PeerFives is the ultimate tool for peer recognition, gifting, and rewarding. Surely enough, you have been well acquainted by much of that by this point. Since you’ve made your way to this blog post, we are sure that you are close to making a decision about opting for our services. However, we realize that you may be unsure about the manner in which you should ensure proportionate budgeting for your peer recognition program using PeerFives. This undoubtedly depends upon multiple factors, and you are unable to decide how to go about it. Thus, in this blog post, we shall briefly discuss the same and help you understand how each and every aspect of rewarding via PeerFives can be customized to suit the needs of your organization.
Credit Card Details:
Once you have registered for our free 30-day trial, you will be needed to enter your credit card details, and this is to help you seamlessly pay for the monthly charges of PeerFives by allowing us to auto-debit the required amount. This allows you to focus on growing your business and leave every aspect of your peer recognition needs to us. However, if you can’t wait to get started, you can always skip adding your credit card details during the onboarding process and add the credit card details later via the settings section on the website.
Understanding the Peer Recognition needs of your organization:
Often organizations have decent recognition programs, but none of them are as detailed and effective as the management desires. Even exorbitant year-end bonuses and monthly trophies are insufficient to keep up high levels of employee satisfaction. Rather along with Team PeerFives’ assistance, each organization can carefully strategize and budget according to their needs.
The first step of this would be to set a bi-annual or annual peer recognition, gifting, and rewards budget. This would help you to break down the monthly costs that your organization would be comfortable spending up to.
Once this budget is decided, Team PeerFives shall suggest your organization the best possible ratio for the Number of Peer Points distributed monthly to the number of employees working in the organization.
Peer Points Distribution:
To encourage peer recognition amongst employees, A fixed number of Peer Points are distributed to each employee on a monthly basis. However, considering the fact that each employee holds a different position in the organization, special provisions can be made to allot a greater number of monthly Peer Points to team leads and admins as they would hand it out more frequently being in leadership roles. In such a manner, the process of distributing peer points on a monthly basis to entire teams can be done with specific ratios to ensure that the distribution process is much more streamlined.
While Peer Points themselves are a convenient way to reward and recognize employees, they do also serve to be monetary tools of encouragement in exchange for good work. Organizations have the complete freedom to decide the value of each of these points.
A simple way to think of this would be to relate Peer Points to currency. Each currency has a fixed monetary value. Thus, 1 Peer Point for your organization can be any amount, and it could be 30 Indian Rupees, 2 US Dollars, or even 1 Pound.
This determination of the value of Peer Points shall help you plan your monthly budget for peer recognition, and at the same time, it shall help employees understand exactly how much they are gifting/receiving while using these Peer Points assigned to them.
The value of each Peer Point also helps your employees know what their points are worth while redeeming them on the PeerFives marketplace. According to their worth, the employees can ultimately save up and decide when to spend their points in exchange for something they like.
Redemption of Points:
While budgeting is important, redeeming points is also an interesting and integral process of the whole exercise of Peer Recognition and Rewards. Whenever an employee redeems peer points, there is a certain feel-good factor attached to the process. This is primarily due to the employee finally feeling a sense of achievement, reward, and satisfaction. As a user of PeerFives, we give you complete control over how you wish to spend your points. You could be able to redeem all your points or just some of them; sometimes, you can even decide to hold onto the points for a very long period of time. The best news here is that Peer Points don’t expire and you can hold on to them until you wish to claim them.
Long Term Budgeting:
Peer recognition using PeerFives is undoubtedly simple, fast, and instant. However, the process of budgeting shall not be a constant and stable one. Organizations interested in using PeerFives shall be required to provide their credit/debit card details to not only pay for their monthly charges but also to pay for the Peer Points that the employees redeem.
But each organization must note that the burn rate of Peer Points each month shall not be the same. Often employees prefer awarding points to each other on a regular basis, but most of them prefer accumulating their points to a sizeable amount before they redeem it in exchange for customized merchandise, goodies, or even vouchers from some of their favorite global brands on the PeerFives’ marketplace.
However, organizations must realize that despite this imbalance in monthly redemption of points, the total monthly/bi-annual/annual budgeting for peer recognition programs shall not be affected as the employees are given a fixed number of points on a monthly basis, and they can never exceed the particular value. If at all, if employees do not end up awarding all the Peer Points available to them on a monthly basis, they may end up reducing the organization’s budget for peer recognition considerably, which is what ends up happening in most cases.
To help you easily track the number of Peer Points that your employees have awarded to their peers and are yet to be claimed via the marketplace, you can visit the PeerFives Dashboard using the admin’s login. This feature shall help you budget the foreseeable costs for the future without any unpleasant surprises.
For any further information on budgeting and financially strategizing your peer recognition programs using PeerFives, you can contact us, and our executives shall be more than happy to help!