|70+||Finance & Tech||Peer Recognition |
Team Engagement |
Setu is a leading fintech API infrastructure provider that connects regulated financial institutions to companies who wish to deliver state-of-the-art fintech services to their customers. Setu’s mission is to accelerate India’s economic growth by making financial services accessible and affordable to all.
Last year they raised $15 million as a part of their Series A funding – led by Falcon Edge, Lightspeed Venture Partners, and Bharat Inclusion Seed Fund.
At the heart of Setu’s rapid growth, their team needed something to boost their existing company culture of peer appreciation. They already had an ongoing thank-you-corner as part of their weekly all-hands meetings (AHMs) where employees call out people who helped them out and it was always a feel-good section.
Setu wanted a more structured program that gave employees the freedom to recognize one another without any management oversight or sign-off required. They didn’t want their people to have to wait for the weekly AHMs or check-in meetings to give their thank-yous or pass on their appreciation. And, they also wanted to gamify the process using their engaging Slack culture.
🤩 EngageWith at Setu - Detailed Analysis
🎬 Rollout and adoption
The team implemented EngageWith in under an hour with the help of our Dedicated Account Manager. (Yes, we assign DAMs as soon as you sign up with us!)
EngageWith was introduced to all their employees at a team all-hands meeting. Each Setuzen received point allowances that renew monthly and could be used to give Kudos/Shoutouts to anyone and everyone in the company.
The platform was embraced and adopted by the team without any training. Moreover, they tied recognitions to core company values which helped instill and reinforce the Setu way of working.
Within the first month, more than 75% of users had given at least one Kudos/Shoutout while close to 80% had received one. The best part? 10K+ reward points were redeemed in less than 30 days.
🤝 Building a culture of recognition & gratitude
The idea behind EngageWith is simple.
People give Kudos or Shoutouts to their peers to celebrate wins big or small. It can be for little things like being a nice onboarding buddy, for quick turnaround time on tasks, and can go all the way to big things like upping biller count and revenue stats.
But when you look past the fun and discover its purpose, you’ll begin to understand why EngageWith is helping companies build the culture they always wanted.
It breeds healthier teams by leveraging acts of gratitude. It helps you with increased satisfaction, happiness, and pro-social behaviors inside your company.
Talking to Setu’s Head of People Ops – Ruby Jane,
Yes. That’s correct. Rightly so, here’s what Setu achieved after they started using EngageWith:
95% of employees are active on EngageWith
90% of employees have either sent or received recognition
>35% of recognitions were cross-team
250+ recognitions exchanged
10x increase in cross-team collaboration
40K+ points redeemed
🗓️ Transforming monthly rewards program
One innovative approach Setu used (something even we did not figure out tbh) was linking their monthly team reward and recognition program using EngageWith.
How does it work? Simple.
“We have a monthly team reward and recognition (R&R) program that lets each team lead nominate one member of their function or any other function for that month’s R&R. Awardees are rewarded with EngageWith points which they can redeem to get things they actually like rather than us forcing something standard on them. This way, we were able to keep our monthly awards personalized, transparent, and engaging. Huge shoutout to EngageWith for custom-building this feature for us and helping us see it through.”, expressed Ruby delightedly.
PS – if you are looking out for a robust monthly rewards program you can always get in touch with us – [email protected] We’ll be more than happy to build one for you.
🎁 More point redemptions = Increased employee happiness 😄
Yes, EngageWith is more than just recognition. The points you earn can be used as a currency. You can redeem them on your preferred platforms like Amazon, Nike, Dominos, and so on.
Ruby excitedly added, “There’s a buzz around who’s topping the leaderboard since we present this as part of our All-Hands-Meetings. It’s always fun to see the ‘bhasad’ that goes on when there’s a tie for the top spot. The plethora of options that can be availed using EngageWith ensures people are redeeming their points for fun vouchers.”
📝 Our take
When you look beyond the fun side of culture-building, you’ll discover why EngageWith is loved by companies across the world. We work with teams to ensure they’re getting the most out of their people by providing a powerful platform for them to build their own recognition engine.
In simple words, the moment you give your first recognition – you can see why EngageWith is the best way to improve your company culture. And we’re happy to do it.
Thank you for reading,
– Team EngageWith.