We are excited to announce that we are expanding our platform to further increase ways that companies can create cultures of employee happiness. Recently we began a beta program for our newest product, Fond Rewards. It’s a simple solution that lets managers easily show employees that they appreciate their work, with tangible rewards.
How does it work? Simple! Fond Rewards lets a manager sign on, write a note of appreciation , and send it with Rewards Credits — which employees can cash in on awesome things from Amazon gift cards to Lyft rides. It amounts to an immediate gift of thanks and recognition, awarded in the moment.
“Fond Rewards is something we have been thinking about for awhile,” said Taro Fukuyama, Co-founder and CEO. “Research shows that this kind of recognition –unexpected, tangible, specific to individual achievement – is incredibly powerful. And the flip-side is also true: when employees feel their efforts aren’t noticed or rewarded, they are more likely to seek a new position.”
Rather than ‘employee of the month’ type awards, Fond Rewards allows for dynamic, specific moments of praise, which employees say are most encouraging.
A select group of companies have already joined our beta program, ranging from startups like our neighbors at the gaming company nWay to national brands such as Virgin America. While the industry and company size can vary between participants, the one thing they all share in common is the premium they place on employee engagement and company culture.
“Using Fond Rewards has been a great way for us to strengthen our company culture. It lets us easily recognize employees on an ongoing basis. It’s a great way to thank someone for staying late, or putting in a few extra hours to meet a deadline,” said Tianna Johnson, Head of People Operations and Talent at nWay. “As a gaming company, attention to detail and exceptional graphic design are paramount for us, so encouraging everyone to perform at their best is essential to our success.”
We believe investing part of our recent Series A financing to help companies recognize their employees is the perfect way to expand our footprint as an employee happiness leader. Recent studies show the need is great and the timing is right. An extensive report from Cicero Group indicates that 37% of employees see recognition as the most important thing their company can do to inspire them to produce great work. In another study by Glassdoor, 80% of employees said they were motivated to work harder when they received appreciation for their work, and more than half said they would stay at their jobs longer if they received more recognition.
“Our mission from the start has been to provide tools to help companies create places where employees love to work—cultures that employees delight in—with the goal of improving employee engagement and ultimately retention,” said Fukuyama. “The fact that research is now validating our mission just makes us want to work harder.”
Click here to talk with someone today about whether or not Fond Rewards is right for your company.