May 5, 2013
The best work environments exist at organizations where managers know how to motivate employees. Motivation is key for employee retention, so employees need to know they are appreciated and recognized. When you motivate your employees, they simply perform better.
Traditional bonus programs are expensive. A peer recognition program, however, can operate effectively at $100 per employee per month. Plus, peer rewards offer more than just financial incentives. Employees competing for peer rewards are motivated by the recognition itself.
It’s easy for employers to create a peer-to-peer recognition and reward program with bonus.ly. The site allows you to recognize top performers with timely peer bonuses and awards. Plus, everyone will know who’s performing the best. When your employees have a hand in each other’s rewards, there is an increase in morale, productivity, retention, and happiness.
Setting up peer bonuses is a simple process that takes less than 30 minutes. First, you decide a budget for your peer recognition program. With that budget, each team member gets a monthly allowance for granting peer bonuses. Next, your employees reward each other for their work in the form of praise and a small peer bonus. Then, you pay out the employee bonus balances when it suits you. Finally, bonus.ly periodically highlights your best employees with special peer awards.
The rewards on bonus.ly are both accurate and systematic. An added benefit is transparency because your employees know exactly why they got the award. Peer rewards work well because they are given by the employees who spend the most time with each other and can best identify exceptional contributions.
Bonus.ly is currently free and will remain so during its alpha period. To get started with peer motivation, visit the site.
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