Rewards

Hi there, Sam from Matter here, and in this video, I'm going to show you how you can increase kudos recognition with rewards. More specifically, we're going to talk about the coins themselves, look at the process of exchanging coins for rewards, as well as talk about some of the settings such as the payment method, coin allowances, and rewards budget calculator. So rewards as a feature is a completely optional feature. You can disable it and no users will see anything related to coins or rewards.

Of course, we'd recommend keeping enabled for much higher engagement. Let's talk about coins first. So 10 coins is equivalent to 1 US dollar. That's our fixed coin conversion rate, making it fair if you have people in multiple countries. So if you give people multiple coins, they're going to be able to redeem it for equivalent amount in their local currency, making it fair. And so people can add on coins directly into kudos here in the Give Kudos modal, or they're going to see how many coins they have to give away. So let's go ahead and talk about those coins to give away. That's our coin allowance.

We're gonna go to Apps, go into MatterBot, and in the Home tab, we're gonna see our coin section here. And so team members have coin allowances to give away. You're gonna specify this amount, which I'll show you where that is in the settings in a moment. And so the important thing here is that if people don't give away all their coins, it will reset based on the frequency you choose. So it's kind of like a use it or lose it, which encourages people to give kudos every single week. Now the coins you earn from kudos, they're independent of the coins you give away. The coins you earn do not reset, do not expire, okay? You can click Channel Settings here, and this is going to take you into the settings here.

We can go into the feature settings and look at rewards, and if we scroll down a little bit, we're going to see our coin allowances here. So these are those coins that you have to give away. There's two types. One is a default set for all channel members and then one is a custom allowance set for specific channel members. This is ideal for admins and leadership who might want extra coins to give away for special recognition. So in this scenario, everybody would have 80 coins to give a week, give away each week based on the reset frequency, and Brett would have 1,000 coins. Let's say if I wanted to give myself and Francesca extra coins, we could enter the amount there and hit save. So then Francesca and I are gonna have 500 coins each week instead of the 80 coins.

Great, so that's setting the coin allowances. Remember, again, those are the coins you have to give away, and they are use it or lose it. Remember to give the coins. Now the coins you earn, right, as I mentioned, are independent. You can click on the Redeem Reward tab right here, and that's going to go ahead and take you into our rewards store. So we offer rewards for over 100 countries. You can select from the country list in the drop-down, and we offer primarily gift cards, donations, prepaid Visa and Mastercards like virtual debit cards, and you can also upload your own custom branded company rewards here. The redemption process for these rewards is extremely simple.

Users are going to go ahead and select a reward, they're gonna enter in the amount, and make a request. Admins will get notified of that request directly in Slack, where they can approve the request. Upon approval, that's when your credit card is charged and the gift card is automatically delivered for you. So saving you time with that automation, which means two important things. One is that you do not prepay for coins with Matter, and two, you're in control of how much you're charged and when. You can wait to approve these requests, or in the settings, you can automate it and enable auto-approve. Additionally, you can get notified on all auto-approve requests as well. Great.

We also offer custom rewards here. This is where you can upload merch, swag, PTO day, lunch with the CEO, company charity, whatever you'd like here. There's no cost to Matter for these rewards because you're responsible for the delivery of them. To add a reward, simply Add Reward and enter a title, a coin value, quantity, and image, and you're good to go. That reward will show up in that catalog for you just as well. Great, next we're going to talk about the settings, specifically the payment method. So we're going to go into settings, into rewards, and by default, the default payment method will be pay as you go, a credit card on file, which incurs a 3% transaction fee. To avoid this fee and frequent credit card transactions, you can actually pre-fund a reward account balance by simply selecting the option, hitting Add Funds, and then you can see the ACH or wire transfer funds where you can send Matter.

Essentially, you're going to fund Matter, the wire, when we receive the funds, we'll go ahead and approve it and add it into your available balance here. You can also, in the settings here, select a balance alert threshold. So the balance gets low, you can be automatically reminded inside of Slack. Additional settings include enabling and disable reward categories. Let's say if you only want to offer custom company rewards, you can do that. And then lastly here as well, you are going to have a few other options here such as a rewards report here, where you can customize by a date range, and you can see a breakdown of each team member and their coins, their allowance, their unredeemed coins. You can see a list of all the redeemed rewards over time. Great for accounting and finance purposes at the end of the fiscal year.

You can see a list of the reward balance transactions if you pre-fund, as well as the reward balance invoices. You're going to also see a history of that reward balance transactions here in the overview tab under Rewards Manager as well. Great, and lastly, we're going to go back into the settings here, into rewards, and also want to call out that we do have a rewards budget calculator. So if you're trying to estimate how many coins that you should add for the weekly or for the default allowance, we'd recommend using this calculator.

It's also in the footer of our website here as well, if you need be. But to use the calculator, it's very simple. Essentially, how this works is, is that if you have a budget, we can work backwards into coin amounts, or if you don't have a budget, we can help you forecast an amount. It's very simple to use. You enter the amount of people using Matter, let's say 100 people, then you go ahead and you set your monthly recognition allowance. On average, we see companies do $5 to $10 per person per month. $10 is the default, which translates to about 80 coins per week. This is considering, on average, you see about 33% of coins given away.

Sometimes people are out of office, but more commonly, since it's public recognition, people are very thoughtful about how many coins they're adding on to kudos. You can also factor in coins for birthdays and or work anniversaries as well. As you adjust these inputs here, these outputs in this table are going to update as well, such as the yearly cost per employee, forecasted yearly cost, spend, etcetera. Again, the important thing here to note is that you do not prepay for coins.

So this is just an estimate. Again, this calculator is a pretty conservative estimate as well. Great, so that's pretty much rewards and coins with Matter. If you have any questions, feel free to reach out to us at hello@matterapp.com, and we'd be more than happy to help. Also, if you have any additional kind of specific question, you can also look at our Help Center article under the rewards section. We have lots of resources there to answer other minute and detailed questions as well. Thanks for watching this video, and bye for now.