The Top 11 Best Employee Recognition Platforms in 2020

There are two main pricing models for employee rewards programs.  The first is the “market place” model.  In this case, the employer is paying a percentage of their spend on the platform.  This is great because generally speaking the more you spend, the more your program is a success.  So, this is basically value based pricing.  It’s also great because it’s usually free to start (outside of implementation fees), making pilots very easy.

Here are some guidelines on pricing for these types of employee rewards programs:

Employees          Annual Spend          Fee as % of Spend          Vendor Fee

‍100                     $40,000                  18%                                 $7,200

1,000                  $400,000                10%                                 $40,000

10,000                $4,000,000             6%                                  $240,000

The second pricing model is the standard per employee per month.  This also makes sense for the companies who are engaging your employees on a frequent basis, and are perhaps doing more than just employee rewards and recognition.  Here’s what we’ve found pricing looks like for for these types of employee rewards platforms:

Employees          Price/Employee/Mo          Total Fee

‍100                     $10                                     $12,000

1,000                  $9.50                                  $114,000

10,000                $5.70                                  $684,000

Please note these pricing schemes are general guidelines to help with budgeting and not meant to be hard and fast rules.  There are many factors that go into pricing.  We’re also trying to offer advice on what to expect across several vendors, each of which charge a bit differently.

If you’re looking at multiple employee rewards platforms, it will become very hard very quickly to keep track of which vendor had which feature set.  We’ve put together the below spreadsheet to help you stay organized, and choose the right rewards and recognition platform.  It has some example questions, but of course feel free to modify it to meet the criteria that matters to you!

For those looking for some inspiration, here are some examples of employee rewards that we think are interesting and will have a significant impact on your program.  Please note that your employees may very well want some company branded swag as part of their rewards catalogue.  However, the number one complaint from employees is when this is the only option available.  Ok, here are some employee reward examples:

• Community Events: One of the best ways to enjoy employee rewards is by sharing the love with your colleagues via buying the office cookies, or throwing a pizza party.
• Giving Your Rewards: Some of the most popular reward options are always transferring your points/dollars to another employee.  Make sure your employees have the ability to take what they’ve earned and send them to a deserving colleague.
• Donations: Of course, donating your points to a charitable cause always feels good.
• Non-Monetary: The best employee rewards can be interesting activities that don’t cost a dollar - lunch with the CEO, the ability to give a talk to the rest of the organization, etc.
• Trips: Trips can be a bit on the pricier side.  That said, we always hear when one of our friends is going on an expenses paid trip after reaching President’s Club, a ten year anniversary, or some other large achievement.
• New Parents: There is a reason why every CPG brand out there wants to engage with new parents - this is a time when emotions can run high and every bit of help is appreciated!  Plus, there are a lot of great employee perks out there for new moms and dads including pre-natal yoga, baby clothing, spa days, etc.
• Recognition: Being recognized is a key part of any employee rewards program, and it can also be the reward itself.  Giving people kudos over slack, in company meetings, or on social media is a great way for employees to feel good about the work they’re doing.
• Company Swag: Maybe this should be labeled “company swag you actually want.”  Invest a little extra to get those soft cotton shirts that people want to wear, or the Yeti mug vs the one that costs $1.  The extra money is worth getting the point across that your employees are valued.  Plus, higher quality means more use and more branding!
• Your City: What makes your city great?  Your sports teams?  Specific restaurants or activities?  These are all amazing examples of employee perks to offer.
• Exercise: Many people love to exercise, but either don’t have the time or find it hard to justify spending the money.  Give a luxurious exercise experience to your deserving employees - spinning classes, yoga, or even a high end piece of equipment like a Peloton.
• Learning: The job market keeps changing, and the shelf life of most hard skills are less than a few years.  People need to keep learning, and will appreciate getting reimbursed for taking an online course, or going to a conference.  Plus, you now have an even more capable member of your team!
• Relaxation: Work can be stressful.  Life can be stressful.  Give the gift of relaxation.  This can take the form of a massage, day off, weekend away, night out at a local favorite restaurant, or really anything else that gives people time to slow down and regroup.
• Everything else: So, there is a lot of value in suggesting/curating employee perks and rewards.  But, there is also value in offering variety.  Seek out ways that you can allow your employees to pick their own gifts from a few hundred options as opposed to a narrow set of rewards.