With over half of employee recognition platforms use cash reward (about 62%), it is no wonder that money is on people’s mind when deciding an employee recognition system.
Point-based employee recognition
So far, Recognize has provided a point-based system. A video game-like environment is a softer approach to motivating recognition. However, money is far more important in the workplace. Workers want gifts for helping their company’s profits.
We see that at Recognize, and are looking into ways to providing monetary reward in recognitions. We are not yet ready to reveal how this will play out, but at the moment we see an attachment to recognitions that includes a valued reward.
Adding Bit Coin to employee recognition
Adding rewards to recognitions will continue to evolve at Recognize. We are considering Bit Coin for Recognize. Imagine a platform where you can deposit bit coins and attach bit coin gifts to professional recognitions. Users can later cash out the bit coins with a third party.
Recognize wants to steer clear of direct cash rewards. People are found to work harder for non-cash rewards, than for cash rewards. You can read the study here.
We hope people internalize the social currency of points and their recognition stats. A high recognition score shows a professional is liked and performs well. Nevertheless, adding a gift here and there can’t hurt.