Employee recognition and rewards have not been given enough importance until the recent few years. Often the metric for employee recognition was the performance they have showcased to the organization over the previous financial or calendar year. Similarly, the reward that was received by the employees was nothing more than the yearly bonus or perhaps the annual appraisal.
While undoubtedly, this is a form of recognition and reward, it isn’t exactly what comes under a good recognition program. PeerFives promotes peer-to-peer recognition, and while this does include the exchange of PeerFives (essentially points) while recognizing good work, we do understand that they too are monetary in nature. Does that imply the two are the same? Of course not!
PeerFives has a simple mission, and we are here to ensure that every employee gets due recognition and suitable rewards for the hard work that they do for an organization. For high-quality rewards and recognition, PeerFives is the only solution that your organization needs! In this blog, we list out the reasons behind PeerFives being the only tool capable of high-quality rewards and recognition, so keep perusing to learn more.
1. Instant Recognition
Peer-to-peer recognition is known to lift spirits and motivates employees to do their best all throughout the year and not just when an appraisal is around the corner. However, peer recognition programs also see high rates of failure due to certain lapses, and one of the main reasons is the lack of timely recognition.
If an employee works hard on a difficult day, setting aside personal issues, focussing on work, juggling multiple tasks, and ultimately even helping peers, they must be recognized on that very day in principle. Congratulating them with an appraisal at the end of the year or a peer recognizing good work done by them on a happy occasion even a week later may end up diluting the value of that recognition or reward.
Rather, using PeerFives, employees in every organization are actively pursued to instantly recognize good work done by their peers, as it is their very compliment that can help brighten up a some hardworking peer’s difficult day, motivating them to step back into the office on a subsequent day, refreshed, and empowered to give their best.
2. An Easy to Use Marketplace
Imagine receiving recognition at work for good work done, then receiving points that have a monetary value as a reward. It feels good, right?
But then imagine having to go through the endless fine print, various Terms and Conditions, and a complex multi-step redemption process for your hard-earned points. Wouldn’t it take away from the joy of being rewarded?
Thus, PeerFives works hard to provide you with an ever-evolving, vast marketplace that is an incredibly simple place to redeem your hard-earned PeerFives in exchange for your favorite goodies and gift cards.
The process of redemption is also extremely simple here; just visit the marketplace, scroll through the long list of options you have, and pick your favorite item; if it is a gift card, choose the denomination; if it is personalized merchandize, pick a size that fits you the best, and choose from the available color options. Once done, add to the cart, redeem, and you are done!
3. Variety of Brands in the Marketplace
As mentioned above, the PeerFives Marketplace is undoubtedly a vast one, and you are bound to come across a wide variety of some of the most coveted brands from across the globe. These brands hail from various categories and shall appeal to different users with different tastes.
Those interested in shopping online could choose to redeem gift cards from Amazon and Flipkart. Those looking to enjoy a meal could turn towards Zomato gift cards, while those looking to enjoy a movie with friends or family can redeem their PeerFives for a BookMyShow Voucher.
With brands across all domains being present in the marketplace, the entire experience of being recognized and rewarded is simply elevated in every possible way.
4. Critique in Private, Praise in Public
This is an old adage that no longer is practiced; often, in the corporate world, just the opposite happens. Leadership teams and managers are so focused on targets that they end up pressurizing the employees and showing tough love that seldom yields positive results.
Fortunately enough, PeerFives helps every organization be in control of this; whenever any user of PeerFives recognizes a peer, there is a personalized message that is displayed to the entire organization. This message highlights the good work done by their peer and how they are grateful for the same.
These kind words do serve as a morale booster and contribute toward an employee being proud of themselves and the work they do, motivating them to push harder and keep earning such praise from all quarters.
Furthermore, the public broadcast even includes the number of PeerFives that have been rewarded; this not only serves to be a monetary incentive but also declares how valuable the work done by the peer was to the organization. While PeerFives doesn’t really recommend you to take it in that light, it is just an indicative measure.
In conclusion, PeerFives has a few services and unique features that are not currently offered by any other peer recognition tool available in the market. These distinctively contribute towards PeerFives being the perfect choice for high-quality rewards and recognition and the singular solution to unlocking the full potential of your team.