Every Bonusly user has a monthly allowance that they can give to their peers to recognize great work and valuable contributions. By default, each user receives the same amount.
Bonusly admins can set the size of their users' monthly allowance by entering it into the 'Monthly Allowance' field in the Company > Settings tab of the Admin panel. You can choose any amount greater than 10.
In addition to setting the monthly allowance, you can also choose a name or a symbol for your custom currency. Custom currencies let you have a little fun and show off your team's culture! In this example, we've chosen to use "Clovers" as the company's currency name.
Alternatively, we can choose to use an emoji (the clover, in this case) 🍀 as the custom currency sign for example:
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 for flexibility to give enough meaningful pieces of recognition without diluting the value of points. Drastically high or low exchange rates can lead to either diluting the meaning of points, or allowing 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 it. When you click "Save Settings", your changes will be reflected immediately. 🎉
Still need help with your monthly allowance or custom currency? Shoot us an email at [email protected]