Reward points banking

Why give people incentive reward points?

The great thing about giving people reward points for performance is that you can align their value with the 'bottom line' benefit of different levels of performance while removing any "so what?" reactions to relatively small individual £ value rewards.
Plus you can align reward points collection achievement with different levels of status - eg 'Professional', 'Premiere' and 'Super League' etc, status to appeal to the social appetite of your participants.
Until reward recipients manage to achieve targets determined by you to 'unlock' the value held in their reward points - eg minimum x points to be collected this month/until they may be redeemed for £x value on the card etc, all that you have given people is a digital reward point - which costs you nothing.
You benefit because people collect reward points for achieving the goals that you set for them, driving your business forwards. You also benefit from the value of any reward points which don't actually get redeemed into prepaid credit on their cards.
- Performance Bonus provides the tools to enable you to run your own programmes, rather than sell you reward points which may or may not be redeemed

How to give incentive reward points...

Target performance

Identify the level of performance that you 'expect to get anyway'. Then set realistic yet stretching targets for your audience to strive for. Calculate the extra financial benefit to your organisation of achieving that higher target and decide on the amount of that extra benefit you would be prepared to invest in its achievement. Then set that amount aside as your incentive budget.
For example, you may wish to focus on a particular product or service, rewarding each sale with 'x' points, but only allowing conversion into prepaid reward once a certain points value has been collected by each participant.

Measure and Communicate performance

Measure ongoing performance either with extracts from your systems or with a simple spreadsheet. Either of which our Bonus Gateway database application and/or support team can convert to reward values to individuals/accounts relative to their targets.
Then ensure that everyone has regular communications going out to show them how they are doing against their targets, in comparison to their peers and to keep them aware of the potential rewards to be had from achieving targets.
- Naturally, we will be delighted to put these communications together for you should you wish, whether by email, HTML tables for your Intranet or in hard copy etc.

Reward with Personal Points Accounts

Each person can have their own personal points account, accessed via your Intranet/Extranet or a bespoke URL. The functionality of these accounts will be set up to match your needs.
For example, you may wish for people to 'claim it or lose it' where points are assigned to individual sales or events eg in broker/reseller awards or you may wish for points to just be automatically credited into people's accounts.
Alternatively, you may wish for rewards to simply be converted and then credited straight into participants prepaid Visa card accounts .
Naturally, we will agree on the conversion rate of points/£s and the minimum points value which can be converted. In summary, we will ensure that the processes and systems surrounding the way you wish to reward are set-up in just the way you need.