Bonusly released new product enhancements in the hopes of increasing productivity and retention. The updates include an improved user experience, manager analytics, custom feeds and new reward catalog features. The company said the launch of the new capabilities will further its goal of helping organizations create cultures of appreciation.
Bonusly contends that retaining employees – especially high-performing, productive employees – is more challenging than ever. A recent study from the U.S. Bureau of Labor Statistics found that labor productivity decreased 2.7% in the first quarter of 2023, which represented the biggest decline in 75 years.
“Everyone has felt unappreciated at work at some point in their career, and many people have left a job because of it,” said Bonusly Founder and CEO Raphael Crawford-Marks. He said the new capabilities will help managers and employees deliver and receive the recognition needed for companies to foster a culture of appreciation.
Recognition and Productivity
With these latest additions to the platform, the company said, employees and HR teams will be able to:
- Manager analytics to aid productivity and retention: The platform will now enable managers to identify direct reports who need additional and meaningful appreciation. A new Compare Rates feature allows leaders to compare recognition rates across different organizational segments, enabling them to focus on teams and employees that need extra support.
- Custom Feeds to maximize the impact of recognition, which enables users and administrators to create and follow personalized recognition feeds based on team, department or location.
- A Streamlined Rewards Experience: A new reward, Points Boost, will allow users to receive more points before they run out — increasing recognition participation.
In March, Bonusly secured $18.9 million in Series B funding led by Ankona Capital. Prior investors FirstMark Capital, Access Venture Partners, and Next Frontier Capital also participated. The company said the funding would be used to further enhance its platform as well as build upon its existing analytics capabilities.