Normal workplace bonuses have long been distributed by traditional ‘spot award’ types, which reward the best overall performers in a month. The trouble with this format is that workers who are unpopular with the management for any reason can lose out, regardless of how hard they are working. A new system called Bonus.ly gives the power to employees, who can decide the bonuses on a peer-to-peer basis.
Bonus.ly is a website which allows management to allocate a budget for their monthly bonuses, of which the workers can take small quantities and reward their colleagues. The founder of Bonus.ly comments that the ‘knowledge economy’ has a more scattered responsibility system; that peers are more able to assess each other’s work than a manager could.
Another benefit of Bonus.ly is that managers are able to identify the dynamics within a team, able to take note of the popular and unpopular members of the workforce. In response to criticism that friends will reward each other, the founder commented that the transparency of the bonus system will prevent that outcome as everything is publicly listed on the Bonus.ly feed.
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