With Recognize Rewards, we require Company Admins to set a points-to-currency ratio (for $'s, €'s, £'s, etc.) when first creating a catalog. This ratio corresponds to the currency value of gift cards or other rewards (e.g. 5 points equals a $5 gift card). This also allows our system to establish a monetary value for points assigned to each badge and/or anniversary and birthday recognition.
We recommend using a base-ten increment if you can. Here are a few ratio setting examples:
- 1 (currency) = 1 point
Some companies like to keep things simple and set one point equal to one currency increment (e.g. a dollar). While this is great for knowing exactly what everything is worth, you're not able to use decimals for rewards with this option.
- 1 (currency) = 0.1 point
This means users need 10 points for every dollar (or other currency). To achieve this, you'd enter '10' into the Points Ratio field. In other words, 10 points equals $1 (or other currency).
- 1 (currency) = 0.01 Point
This means users need 100 points for every dollar (or other currency). To achieve this, you'd enter '100' into the Points Ratio field. In other words, 100 points equals $1 (or other currency).
Important: Once set, the Points-to-Currency Ratio can't be changed because it will affect reporting and what you've set up for Rewards, so you'll need to be certain about the ratio ahead of your launch.
To set the points ratio for a new Rewards catalog as an Admin:
- Select 'Menu' from the top right-hand corner of your screen
- Select 'Company Admin' from the drop-down menu
- Select 'Rewards' from the left side menu
- Select the 'Catalogs' tab in the upper right-hand corner of your screen
- Click the 'Create Catalog' button just below that
- First you'll want to select your desired currency
- Then, you'll enter how many points you want to equal 1 (currency) in the field labeled 'Points Ratio to (currency) (e.g. Enter 10, if you'd like 10 points to be equal to $1)
- You'll notice a further breakdown underneath that shows you how much 1 point is worth based on what you've entered
- Optional: Add any necessary Roles for Access, which will limit your catalog so that it can only be seen by users that have been assigned to it
- If you are ready to launch, enable your catalog by checking this box
- Make sure to click 'Save' to complete the creation of your catalog so that you can start adding Rewards
To set the points ratio for an existing Rewards catalog prior to launching:
- Select 'Menu' from the top right-hand corner of your screen
- Select 'Company Admin' from the drop-down menu
- Select 'Rewards' from the left side menu
- Select the 'Catalogs' tab in the upper right-hand corner of your screen
- Find the catalog you wish to update in the table, and select 'Settings' to the right of that catalog's name
- In the field labeled 'Points Ratio to (currency), change how many points you want to equal 1 (currency) (e.g. Enter 1, if you'd like 1 point to be equal to $1)
- Make sure you've noted underneath, where you will see how much 1 point is worth based on what you've entered in the field from step 6
- Optional: Add or remove any necessary Roles for Access, which will limit your catalog so that it can only be seen by users that have been assigned to it
- If you are ready to launch, enable your catalog by checking this box
- Make sure to click 'Save' so that changes can be applied to Badges and Rewards
