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 6th July, 2024, we simplified the conversion rate from currency to Reward points across our platform.
For those of you using Flexi points, this also means that Reward points now match Flexi points in their conversion rates, making the platform easier to understand and aligned across the board.
📖 If you want to read about the changes, keep reading this article.
🎥 If you prefer to watch a video — we have run live Q&A sessions in the UK and Australia, please refer to the recordings below for a more in-depth overview:
Simplified conversion rates
Here’s how the new conversion rates 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 have been adjusted to reflect this change. All points balances look lower but do not worry, so do catalogue prices: the monetary value of the Reward points remains the same; it has just changed to a simpler conversion rate!
Why have we changed this?
This makes it easier to buy, send and spend the points.
Buying points:
The simpler conversion rates have made 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 now easier for you and your managers to see how much the points are worth when sending them to employees.
Spending points:
It's also 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 are the full details of the changes...
As part of the change, the following areas have been impacted:
✅ Catalogue prices
✅ Wallet & budget balances
✅ Purchase price of points
✅ Reward point reporting
✅ Reward Automation
❌ Monetary value of wallet balances
❌ Cost of rewards
1. Updated catalogue prices
Prices in the Reward catalogue have changed to reflect the new conversion rates. Although the number of points required appears lower, the actual value in GBP, AUD or other currencies remains the same.
Examples of Reward catalogue price changes:
Conversion: Old | Conversion: New |
UK: £5 = 169RP £10 = 337RP £20 = 674 |
£5 = 50RP £10 = 100RP £20 = 200RP |
Australia: $5 = 95RP* $10 = 189RP $20 = 396RP |
$5 = 28 RP** $10 = 55RP $20 = 110RP |
*, ** - $5 items in the catalogue have been 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.
2. Admin, manager and employee wallet balances
Admin, manager, and employee wallet balances have been adjusted to reflect the new conversion rates. Balances appear lower, but their value remains unchanged.
Examples:
Employee balance example:
Before: 341 RP (£10/$18)
After: 102 RP (£10/19)
Manager balance example:
Before: 5932 RP (£175.9)
After: 1760 RP (£176)
If you've set up Reward budgets, they reflect the change in the same way: points values now reflect the reduced exchange rate, thus showing a smaller number of points without losing any monetary value of what these points can get.
3. Purchasing new points
The number of points you get per GBP/AUD when purchasing points reflects the new conversion rates.
4. Automations
Automations also reflect the new point conversion rate.
Example:
Before Change:
10 people at £10 each = 3370 RP
10 people at $10 each = 1898 RP
After Change:
10 people at £10 each = 1000 RP
10 people at $10 each = 550 RP
5. Reporting
Reports now show the new conversion rates from the 7th July. This ensures clarity and continuity in tracking transactions and balances.
Communication and support
To ensure a smooth transition, we have:
Signposted these changes across the platform to minimise confusion.
Adjust all reports (from 7th July) and automation to reflect the new point values.
Hosted 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! And here is an article you can share with them to explain the changes.
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. Has the value of points be reduced?
The value of the points has not been reduced. The value of what you can get with your points stays the same.
Example:
Previously, an item on the Reward catalogue is priced at 3371 Reward points. Now, it will be priced at 1000 Reward points. A user who had 3371 points previously now has 1000 points post the enhancement and can still redeem the same voucher.
Q. Were employees communicated this change?
All employees who've had Reward points received a notification a month before the change happened. You can use this article to share with them directly.