Every Bonusly user has a monthly allowance to give to their peers to recognize outstanding work and valuable contributions. By default, each user receives the same amount.
Monthly allowance
Bonusly admins can set the size of their users' monthly allowance by entering it into the 'Monthly Allowance' field in the Company > Recognition settings tab of the Admin panel. You can choose any amount greater than 10.
Custom currency
In addition to setting the monthly allowance, you can choose a name or a symbol for your custom currency. Custom currencies let you have fun and show off your team's culture! We've used "robots" as the company's currency name in this example.
Alternatively, we can choose to use an emoji (the robot, in this case) as the custom currency sign, for example:
Exchange rate
IMPORTANT NOTE: Custom currencies always exchange at a rate of 10:1. Ten units of your custom currency equals one unit of your base currency. For most currencies, this exchange rate allows flexibility to give enough meaningful pieces of recognition without diluting the value of points. Drastically high or low exchange rates can either dilute the meaning of points or allow users to give only a few pieces of meaningful recognition, both of which can negatively impact frequent participation.
Additionally, the 10:1 ratio helps keep things clear for employees and consistent for global companies with a common currency. You can see this exchange rate listed under the 'Custom currency sign' in company settings:
When you're done, don't forget to click "Save Settings" at the bottom once you have everything the way you want. When you click "Save Settings," your changes will be reflected immediately. ๐ย
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