Gifting and Rewards Using PeerFives

Gifting and Rewards Using PeerFives

Remote Working and Rewards

Remote working is no longer a concept, it is well-practiced across the globe by numerous individuals. This has brought about interesting times for every workplace. However, remote working, on the whole, has caused employees to be more distant than ever. Communication has become difficult and coordinating even the simplest of conversations via the digital medium has become a cumbersome process. Not only has this made peer recognition a major challenge for organizations but the budgeting woes related to peer recognition and rewards have also troubled HR managers and admins greatly.

Gifting and Rewards Using PeerFives

Thus, it is via this blog that we shall try and understand how peer recognition and reward are both equally important for a happy and healthier workplace. Of course, to make things simpler, one can simply opt for PeerFives and leave all your woes for us to take care of. 

Virtual workplaces often result in minimal appreciation between colleagues. To increase interaction between employees, peer recognition is an effective tool but rewarding is also a key component of the entire exercise. The lack of physical rewards in a virtual workplace means that rewards need to be more effective and efficient than ever. 

Does that imply that in such circumstances, the HR manager or the admin has to undertake the drudgery of actually gifting each employee individually? While in some small organizations this could be a one-man job that can be executed within a day, in some large organizations, it is a task that would need an army of people to execute within a couple of days. 

Humans are using technology to ensure that their work is minimized, so why not put technology to task in this scenario as well. It is here that we urge everyone to use PeerFives, it’s simple, it’s fast, and the overall peer recognition needs of your organization are solved on multiple levels as well, these are described in brief in the sections below.

The PeerFives Advantage for Gifting and Rewards

Standardizing Budgets:

Gifting and Rewards Using PeerFives

To begin with, rewarding using a well-equipped peer recognition app helps organizations greatly as it brings about a major change in standardizing the budget for rewards. HR teams and admins at major organizations no longer need to rack their brains to avoid going over budget. A comprehensive peer recognition app such as PeerFives takes care of everything. No matter what the occasion is, or what the reward is being given for, organizations and their HR teams can budget it accordingly and then give users the choice to choose their reward within the stipulated budget. 

Example:

Let us take the example of team-building activities and rewards. Many teams within an organization have their monthly movie screenings and team lunches but with the arrival of the pandemic, this common practice was thrown into complete disarray. Giving employees the option of enjoying lunches or going to the movies with their families instead was an option considered and undertaken by many organizations. 

Issues:

However, organizations soon started noticing various disparities. While most employees watched the same movie at a theater near them, the cost of the tickets greatly varied. While this can be attributed to a number of factors such as the cost of living in different cities, the timing of the screenings, and the amenities offered by the theater as well. In some cases, employees even took the liberty of taking extended families to the screenings. 

While many organizations found a workaround, simply imposing budget caps for such lunches and screenings wasn’t a solution, it yet did serve to be a mammoth task for HR teams to reimburse each employee after verifying the costs billed to them. 

PeerFives’ Solution:

Rather, those organizations using PeerFives circumvented the cumbersome processes by simply unlocking a BookMyShow voucher of a fixed value for all their employees on the marketplace. Each employee could claim one such voucher and use it before the date of expiry. 

Gifting and Rewards Using PeerFives

Special provisions were also made to incorporate the organization’s request. Team PeerFives generated a one-use promo code; upon entering this code,  everyone in the organization didn’t have to burn any PeerFives to claim the BookMyShow voucher. It is this use of technology in gifting and rewards that can redefine the way peer recognition works in an organization.

Symmetric Inputs:

Gifting and Rewards Using PeerFives

Another benefit of PeerFives for gifting and rewarding includes having symmetric inputs and high levels of customizability for everyone. Let us take the example of the festive seasons. 

Example:

As the celebrations for every festival were conducted virtually in 2020, it was a huge undertaking from the HR perspective. 

Issues:

Sending across gift hampers to each employee via Amazon would entail manually adding to the cart every employee’s gift, entering their address, and making individual payments. There would also be varied delivery dates for employees living in different locations. This didn’t just complicate the process for organizations but it did dampen the experience of receiving a gift for most of the employees.

PeerFives’ Solution:

Instead, organizations using PeerFives could opt for a simpler approach, they could choose selected gift products on the marketplace and make them open for all the employees to redeem with just the click of a button. Here, if the gift item included apparel, they did not have to rely on the good graces of the HR department for a decent fit or perhaps even something as personal as colour choices. Each employee could log onto the marketplace, pick the apparel allotted by the company as a gift, choose their size and pick a colour of their choice, their customized goodie would be delivered to the address they choose within a couple of days. Not only did employees feel satisfied and content with the gifts they received but the HR team’s job was reduced to barely 20% as compared to earlier. 

Gifting and Rewards Using PeerFives

This was the approach that Team Solvative went for on the special occasion of International Women’s Day in 2022. A specially customized merchandise was made available for all the women in the organization, all they had to do was head to the Marketplace, select their favorite color option for the merchandise, the size that fit them the best, and enter their address for delivery.  

In conclusion, even without considering the numerous conveniences that are offered by gifting and rewarding on PeerFives, it does help serve a larger purpose in an organization as well. This helps each employee feel valued, they do realize what the organization is doing for them and none of the gestures go unnoticed nor are they misconstrued. The latter can be attributed to the transparency that is lent to the entire process by PeerFives. 

As an executive, if you are reading this blog and are convinced that your organization to needs a peer recognition tool such as PeerFives, we urge you to stop procrastinating now! Contact us for a demo and unlock the full potential of your team!