Bonusly, an engaging recognition and rewards platform that connects teams and enriches company culture announced critical product enhancements that enable increased productivity and retention. These include an improved user experience, updated manager analytics, custom feeds, and new reward catalog features.
Retaining high-performing, productive employees is more challenging than ever. Over 4 million Americans quit their jobs monthly between July and November of 2022. According to Gartner, that figure is expected to grow, with turnover rates up to 24%. Additionally, data from the United States Bureau of Labor Statistics found that labor productivity decreased 2.7% in Q1 of 2023—the biggest decline in 75 years—leading companies to lose up to millions of dollars annually.
The Bonusly platform, recognized by G2 as the number one employee recognition provider, improves productivity and retention by way of meaningful recognition, enabling public recognition of both major and minor accomplishments. When strong recognition practices are in place, employees are four times more engaged. And engaged employees are critical to business outcomes, including higher productivity and lower attrition.
With Bonusly, employees receive an average of two meaningful, timely, and detailed recognitions from colleagues and managers every week. After deploying Bonusly, more than nine in ten (93%) customers see improved employee engagement. Bonusly customers include Chobani, ZipRecruiter, Pender Veterinary, and SDMI.
“Everyone has felt unappreciated at work at some point in their career, and many people have left a job because of it,” said Raphael Crawford-Marks, founder and CEO of Bonusly. “Our mission is to make sure that everyone sees how much their managers and colleagues value their work. Our platform encourages specific and frequent recognition, increasing retention and productivity. With the release of these new capabilities employees and managers across organizations of all sizes can deliver and receive the recognition needed to foster a high performing culture of appreciation.”
With these latest additions to the Bonusly platform, employees and HR teams gain the ability to:
- Boost employee engagement with an intuitive, and accessible interface. Developed from feedback and analytics from over 3,200 companies and 400,000 daily users, the new interface is functional and fun, with key platform data easy to find and act on and a WCAG AA accessibility supported interface.
- Increase productivity and retention with new manager analytics. Managers are responsible for 70% of the employee engagement gap. A new Manager Giving Tracker enables managers to identify direct reports who need additional, meaningful appreciation. The new Compare Rates feature allows leaders to compare recognition rates across different organization segments, enabling them to focus on teams and employees that need extra support.
- Maximize the impact of recognition with Custom Feeds that bring your unique company culture front and center to the digital workspace. The new feed enables users and administrators to create and follow personalized recognition feeds based on team, department, or location.
- Highlight a company’s culture with a smarter, effortless Rewards experience. The Bonusly platform now offers a diverse catalog of 1,200+ rewards in over 200 countries, custom rewards unique to every company, and seamless integration with AXOMO for high-quality, hassle-free swag. Updates also include a new reward, Points Boost, that allows users to get more points before they run out — increasing recognition participation.
“Research shows that employees who are appreciated are more loyal to their employers,” said Luis Jiminez, People Experience Associate, Headspace. “And one of the many ways we appreciate employees for their wins, hard work, and success is through Bonusly! Bonusly’s employee recognition platform has made an impact on retention and has helped ensure our employees feel seen and recognized by not only their team but the entire company.”
To hear more about the Bonusly platform, visit booth #4519 at SHRM23 in Las Vegas, June 12-14.
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