Employee engagement platform.
Corporate currency boosts engament of employees.
Corporate Currency: Streamline Employee Rewards with Kudo Points.
Step-by-Step Guide to Setting Up Your Corporate Currency System.
Launch Corporate Currency Fast with Surwise.
● define how employees will earn coins and what they will spend them on;● create an appealing set of items for “purchase” to motivate earn kudo points;● set the total volume of circulating corporate currency;● determine which processes employees should be engaged in;● specify from which activities employees earn coins - do they receive them from each other, or also from the company;● communicate the rules for using corporate currency;● choose an engaging name that resonates with your products or values.
The Impact of Corporate Currency on Employee Engagement.
The aim of Corporate Currency is to boost behaviors.
Gamification.Corporate currency is a key component of gamification. It makes the employee experience more engaging and exciting, making routine tasks interesting. The competitive element further motivates employees to achieve more with healthy competition.
Motivation through Rewards.Corporate currency fosters employee engagement by shaping desired behaviors and activities through a reward system. When a company offers an appealing catalog of prizes that can be redeemed for points (coins), employees are motivated to do more to accumulate coins, and earn the rewards they truly want.
Benefits for Reward Companies.
Who rewards, engages.
The ultimate goal of rewards and corporate currency is to increase employee engagement in company processes. Employees demonstrate desired behaviors that shape corporate culture and support the achievement of organizational goals. Motivated by rewards, they perform more actions that matter to the business. An additional advantage is the reduction of employee turnover, which saves significant costs and boosts team efficiency. Companies that implement reward systems always gain more while spending less.
FAQ
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How Do I Start Using Corporate Currency for Employee Rewards?
Step One - define the purpose of introducing corporate currency: to stimulate desired behaviors, implement a recognition program, or encourage employees to achieve organizational goals.
Step Two - set the budget for corporate currency. This ensures that the currency can always be redeemed for attractive rewards.
Step Three - choose a name for the currency that resonates with the company’s values, products, or something meaningful to employees.
Step Four - select a platform for implementing corporate currency and launch its use.
Can Corporate Currency Be Integrated with Other HR Platforms?
The use of corporate currency becomes even more effective when integrated with other platforms. This allows automatic tracking of employee achievements (such as meeting sales targets, completing tasks, or participating in surveys) and rewarding them with corporate currency in reward tool. Employees can then exchange these rewards for attractive goods and services. This speeds up coin distribution based on actual achievements, eliminates the need for manual administration, and makes the process more transparent and engaging.In addition, corporate currency can be integrated with HRM or LMS systems to do team reward with coins for work anniversaries or for completing training programs.
How Do Kudo Points Drive Employee Engagement and Retention?
The use of corporate currency is directly linked to rewards. Employees earn points (coins, kudos) and exchange them for valuable items. This increases their engagement in company processes, as they become more motivated to take action and participate in activities.
Engagement is closely connected to employee retention: the higher the engagement, the lower the turnover.