In 2023, only 33% of employees were engaged with their work, costing the economy $1.9 trillion in lost productivity.
The severity and extent of this issue prompted employers to seek innovative solutions like Awardco, an employee recognition platform that facilitates workplace appreciation by offering customizable awards and incentives.
The provider intertwines modern technology with timeless workplace practices to improve the employee experience, enhancing employee engagement and satisfaction.
In this insightful Awardco review, we take a closer look at the platform’s performance, examining how it impacts companies and their bottom lines.
At the height of the “Great Resignation“, one of the main reasons for quitting, as reported by McKinsey, was not feeling valued in the workplace.
Research also indicates that recognition was the best motivator for 40% of employees, hinting at the importance of employee incentive programs, especially when engagement is low and retention is high.
In fact, the data further shows that employee recognition increased performance and productivity by 14%, loyalty by three times, and engagement by four times.
Voluntary turnover, on the other hand, was lowered by 31%.
As benefit trends change to mirror the evolving needs of the workforce, finding the right one becomes a top priority for employers.
Incentives emerge as a crucial tool for businesses seeking to engage and motivate employees effectively, and Awardco plays a significant role in this by delivering innovative solutions that streamline the recognition process.
Awardco is a leading developer of employee recognition software.
Since 2012, its goal has been to help businesses reduce costs and redirect budgets back to employees while boosting productivity and building company culture.
Thanks to its partnerships with Amazon Business and other reputable vendors, the company boasts one of the largest global award catalogs.
However, this is just one of its defining attributes.
As part of our Awardco review, we look into the provider’s features, advantages and disadvantages, pricing structure, alternatives, and success stories.
Pairing with large reward networks has made it one of the most comprehensive products for mid-to-large size corporations looking to acknowledge employees’ efforts, milestones, and achievements.
However, customizable service awards are also a core aspect of this provider, providing organizations with the flexibility to design unique experiences tailored to their employees’ accomplishments.
Whether the incentives are monetary or not, personalized or from a catalog, Awardco ensures that every recognition moment is memorable and meaningful.
The platform’s user-friendly interface also contributes to its popularity, as do its robust functionalities.
Awardco automates and manages recognition programs in one comprehensive platform designed to address the diverse needs of modern workplaces.
The provider offers a range of functionalities aimed at enhancing the recognition and reward process, with some of its key features being:
Due to its extensive features and potential cost implications, Awardco may not be suitable for small businesses or startups.
|
Pros of Awardco |
Cons of Awardco |
|
|
|
|
|
|
|
|
This subscription-based provider offers its customers three price plans: Core, Plus, and Pro. Prices are available upon request and vary depending on the extensiveness of the plan’s features.
The first and most simple of the three, Core, delivers solutions tailored for small to medium-sized companies. However, it covers only the basics, leaving our more advanced functionalities like nominations and incentives, spot recognition, or smart award networks, all of which are included in the Plus subscription.
On the other hand, Pro, as the most comprehensive plan, comes with exclusive features like custom programs and catalogs, LSAs, nominations and approvals, and physical awards.
Awardco doesn’t offer a free trial.
While Awardco delivers a robust solution, other options may cater to different organizational needs.
For example, peer-to-peer recognition platforms like Nectar HR or WorkTango focus on fostering a culture of appreciation through social recognition.
WorkProud, on the other hand, balances traditional values with a modernized approach to employee incentives.
Those looking to leverage rewards beyond Amazon may find Guusto a suitable match since it provides a unique approach with personalized gifting experiences.
Ultimately, each of these alternatives offers unique features and focuses, allowing organizations to choose the solution that best aligns with their goals and company culture.
With over four million users spanning 143 countries and 16 million recognitions in the past year alone, Awardco has contributed to many success stories.
One of which is ClickUp.
The company changed its outdated manual recognition program with Awardco’s automated one to enhance productivity, strengthen the company culture, and get their ROI with a 94% recognition rate and a 75% redemption rate.
Another case study for the American First Credit Union shows that AFCU saves 296 work hours in administration time annually with the provider. Moreover, the credit union has a 307% month-to-month increase in recognition.
Fortune 500 company Hertz, on the other hand, used Awardco to provide a consistent incentive experience for over 24,000 employees globally. As a result, they created 14 different recognition programs running at once, increasing employee participation and engagement.
Similar stories from companies like Paramount, CloudFit Software, BPM, and Percepta show that this provider delivers solutions that meet diverse business needs and provide tangible results.
Overall, from personalized awards to automated incentive programs, this provider delivers a seamless experience that celebrates achievements and fosters camaraderie. In doing so, Awardco helps organizations foster a culture of appreciation, creating an engaged, loyal, and productive workforce.
Disclosure: Some of the products featured in this blog post may come from our partners who compensate us. This might influence the selection of products we feature and their placement and presentation on the page. However, it does not impact our evaluations; our opinions are our own. The information provided in this post is for general informational purposes only.
Content Writer at Shortlister
Browse our curated list of vendors to find the best solution for your needs.
Subscribe to our newsletter for the latest trends, expert tips, and workplace insights!
Progyny stands today as the industry’s most comprehensive family building and women’s health benefits solution, leveraging a transformative benefit design, the largest actively managed network of fertility and women’s health specialists, and a clinically connected member experience that includes proactive clinical and digital touchpoints.
Recognition, as a concept, rarely suffers from a lack of enthusiasm. However, when it comes to execution, too many organizations default to doing nothing at all because the budget feels too tight to justify.
MetLife is one of the world’s leading financial services, offering a wide range of insurance, annuities, employee benefits, and asset management solutions.
A “small” disciplinary infraction can quickly snowball into a wrongful-termination claim. Do your policies, documentation, and managers hold up?