The 'Bonus.ly' Platform Lets Employees Reward Each Other
Alexander Lam — June 3, 2013 — Tech
References: bonus.ly & springwise
An employee payment platform called 'Bonus.ly' aims to increase organizational citizenship while automating bonuses. The website allows employees to allocate bonuses to each other. Thus, only people who actually know who deserves a bonus get to award compensation. Through the system, each employee is given a monthly allowance. The employees can then use that allowance to award others for good deeds. Bonuses can be built up and managers can pay them whenever it is convenient.
The value behind Bonus.ly comes from the motivation that it provides. This bonus system is more equitable than traditional compensation systems. In addition, each award is transparent so good behaviors are positively reinforced.
The platform has already proven to work with computer technology corporation Oracle. Oracle's team embraced the system and Bonus.ly had a consistently high level of use after eight weeks.
The value behind Bonus.ly comes from the motivation that it provides. This bonus system is more equitable than traditional compensation systems. In addition, each award is transparent so good behaviors are positively reinforced.
The platform has already proven to work with computer technology corporation Oracle. Oracle's team embraced the system and Bonus.ly had a consistently high level of use after eight weeks.
Trend Themes
1. Employee Reward Platforms - Opportunity for businesses to implement employee payment platforms that increase motivation and recognize good behaviors.
2. Automated Bonuses - Potential for organizations to automate bonus allocations, making the process more efficient and transparent.
3. Equitable Compensation Systems - Demand for compensation systems that are more fair and just, allowing employees to reward each other based on merit.
Industry Implications
1. Human Resources - HR departments can adopt employee payment platforms to improve motivation and enhance employee recognition programs.
2. Technology - Tech companies can develop automated bonus systems to streamline compensation processes and increase transparency.
3. Corporate Training - Corporate training firms can offer programs that help organizations create equitable compensation systems and foster a culture of recognition.
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