The Financial Rewards add-on provides the ability to give various types of financial rewards to employees.
Financial rewards can be attached to:
Financial reward recipients can bank their rewards and spend them in various ways, depending on your configuration:
Good to know
- You create financial budgets for managers and/or employees, which they use to optionally attach financial rewards to recognitions
- You decide who will receive budgets, how much, and how long the budget period will be: monthly, quarterly, bi-annually, or annually
- Monthly provides the most control, but requires the most work to maintain
- Annual budgets are easier since they are only updated once per year, but you lose control over how fast they are spent
- Budgets expire at the end of the budget period and are replaced by new budgets that you create
- Your company will have a redemption float account that will be used to pay for redeemed financial rewards
- Float accounts usually hold enough funds to cover two to three months' worth of potential redemptions
- If you operate in multiple countries, multiple redemption rates can be configured
- Contact your Account Manager to enable Financial Rewards and setup your float account
See How to manage Financial budgets for details on required ongoing budget management steps.
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