Bonusly's annual subscription fee is flat, but if rewards billing is enabled, what you spend on paid rewards may fluctuate.
So, how can you budget for that? Check our new Rewards Budgeting Calculator, which is a great tool to help you plan and adjust your budget to have more control over your reward spend. 🎉
We've also outlined some helpful guidelines below to help you match your reward spend to your company culture and budget.
Predicting reward spending
You only pay when rewards are redeemed from our catalog of paid rewards, such as gift cards, donations, and merchandise. Employees will give and redeem different amounts each month.
On average we see 50-60% of the monthly allowance turn in to paid reward spend. You can see the average reward spend at your company from your Admin Dashboard:
Why spend money on rewards?
Companies with rewards billing enabled see significantly higher recognition rates among their employees -- as much as 40% higher. On average, companies with rewards billing enabled see their employees exchange 1-2 recognitions per week. When recognition is frequent, specific, values-aligned, and includes all employees as givers and receivers, great things happen:
Employee productivity goes up
Employee retention goes up
Company Glassdoor ratings go up
Management gains visibility into the daily activity, strengths, and accomplishments of the people in their organization
Our default setting of 100 points per user per month is great for having a highly impactful recognition program. If you're a US-based organization, 100 points = $10. On average you'd spend $5-6 per user per month on paid rewards. Given that Bonusly can save you tens or hundreds of thousands of dollars in prevented turnover and improved productivity, this is a highly impactful investment.
Adjusting reward spending
The easiest way to adjust your Reward Spend is by changing the monthly allowance your employees have to give away. This can be done in the admin features of your Bonusly account on the Recognition > Peer-to-peer settings . Not sure about how much to adjust? The Bonusly Rewards Calculator is a great way to test out different values.
Another way to adjust rewards spending is company exclusives. If you include perks like gym subsidies, this could raise your reward spending overall. To reduce reward spending, include things with cultural value like lunch with the CEO. Check out this article company exclusive best practices for more ideas on creative company exclusives.