We launched the Reward feature in August 2022, and your feedback has been instrumental in shaping its evolution. Here are some key improvements we've made based on your input:
Removed service fees: earlier this year, we eliminated service fees on Reward points, making your R&R efforts more affordable.
No expiry on Reward points: employees can now save their Reward points without worrying about expiration, allowing them to accumulate points for bigger purchases.
Simplified conversion rates: one of the biggest challenges many of you have shared has been understanding the value of points. We are now addressing this to make it easier for both you and your employees.
Change overview
On July 6, 2024, we will simplify the conversion rate from currency to Reward points across our platform.
For those of you using Flexi points, this also means that Reward points will now match Flexi points in their conversion rates, making the platform easier to understand and aligned across the board.
Simplified conversion rates
Here’s how the new conversion rates will look:
Currency | Conversion: old | Conversion: new |
GBP | £1 = 33.71 Reward points
| £1 = 10 Reward points |
AUD | $1 = 18.98 Reward points | $1 = 5.5 Reward points |
This means that the Reward points prices, Reward catalogue prices, and all Reward wallet balances will be adjusted to reflect this change. All points balances will look lower, but do not worry, so will catalogue prices: the monetary value of the Reward points will remain the same; it’s just changing to a simpler conversion rate!
Why we’re doing this?
This will make it easier to buy, send and spend the points.
Buying points:
The simpler conversion rates will make it easier to understand how many points you need, making planning your budgets a smoother process.
Sending points:
The new conversion rates also mean that it’s easier for you and your managers to see how much the points are worth when sending them to employees.
Spending points:
It will also be easier for your employees to understand how much they’ve been rewarded and what value of the vouchers they can get with their points, making Perkbox easier to use for them and increasing their engagement with the platform.
Here is the full detail of all changes
As part of the change, the following areas will be impacted:
✅ Catalogue prices
✅ Wallet & budget balances
✅ Purchase price of points
✅ Reward point reporting
✅ Reward Automations
❌ Monetary value of wallet balances
❌ Cost of rewards
Updated catalogue prices
Prices in the Reward catalogue will change to reflect the new conversion rates. Although the number of points required will appear lower, the actual value in GBP, AUD or other currencies will remain the same.
Examples of Reward catalogue price changes:
Conversion: old | Conversion: new |
£5 = 169RP £10 = 337RP £20 = 674
| £5 = 50RP £10 = 100RP £20 = 200RP
|
$5 = 95RP* $10 = 198RP $20 = 396RP | $5 = 28 RP** $10 = 55RP $20 = 110RP
|
*, ** - $5 items in the catalogue will be rounded up to benefit the employee, though used infrequently
Example:
Before Change: A coffee costing 34 RP will now cost 10 RP, but the value remains equivalent.
Admin, manager and user wallet balances
Admin, manager, and employee wallet balances will adjust to reflect the new conversion rates. Balances will appear lower, but their value will remain unchanged.
Examples:
User Balance example (UK):
Before: 341 RP (just over £10)
After: 102 RP (just over £10)
Manager Budget example (UK)
Before: 5932 RP (£175.9)
After: 1760 RP (£176)
4. Budget Balances
All individual manager and admin budgets, as well as organisation-wide views, will reflect the new conversion rates.
5. Purchasing New Points
Number of points you get per GBP/AUD when purchasing points will reflect the new conversion rates.
6. Automations
Automations set up before change will reflect the new point conversion rate
Note: automations and other Reward features will be unavailable on the day of change
Example:
Before Change:
10 people at £10 each = 3370 RP (total: 10,110 RP)
After Change:
10 people at £10 each = 1000 RP (total: 2000 RP)
7. Reporting
Reports will show the old conversion rates up to 6th July and the new conversion ratesfrom the 7th July. This ensures clarity and continuity in tracking transactions and balances.
Communication and support
To ensure a smooth transition, we will:
Signpost these changes across the platform to minimise confusion.
Adjust all reports (from 7th July)and automations to reflect the new point values.
Host a series of webinars to answer any questions and provide further details
Send communications to all admins, as well as to users and managers with Reward points balances
Feel free to use the email template here to share the news with your teams
FAQs
Q. I have fewer Reward points than I did before the change
This is due to a lower conversion rate, however, the value of the vouchers your employees can redeem with points remains the same
Q. Will the value of points be reduced?
The value of the points will not be reduced. The value of what you can get with your points will stay the same.
Example:
Today an item on the Reward catalogue priced at 3371 Reward points, with the enhancement it will be priced at 1000 Reward points. A user who has 3371 points today will have 1000 points post the enhancement and will still be able to redeem the same voucher.
Q. When are the employees going to be communicated this change?
Users will receive a notification a month before go-live
Q. I have questions - who should I contact for more information?
Please register for the live Q&A session. If you can’t make it – don’t worry: just submit your questions as part of the registration, and we will make sure to cover your question, as well as sending you a copy of the session recording