put the corporate SPG code for a former employer from years ago into my SPG profile and I still see highly-discounted rates come up every now and then on SPG.com
Insurance, ability to cancel until last minute, free wifi, complementary breakfast sometimes, etc. Overall, the more booking your company have using the codes, the more they can bargain on discount in the future
Thanks!