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 establishes the currency value of Badges with points, as well as Rewards (e.g. A Badge may be worth 5 points and equivalent to $5, and it may cost 5 points to redeem for a $5 gift card).
While using a base-ten increment makes things simpler, you have complete autonomy over what is ultimately chosen for your point values, and what you think will incentivize your employees. Oftentimes, it is easier to work backwards when determining a ratio and ask yourself:
How much should the lowest level Reward cost an employee in currency?
How much should the lowest level Badge be worth?
With many of our clients, we see Rewards offerings as low as $5 and lower-level Badges worth anywhere from $3-$5. Whether you'd like employees to be able to redeem after they receive their first recognition or whether you'd prefer to have them accumulate a few before being eligible is entirely up to your organization, and we've seen both strategies be successful.
With that in mind, here are a few ratio setting examples that we've seen work especially well:
- 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. With this ratio, a 5 point Badge would be worth $5 to redeem for a coffee or something of similar value.
- 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 redemptions have occurred, the Points-to-Currency Ratio shouldn't be changed because doing so will affect reporting and what you've set up for Rewards. You'll need to be certain about the chosen ratio ahead of your launch.
Use the links below to jump to instructions for each topic:
Setting the Points Ratio for a New Rewards catalog as a Company Admin
Setting the Points Ratio for an Existing Rewards Catalog Prior to Launching
Setting the Points Ratio for a New Rewards catalog as a Company 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
Setting 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