In Recognize rewards, we require Company Admins to set a points-to-currency ratio (for $'s, €'s, £'s, etc.). This corresponds to the currency value of gift cards or other rewards (e.g. 5 points equals a $5 gift card). And this also allows Recognize to establish a monetary value for each badge and/or anniversary, corresponding to this ratio.
Here are a few ratio setting examples:
- $1 to 1 Point
Some companies like to 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.
- $1 to 100 Points
This is a great ratio for demonstrating the benefit of earning lots of points in the system. And it also clearly shows what a point is worth, along with supporting decimals.
- $1 to 200 Points
Casinos recommend a 200-point to $1 ratio, because this higher point value helps individuals perceive the reward as more lucrative. However, this ratio can make it difficult to convert the points into currency value.
To set the point ratio, visit the Company Admin/Rewards section. Once it is set, it can't be changed without Recognize team support. So we strongly recommend deciding on the ratio ahead of time, since changing it will affect reporting and the rewards.