There are a number of web apps that help employers track individual and team achievements enabling them to allocate rewards fairly – take PropsToYou as an example. However, for larger companies it may be easier – and more effective – to let the employees themselves decide who deserves recognition from above. Bonus.ly is a platform that enables businesses to employ a peer-to-peer bonus allocation system across their organization.
While peer recognition programs are not new – innovative companies such as Google have already implemented their own programs – Bonus.ly helps companies who would like to use the system to do so easily. Users signing up first set their budget for each team, or the whole company, which is then divided and allocated as a monthly allowance for each employee. Through the platform, staff can then ‘spend’ any amount of their allowance on colleagues they think have performed well or helped them out. Managers can then release the bonuses at regular intervals, or when it suits them. The system also incorporates non-monetary awards, which can offer more public recognition of good work and foster an atmosphere of competition.
Peer-to-peer bonuses help employees feel more involved with their team and may feel the system is a fairer way to recognize achievements – which can boost morale – although there is a risk of nepotism skewing the bonus-giving. Bonus.ly, which is free to use, is already a part of the employee rewards scheme at computer tech giant Oracle. Could this kind of system work for your business?