One of the most cost-effective ways to improve your organization's performance is to start recognizing –– and rewarding –– your employees' great work.
According to Quantum Workforce , when employees believe their efforts will be recognized, they are 2.7X more likely to feel highly engaged at work. That's important because a meta-analysis from Gallup reveals that high employee engagement leads to:
41% lower absenteeism
17% higher productivity
24% less employee turnover in high-turnover organizations
59% less turnover in low-turnover organizations
Whatever industry you're in, rewarding your employees makes sense from a business perspective. But where do yo start? That’s where Bonusly comes in.
What is Bonusly?
Bonusly is the fun and easy recognition platform to engage all of your employees, build a connected culture, and improve retention and productivity at every level of your organization.
With Bonusly you can:
Foster collaboration between teams
Improve retention and productivity at every level
Transform employee engagement and strengthen your company culture
Make it fun and easy for everyone to give recognition—on the web, through its mobile app, or with seamless app integrations like Slack
Gauge employee satisfaction and sentiment through built-in survey tool called signals
Collect and act on actionable data about your employee experience with robust analytics
How does Bonusly work?
Every month, employees get a Bonusly allowance.
Employees can give small bonuses to team members, direct reports, and managers to recognize their contributions with that allowance. The dollar value is usually small, but the recognition is invaluable. In addition, employees can redeem the points they've earned in Bonusly's extensive digital reward catalog.
The catalog is full of rewards options like gift cards and charitable donations, but it's completely customizable. So you can add custom rewards like PTO or company-branded gear. With automated recognition and rewards administration in one intuitive platform, your employees can redeem rewards instantly, minimizing the administration time needed to turn recognition into tangible, memorable perks.
The Wrap Up
When you recognize employees, they’re more likely to stay engaged and stay around. It’s important to note that recognition isn’t a solution for bad company culture, but it is a foundational pillar of any successful employee experience.