This is the key to control all the Tokens that are sent: the Plans!
What is a plan?
In BonusBank, to send Tokens and control the times when Tokens can be sent and how many of them, we use Plans.
Plans are token-related periods where people can send specific tokens.
A Plan has an owner (the manager), it can be associated with a team and will always have a starting date and an ending date. There are two types of Plans:
The Recognition Plan. This type of Plan is based on transforming human capital with continuous positive reinforcement and "peer-to-peer coaching". During this period, Tokens are meant to give feedback about the performance of a team or an employee so they can reach their full potential. You can select various Tokens for the Plan from different categories.
The Incentive plan. This type of plan is based on making people feel valued and let them build up a stake in a positive outcome. During this period, Tokens are different, because they can be exchanged by cash or prices. In this type of Plan you will select a Token, and its value, both in quantity and cash. Additionally, the Incentive plans need to be validated by the manager once they have ended, in order to check if the condition is accomplished. If the plan is valid, the Tokens will be sent. Managers can also deny these Plans if they think it is necessary. Once the Plan is confirmed and the Tokens are sent, the manager will confirm the Plan, as all Tokens are sent.
Now that we've got the Plan types covered, let's head to another key characteristic of the plans: Rounds.
What are the Rounds?
Rounds allow Plans to exist in a certain time, and stop working once they have expired. Managers can not only set the start and end of the round, but can also determine its frequency!
A round is a time when a fixed amount of Tokens can be sent by the leader or everybody. There will be a limited number of Tokens for each one to send per round, and managers will be the ones who set this value. Also, they will determine its frequency: monthly or weekly and the total amount of Tokens will be assigned. The Plan will be divided into these rounds.
Now that we have explained WHAT are the Plans, let's see HOW we can bring them to reality.
How Plans are made
To create a new Plan, we have to go to the (+) button on top of the app, and we'll enter a form screen. Let's see step by step what information we need to provide:
Type: in the Plans screen, the first thing we must define is what type of plan do we want to create. If we want a Plan to give feedback to the employees, Recognition Plan will be the one. If we want to give exchangeable Tokens, an Incentive Plan will suit better.
Frequency: once we've got the Plan type, we'll go in detail about the timing of the Plan. We have to select the frequency of each round of the Plan: Monthly or Weekly.
Who can send Tokens: once the timing is defined, we have to decide WHO will be able to send tokens. Do we want all the members to send Tokens? Or only the leaders?
Ending Date: here we set when the Plan will be disabled and will stop running the rounds.
Recognition Plans: in the Recognition Plans, we will see in this screen each Token category available for our plan. Inside each category (skills), we can add the Tokens (behaviours) that we want for our Recognition Plan.
Incentives: if we have selected an Incentive Plan, we will see the Token categories and their tokens, related to monetary and non-monetary rewards. If we add a Token, a pop-up will be displayed. In this pop-up, we'll select the total amount that we want to distribute.
In this screen, we just set the title and the description of our plan. However, if we have an Incentive plan, we will have to set a condition. A condition is a statement about what is needed to do in order to earn the value of the Token. Also, in the Incentive Plans, we will also have an option to automatically confirm the Plan once is ended. Confirming the Plan means that the Tokens earned will be sent to its owners.
Our Plan is done! Now you can use it to make transfers and start sending Tokens!