The Financial Rewards feature provides the ability to give various types of financial rewards to employees.
Financial Rewards be attached to:
- Service Awards
- Ad Hoc Rewards
- Company Awards
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 employees, which they use to optionally attach Financial Rewards to Recognitions
- You decide the budget period: 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.
- You decide who will receive budgets and how much
- Budgets expire at the end of the budget period and are replaced by new budgets that you create
- Your company will have a Float account that will be used to pay for redeemed Financial rewards. Float accounts usually hold 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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