Rewards Video Guides
Get a high-level overview of Rewards with our video guides. Video guides include details of the latest feature customizations and settings.
What is Rewards?
An employee rewards and recognition program acknowledges, celebrates, and amplifies employee actions and achievements with their teammates and company. Rewards and recognition are often given together, allowing employees to redeem points/coins for various rewards such as gift cards, prepaid cards, donations, or merchandise.
Why Rewards is Important
It's no secret that an increased employee recognition and rewards program boosts employee morale, improves performance, and reduces turnover.
Employee Turnover is Really Expensive: Replacing an employee can cost up to twice their annual salary. Engaged companies have turnover rates 25% to 59% lower than those less engaged, significantly reducing these costs.
Employees Will be More Productive: Engaged employees are more productive and produce higher-quality work, boosting profitability by 21% and reducing absenteeism by 41%.
Why Rewards with Matter
Matter's Rewards system is designed to be easy-to-use and highly customizable, fully integrating with Slack and Microsoft Teams. Here's how we supercharge your recognition experience with rewards:
Offer Rewards People Love: Matter provides gift cards and donations from 1,500+ merchants and 100+ countries, or add your own custom company-branded rewards.
Weekly Reset Frequencies = High Engagement: By having Coin Allowances (i.e., coins to give away) reset weekly, this encourages team members to recognize each other more often. This is more of a "use it or lose it" approach, whereas most tools have allowances reset monthly. This often leads to people dumping all their coins at the end of the month, consequently producing less timely and less meaningful recognition.
Low/No-Cost Funding Methods: Most platforms charge between 6-8% transaction fee for each reward redemption, which can add up quickly. With Matter, you can avoid this costly fee with Rewards Prepay or Pay-As-You-Go with a 3% fee.
Coins & Rewards Introduction
Matter uses a coin-based system. Coins is the mechanism to redeem for rewards. The next two sections will explain coins and rewards and used together.
Important Note: You DO NOT prepay for coins with Matter. Only when an Admin approves a reward request from earned coins is your funding method charged.
How Coins Works
Coin Conversion Rate
10 Matter Coins is equivalent to $1 USD. For example, 250 Coins = $25 USD Gift Card. Our coin conversion rate is fixed for several reasons - simplification of budget, fairness for sending coins to international teammates.
Coin Wallet/Bank
Coin Allowances and Coins Earned are the types of coins in the coin wallet/bank. These two types are independent of each other.
Coin Allowances: Coins that users can only give away with kudos. Coin allowances will reset based on the reset frequency (e.g., weekly, monthly, quarterly). For example, if you have 80 coins per week to give away and only give away 50, then next week, you'll have 80 coins to give away. Coin allowances do not roll over.
Coins Earned: Coins users receive from kudos, celebrations, etc. These coins are only used to redeem for rewards, not give away. They do not reset nor expire.
Coin Allowances
There are two types of coin allowances you can set.
Default Allowance: This coin allowance is set for all Matter members (i.e., Company-Wide Allowance). The default amount is 80 coins per member per week.
Custom Allowance: This coin allowance is set for specific Matter members (i.e., Individual Allowance). The Custom Allowance will override the Default Allowance. This is ideal for giving admins/managers extra coins for special recognition.
Important Note: To estimate your Default Coin Allowance, we'd strongly recommend using our conservative Rewards Budgeting Calculator.
FAQs about Coins
How Rewards Works
Reward Redemption Process
Member makes a reward request in the Rewards Store web app.
Admin is notified of the reward request in Slack or Microsoft Teams.
Admin approves the reward request, and the funding method (prepay or pay-as-you-go) is subsequently charged. Reminder: You don't prepay for coins.
Member receives the gift card or prepaid card automatically to their email, and is notified of the reward approval in Slack or Microsoft Teams.
Note: For Custom Company Rewards, there is no cost/fee to Matter since Admins are responsible for the reward delivery.
Reward Options
Matter provides gift cards, donations, and prepaid VISA/Mastercard cards from 1,500+ merchants and 100+ countries. We partner with one of the world's largest reward providers for rapid and secure reward delivery fulfillment.
Custom Company Rewards
Companies are able to offer their employees custom company-branded rewards. Popular custom company rewards include:
Company Merchandise/Swag: T-shirts, coffee mugs, etc.
Fun Experiences: Lunch with the CEO, parking spot, etc.
Other Ideas: Vacation day, donation to company charity, etc.
Rewards Billing
Matter provides two funding methods for how rewards are billed.
Pay-As-You-Go: Credit Card on File - By default, approved reward requests are charged to your credit card, which includes a 3% processing fee.
Prepay: Fund a Rewards Account Balance - Avoid this 3% fee and reduce frequent credit card transactions with prepay. Invoicing options (e.g., ACH/wire) are available.
FAQs about Rewards