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, and also go through the settings such as the coin allowances and look at the rewards budget calculator. So coins and rewards are a completely optional feature. You can disable them and nobody will see anything related.

Of course, we'd recommend keeping them enabled since you're going to see much higher engagement in the platform. First off, 10 coins is equivalent to 1 US dollar. That's our fixed coin conversion rate, making it fair: if you give 10 coins to somebody in a different country, they're gonna be able to redeem it for the equivalent amount in their local currency, making it simple and fair. Great, so we're gonna go ahead and talk about a little bit more about those coins first.

So coins you can add on to kudos like the ones you see right here, all inside of Teams. In the Give Kudos modal, you're gonna see an option to add on coins in there, where you can add on coins, and you're going to see your coin allowance here of how many coins you have left to give away. So let's talk about that coin allowance a little bit more. Inside the Matter tab here at the top, inside of the Home tab here, you're going to see a coin balance section, and it's just going to show you how many coins you have to give away.

This is part of your allowance. I'll show you where you set the allowances in just a moment, but the important thing about the allowances is that if you don't give it all away, it resets. So it's kind of like a use it or lose it, encouraging 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. You can click Redeem Reward to go into the rewards store to redeem those rewards. We're first going to go into our Workspace Settings here. That'll take us into our web app.

Under features, under rewards, we scroll down a little bit to our coin allowances. So we have two types of allowances. One is a default set for all channel members, and then one is a custom allowance set for specific channel members, ideal for giving admins, leadership, extra coins to give away for special recognition. So in this scenario, everybody have 80 coins to give away each week, which is the default, and you can adjust the frequency if you wish.

And then let's say if I wanted to give myself and Francesca extra, or Dmitry extra coins here, I can go ahead and do that by adding in, let's say, 500 coins a week. So that's gonna override that default allowance. Great, next we're gonna go ahead and talk about exchanging those earned coins for rewards. So back in the Home tab here, we're going to click Redeem Reward, and it'll take us directly into the rewards store here.

We offer rewards for over 110 plus countries, so you can select the country in the drop-down. We also offer gift cards, donations, prepaid Visa and Mastercards like virtual debit cards, and you can upload your own custom company branded rewards. The redemption process for the rewards is extremely simple. All users have to do is select a reward, enter the amount, and make a request. That's it. That's all users have to do. Admins will get notified of that request inside of Teams. In the chat here, they're going to see a notification where they can approve or decline the request.

Upon approval of the request, that's when your credit card is going to be charged and the gift card will be automatically delivered for you, saving you that time. So when you hit approve is when you're charged, which means two important things. One is that you do not prepay for coins, so really important there. And the other thing is that you're in control of how much you're charged and when. You can wait to approve the requests, or you can automate it further and enable auto-approve in the settings, under rewards and the approval process, where you can automate rewards, and you can also be notified on redemptions as well. Great, so that's approving requests for gift cards, donations, and prepaid cards. We also offer those custom branded company rewards here as well. Popular ideas include merch and swag, lunch with a CEO, vacation days, company charity, whatever you'd like.

There's no cost to Matter for these rewards because you're gonna be responsible for the delivery of them. You can simply add a reward right up here, enter in a title, a coin value, a quantity, and an image, and hit save. That'll get added into your shared, into your rewards catalog right here. Additionally, you can enable and disable different reward categories by going into settings, rewards, and scrolling down.

So let's say, for example, if you only want to offer custom rewards, you can disable the other reward categories as well. Great. A few other settings in here as well is that you're going to go ahead and you'll have an ability to see your reward request history. You'll be able to see rewards reports such as a breakdown of each team member and their activity in the platform with specifically relations to coins and rewards.

You can see a list of all the rewards redeemed over time, great for accounting and finance purposes at the end of the fiscal year, and you're going to see reward balance transactions and invoices as well. Next, we're going to go ahead and talk about reward funding. So back in the settings, under rewards, there's two type of funding methods. The default is going to be pay as you go with your credit card on file.

This incurs a 3% processing fee. If you'd like to avoid this, you can, you can pre-fund a reward account balance via ACH wire by simply toggling to the option and hitting adding funds. In here, you're going to be able to see those ACH and wire transfer details that you would need to send in, wire Matter funds. Upon receiving funds, upon Matter receiving funds, we'll go ahead and add them into your reward account balance.

Additionally, in the settings, you can set a balance alert threshold, so to get reminded if your balance becomes a certain amount. By using this reward prefunding method, you'll not only save on the 3%, you'll also reduce frequent credit card transactions as well. Lastly, we're going to go ahead and talk about the coin allowances and our rewards calculator. So you might be wondering, how do I set a default allowance based on my budget?

Well, we have a simple calculator to help you out with that. Click on the link here in the settings, and that's going to take you directly here to our website with the rewards budget calculator. This is also linked in our footer as well for easy access. So how do you use the calculator? It's pretty simple. Essentially, what you're using for it here is that if you don't have a budget, you can help forecast a budget. Or if you have a rewards budget, we can work backwards into a coin amount to make sure you stay within your budget. It's very simple.

You enter in the amount of people using Matter. You go ahead and you set a 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 we see about 33% of coins actually 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 here such as birthdays and work anniversaries, and as you update any of these three inputs here, your output table is going to update here as well, potential yearly costs per employee, as well as your forecasted cost. Again, these are all estimates, as you do not prepay for coins with Matter.

You only pay when you hit approve upon a reward request, since that's when your credit card is charged or the account balance is deducted. Great, so that's pretty much rewards with Matter. If you have any questions, feel free to message us at hello@matterapp.com, or check out our Help Center articles related to rewards. Thanks for watching the video, and bye for now.