Want to encourage employees to redeem their points and stay engaged with your recognition program? Point expiration is a great way to do that. It can also help your organization with financial planning by reducing the liability of outstanding points.
So, how does it work? Let's dive in. 👇
- Incentivize Redemption: Expiring points can create a sense of urgency, encouraging users to redeem their points instead of letting them sit in their wallets.
- Encourage Engagement: By knowing their points have a limited lifespan, users are more likely to stay active and participate in your programs.
- Simplify Financials: For your organization, this feature can help with financial planning by reducing the liability of outstanding points. Any expired points are credited back to your account on your next invoice.
How to Enable Point Expiration
You can easily set up point expiration for each Award Network in the platform's Admin settings.
- Click "Enter Admin" in the top navigation menu.
- Select "Marketplace," then "Award Networks" from the left navigation menu.
- Choose the desired Award Network tile.
- Click on the "Point Expiration" tab.
- Toggle Point Expiration "On" and set the number of months until points expire (1-72 months).
- You can also toggle "Yes" to send an email notification to users 7 days before their points expire. Be sure to create a "Points Expiring" email template using the Email Template Easy Editor.
- Press "Save Changes."
Important Things to Remember
- Communication is Key: Be sure to clearly communicate your point expiration policy to your users. You can even use the {{PointExpirationDate}} variable in your email templates to show the exact date points will expire.
- Timezone Awareness: Points expire at 12:00 AM UTC on the first of the following month. For example, points set to expire on November 1 will expire at 7:00 PM EST on October 31. This is important for users in different time zones, so be sure to let them know!
- Point Visibility: Users can always see how many points are set to expire in their user widget on the homepage and the Spend Points page.
Have any questions or your own tips to share on this topic? Drop them in the comments below!
