You’ve probably never heard of a bonus system quite like this.
ING Entertainment has developed a unique system that lets employees chose which of their co-workers gets the biggest pieces of the profit sharing pie.
The company calls it “viral pay,” according to a report in Fast Company magazine.
Here’s how it works: Twice a year, in January and July, ING calculates how much profit there is to share. Based on that figure, it distributes “tokens of appreciation” worth $1 a piece among its employees. Then employees must give all their tokens away to their co-workers.
Employees can give the tokens to whomever they want, except ING’s president.
Workers are not told the names of those who gave them tokens.
The company does publicize the number of tokens received by top employees, as well as the average amount employees received.
Managers are also given tokens to give to strong performing employees they feel may have been overlooked in the token giveaway.
Three benefits of the program, according to ING:
- It allows workers to recognize co-workers who’ve contributed to their success and the company’s performance
- It helps confirm to management who the company’s star performers are — as well as identifying who needs the most help, and
- It’s a great motivator for lower performers.
Those who receive a below average amount of tokens strive to do better next time, ING’s VP Greg Silva told Fast Company.
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