Creating a Team Recognition Stipend (Company Administrators)
Team Recognition Stipends are used to provide employees with funding and recognition + funds to other employees as a thank you for a job well done! For example, if you provide employees (or Managers) $20 per quarter, they can give another employee recognition and part of their funded $20 amount.
1. Access the Stipend Tab
2. Click Create a Team Recognition Stipend
Follow the below steps to Create a Team Recognition Stipend:
Name your stipend and add a description, then click the green arrow
Assign a budget and frequency
- Choose the appropriate budget accrual option if you are selecting a Quarterly, Semi-Annually, or Annually frequency.
Budget Accrual Options
Upfront: Employees get the total stipend amount at the beginning of the cycle.
Upfront with Prorating: New employees get a proportional amount if they join after the cycle starts. When this stipend is launched, all existing, eligible employees will get the total amount.
Monthly Accrual: Employees accrue their stipend balance as each month passes.
Select who can give + who can receive recognition.
Amount To Give Options: Choose how much each team member can give for recognition. Options are limited to numbers with at most two decimal places.
Select the Perk Categories you would like to be eligible for the stipend. Team Recognition Stipends can only be used with taxable categories.
- Click Save Draft
When your draft is finalized and ready to launch, click Schedule Launch and select the appropriate date before clicking the Confirm Launch button.
When an employee receives funds for their Team Recognition Stipend, they will receive an email notification.
Employees can then use their funds to recognize other team members.
- If you want to set up Slack integration so your employees can share their recognition messages in a channel, please visit the following link: Integrating Slack.
