Cogent Biosciences, a biotechnology company dedicated to precision therapies, began a mission to boost employee engagement by partnering with Wishlist 18 months ago. Their goal was clear: foster peer-to-peer recognition and stimulate employee interaction with the platform. Cogent’s aim was to boost company productivity and recognition through a rewards system that provided customization and flexibility. Their strategic approach has yielded incredible success and mirrors companies transitioning from unlimited PTO to designated time-off models, demonstrating a shift toward structured engagement strategies.
Prior to Wishlist, Cogent found that using simple gifting tools felt impersonal and limited. When an employee's efforts deserved recognition, the available options felt generic and didn't capture the importance of their contributions. They desired a shift beyond the standard pat-on-the-back recognition. Cogent wanted an inclusive system where colleagues could express appreciation for each other's achievements in a meaningful way.
Upon joining Wishlist they were excited to see the extensive platform and the personalization it provided. They wanted to design a program that tested their hypothesis of having no limits on what their employees could reward their peers. Originally, they thought this would encourage employees to recognize their co-workers more often than not. However, they soon realized that the absence of predefined budgets left the process unclear and inconsistent.
The Importance of Budget Allocation:
Noticing that their employees weren’t engaging with the platform nearly as much as they had hoped, they knew they had to change their strategy. They did so by providing clear financial boundaries. Adjusting their approach, they set a hard dollar limit on what their employees were allowed to reward their peers. By doing so, they witnessed a big shift in engagement with the platform. These defined limits encouraged employees to appreciate each other more intentionally and frequently.
This strategy taps into a psychological concept: when there are clear boundaries, people tend to act more intentionally. It's similar to the idea of structured time off vs. unlimited vacation policies. Cogent thought they would spur engagement on the platform by not putting limits on how much employees could recognize/reward one another. What they saw was that the utilization of the program was less than they had hoped and budgeted for. This is similar to what employers with Unlimited PTO policies see. When there are undefined limits, employees end up taking less advantage not more because there are not clear boundaries and they do not want to accidentally overstep. Putting clear limits in place actually empowers employees because they know what is expected and they can act accordingly. Similarly, defined vacation days often result in more planned and meaningful breaks, setting a defined budget limit allows Cogent’s employees to value each other's efforts more thoughtfully within the workplace.
Cogent's partnership with Wishlist allowed them to not only increase employee engagement, but allowed them to create a rewards program that was adaptable. They were able to recognize a problem and implement a solution that yielded results almost overnight. Wishlist's platform allowed them to customize their program and make it suit their needs. This adaptability not only increased employee engagement but also encouraged active participation, accomplishing Cogent’s overall goal.
With a workforce of 161 employees, Cogent Biosciences saw an impressive 3x increase in their average rewards spend just one month after setting clear monetary boundaries that employees could give to their peers. At the same time, their average recognition efforts increased by a remarkable 12 times following the implementation of budget parameters. This significant increase signaled a positive shift in employee behavior. The new spending limits caused more people to use the platform, with employees actively participating in recognizing each other's efforts. The data showed a clear connection. Setting boundaries acted as guardrails, making employees acknowledge their peers more often and sincerely. This increased engagement indicated a boost in the culture of recognition within the company.
The impact of Wishlist was clear. Employees had more engagement and personalized experiences. One employee shared how they used Wishlist for a guided hike in Seattle. They were impressed by the platform's ability to provide personalized experiences.
Cogent's collaboration with Wishlist elevated their employee engagement initiatives and improved their workplace culture. The structured budget, combined with adaptable platform features, empowered their workforce to engage in purposeful recognition.
As Cogent continues its strides in biotechnology, their partnership with Wishlist demonstrates the power of employing the right tools and a thoughtful approach to drive positive change, enabling employees to value each other's contributions in meaningful ways.
