What is Company Budgeting and how does it work?
Company budgeting is an easier way for admins to manage distributing giving points. Company budgeting enables managers and employees to send giving points from one company fund, eliminating the need for admins to distribute points to individuals. To enable Company Budgeting, please contact your CSM.
How It Works
When Company Budgeting is enabled, program administrators can set their recognition budget at the company-level, rather than setting individual manager and peer distribution schedules. Once the company-wide budget is set and points are purchased through Fond, users can send recognitions. Admins can then monitor usage and purchase more points for your company if necessary.
With Company Budgeting, individual users are not limited in the amount of points they can send unless parameters are set using Fond’s Recognition Approvals and Controls (more on this below). This flexibility enables active users to make the most of Fond, helping to foster an engaging, recognition-focused environment. This helps put your recognition budget to its best use, preventing points from being budgeted to employees who don’t engage with the platform often.
Recognition Approvals and Controls
Pairing Company Budgeting with Fond’s Recognition Approvals and Controls feature is a great way to ensure you stay within budget while still enabling monetary recognition. With Recognition Approvals, admins can use point thresholds to determine which recognitions need to be reviewed. All recognitions can be subject to review, or admins can specify that only recognitions over a certain point amount will be reviewed, ensuring that recognitions with lower point values can still be sent in a timely manner. It also helps to streamline the budgeting process while ensuring recognitions continue to be shared in line with organization standards.
Frequently Asked Questions
When should I use Company Budgeting vs. Individual Budgeting?
Company budgeting will encourage your active senders to remain engaged with the platform, and this is the recommended use case for most companies. However, if you prefer to distribute your giving budget equally among your employees or based on title or headcount, individual budgeting is the recommended method.
How can I ensure my recognition program is being used appropriately with Company Budgeting?
Pairing Company Budgeting with Recognition Approvals and Controls can give you confidence that your program is being used as intended. Approvals and Controls enable admins to set limitations on how many points can be sent per recognition, how many points can be sent per month, and whether recognitions from managers and peers require approval before sending.
How much of my budget should I put into the company reserve?
Every company’s needs are different, so reach out to your CSM to create a budgeting plan that suits your business.
Can I still send peer-to-peer non-monetary recognition with Company Budgeting?
Yes! Users can still send peer-to-peer non-monetary recognition.