At Moore-Wilson, we have identified the value of recognising our employees and their significant efforts for the company.
What Is Employee Recognition?
The act of openly acknowledging an expressed appreciation for an employee’s contributions to their organisation. i.e. a company standing announcement or a company-wide email thanking someone.
For many years we have been running an employee of the month award. All employees are invited to vote for a colleague for a reason. The employee with the most votes wins a prize and receives it in front of his/her peers. It was quite a hassle organising and chasing this for 30+ employees each month. Some months we would get three votes, some we would get twelve.
We also had issues with departments not knowing what everyone is working on, so it was doubtful that an employee would vote for someone they do not work with closely, thus limiting the votes effectiveness.
What is a Mico Bonus?
Micro-bonuses are given on top of salary, benefits, holiday, and other common forms of compensation.
Research by MIT economist Dan Ariely supports this idea of micro bonuses. In a recent TED talk, he presented three key findings that demonstrate why micro-bonuses are so powerful.
1. Positive reinforcement increases performance.
2. Knowing our work helps others increases motivation.
3. People who feel unappreciated want more money to do the same job.
Introducing Micro Bonuses and the bonus.ly Platform.
Our employees now have a platform to give micro bonuses to their peers publically. The platform has an interface very similar to Twitter where everyone can see who has been given a bonus; you can be tagged in a post with some points and hashtags can be set. People can also comment on the post. Points = rewards.
Every employee gets a monthly allowance that is replenished each month. Bonus earnings can be spent on anything from the list of rewards the company allows Amazon, high street brands, Starbucks, Spotify, iTunes etc. Employees can also donate their rewards to charity or even cash out when they want.
The bonus.ly platform also provides analytics on the usage of micro bonuses. Tracking trends and general participation in your company.
We are currently running a trial of this platform for three months to see if we have found a winning formula for our employees to give a little more than just a quick note to recognise their colleague's efforts and also a way to collect their own micro bonus's.
Try it here - https://bonus.ly