10 Employee Rewards Software: Pricing & Reviews [2024 Guide]

In today's competitive business environment, organizations are continually searching for effective ways to create a positive workplace culture, enhance employee engagement, and retain top talent. Employee rewards software like Matter offers powerful tools to recognize achievements, give kudos, and gather valuable insights through Feedback Friday sessions and survey feedback. This guide delves into the top 10 employee rewards software for 2024, supplying comprehensive details regarding their pricing, features, and customer evaluations to assist you in selecting the most suitable solution for your company.

10 employee rewards software: features, pricing, and customer reviews

1. Matter

About Matter: Matter is an innovative employee recognition software designed to enhance employee engagement and foster a positive workplace culture. Matter integrates seamlessly with Slack and Microsoft Teams, allowing employees to give kudos, participate in Feedback Friday sessions, and provide survey feedback easily and frequently. The platform is built around creating a culture of continuous recognition and feedback, helping organizations align recognition efforts with their core company values.

Matter main features:

• Kudos sharing: Facilitates real-time peer-to-peer recognition through customizable kudos cards, making it easy to recognize achievements, promote positive behaviors, and strengthen company culture.
• Feedback Friday: Prompts employees weekly to share feedback, fostering open communication and team engagement. Feedback Friday sessions are fully customizable to align with an organization's values and schedule.
• Survey feedback tools: Provides automated survey distribution with various templates, including employee net promoter score (eNPS), onboarding, and exit surveys. These surveys are integrated with Slack and Microsoft Teams, ensuring high participation rates.
• Reward options: Offers a range of rewards, including digital gift cards, company swag, and charitable donations, allowing employees to choose rewards that resonate with them.
• Advanced analytics: Delivers insights into engagement trends, recognition effectiveness, and employee sentiment, enabling organizations to measure and enhance their recognition programs.
• Seamless integration with Slack and Microsoft Teams: Ensures recognition and feedback are integrated into everyday workflows, making it easy for employees to participate and feel valued.

Matter pricing:

• Free Forever: $0/user/month
• Basic: $1/user/month, billed annually
• Pro: $3/user/month, billed annually
• Pro + Surveys: $5/user/month, billed annually

For more information, please visit the Matter pricing page.

Matter G2 score: Matter has a G2 score of 4.7/5 based on user reviews.

Notable Matter customers: Sephora, Petco, Shell, Siemens, JiffyLube, Microsoft, SXSW, Bolt, True Classic, and Carrier.

What Matter customers are saying on G2: “Matter helps our employees feel more valued, rewarded, and recognized. It’s a very fun and easy-to-use platform that has created a positive experience and engagement for our people while also helping to reinforce our core values daily.” - Taylor Rapp, Director of People & Culture at True Classic

2. Bonusly

About Bonusly: Bonusly is a leading employee rewards and recognition software designed to build high-performing cultures by fostering a sense of appreciation and connection among employees. The platform enables peer-to-peer recognition, allowing employees to give and receive small bonuses in real-time, which can be exchanged for various company swag, charitable donations, and gift vouchers. Bonusly integrates seamlessly with communication tools like Slack, Microsoft Teams, and popular HRIS systems, making recognition easy and a natural part of the daily workflow.

Bonusly main features:

• Peer-to-peer recognition: Encourages employees to recognize each other's contributions through a social recognition feed, promoting a culture of appreciation and connection across the entire organization.
• Custom rewards catalog: Offers a wide range of meaningful rewards, including gift cards, cash, charitable donations, and branded company merchandise, allowing employees to choose rewards that matter to them.
• Automated milestones: Automatically celebrates important events such as birthdays and work anniversaries, ensuring consistent recognition without manual tracking.
• Advanced analytics: Provides insights into recognition trends, employee engagement levels, and team dynamics, helping organizations make data-driven decisions to improve their recognition programs.
• Seamless integrations: Integrates with tools like Slack, Microsoft Teams, Zenefits, BambooHR, Workday, and ADP, ensuring recognition fits naturally into existing workflows and systems.

Bonusly pricing:

• Appreciate: $2/user/month, billed annually
• Connect: $5/user/month, billed annually
• Achieve: $7/user/month, billed annually

For more information, please visit the Bonusly pricing page.

Bonusly G2 score: Bonusly has a G2 score of 4.7/5 based on user reviews.

Notable Bonusly customers: Toast, Tactile Medical, Seat Geek, Qualtrics, PaloAlto Networks, MongoDB, and Headspace.

What Bonusly customers are saying: “The aspect of gifs and uploading photos and a fun UI with funny messages about bugs is nice. Creates a system of a popularity contest. It's added a bit of fun. But not a replacement for lousy workplace culture.” - Verified User in Apparel & Fashion

3. Awardco

About Awardco: Awardco is a global employee rewards and recognition platform that partners with Amazon Business to provide access to millions of reward options. The platform supports various recognition programs, including peer-to-peer recognition, service awards, and incentive programs. Awardco's unique offerings include a rewards marketplace, lifestyle spending accounts, and seamless integration with tools like HRIS systems and Slack, making it a comprehensive solution to reward employees and give employee recognition.

Awardco main features:

• Extensive rewards network: Offers a wide range of rewards, from Amazon products to gift cards, experiences, and more, with no markups or additional fees.
• Automated recognition: Automatically celebrates milestones like work anniversaries and birthdays, ensuring consistent recognition.
• Data-driven insights: Provides advanced analytics to measure the impact of recognition programs and track employee engagement.
• Seamless integrations: Integrates with various HR tools, streamlining recognition processes within existing workflows.

Awardco pricing: Pricing is not listed on the website. To learn more about pricing, you'll need to schedule a demo/sales call with Awardco.

Awardco G2 score: Awardco has a G2 score of 4.8/5 based on user reviews.

Notable Awardco customers: Visionworks, ClickUp, Ultradent, Pilot, Texas Roadhouse, TaylorMade, and Hunt Brothers Pizza.

What Awardco customers are saying: “As the company admin on the account, I am usually troubleshooting issues for our employees myself and when communicating from our CSM we hardly ever hear back. There is simply not enough support from the employer's side of things. The features are also very limited. Many competitors have a social platform and have customized recongitions and Awardco seems very lackluster compared to the top tier competitions. It does appear that they are trying new things and rolling out new features but these have been disappointing and don't really help us achieve our main goal of retention and recognition.” - Verified User in Information Technology and Services

4. Achievers

About Achievers: Achievers is an employee recognition and rewards software platform designed to enhance employee engagement and foster a culture of appreciation. The platform focuses on creating a continuous recognition environment by enabling frequent, real-time recognition from managers and peers. Achievers offers a comprehensive solution that integrates seamlessly with tools like Slack, Microsoft Teams, and Workday, making it simple for employees to give and receive praise in their regular processes.

Achievers main features:

• Social recognition: Encourages employees to recognize their peers for exemplary work through a social recognition feed, developing a strong culture of gratitude and inclusivity throughout the organization.
• Points-based rewards: Motivates employees by allowing them to earn points for recognition, which can be redeemed for various benefits, including items, experiences, gift cards, and charitable contributions. The platform's global rewards marketplace includes options from over 2,500 brands, covering nearly 190 countries.
• Advanced analytics and insights: Provides powerful reporting tools for evaluating the impact of recognition programs, tracking employee engagement, and making data-driven decisions to improve workplace culture.
• Integration capabilities: Seamlessly integrates with various tools, such as Slack, Microsoft Teams, and HRIS systems like Workday, to ensure recognition efforts are embedded within everyday workflows.

Achievers pricing: Pricing is not listed on the website. To learn more about pricing, you'll need to schedule a demo/sales call with Achievers.

Achievers G2 score: Achievers has a G2 score of 4.7/5 based on user reviews.

Notable Achievers customers: Discover, Samsung, General Motors, Kellanova, Dyson, Scotiabank, Panasonic, and CVSHealth.

What Achievers customers are saying: “The system does provide a full selection of Amazon item - the ones that are really good aren't typically available. The biggest issue is with delivery and tracking the status on the UI is very poor on giving the shipping status. No email updates are provided so you need to log in and see that a poorly worded status has changed which may indiciate that an item has been delivered. Customer Service was ineffective, good an responding and but not at taking action.” - Verified User in Computer Software

5. Nectar

About Nectar: Nectar is an employee recognition and rewards platform designed to build a positive company culture by making recognition simple, frequent, and meaningful. The platform allows organizations to promote core values, boost engagement, and enhance retention through peer-to-peer and manager recognition. With Nectar, employees can earn points for shoutouts redeemed for a wide range of rewards, including gift cards, Amazon products, branded company swag, and charitable donations​.

Nectar main features:

• Peer-to-peer recognition: Employees can give shoutouts in a social feed, allowing for frequent and meaningful recognition that aligns with company values.
• Diverse reward options: Offers multiple reward types, including Amazon products, gift cards, branded company swag, custom rewards, and charitable donations. Employees can choose rewards that best suit their preferences.
• Automated milestone celebrations: Automatically sends recognition for important events, such as birthdays and work anniversaries, ensuring consistent acknowledgment.
• Integration capabilities: Seamlessly integrates with platforms like Slack, Microsoft Teams, and various HRIS systems, making recognition easy and accessible within existing workflows.
• Custom challenges and analytics: Enables the creation of custom challenges, like wellness activities and feedback surveys, and provides robust analytics to monitor recognition trends and engagement levels​.

Nectar pricing:

• Plus $5/user/month, billed annually
• Premium $6/user/month, billed annually
• Custom [Book Demo for Quote]

For more information, please visit the Nectar pricing page.

Nectar G2 score: Nectar has a G2 score of 4.7/5 based on user reviews.

Notable Nectar customers: Redfin, SHRM. Lasko, Heineken, MLB, Calendly, and Golden State Warriors.

What Nectar customers are saying: “An encouraging way to connect with people. It seems like a way to just obtain a reward for sake of false encouragement.” - Verified User in Primary/Secondary Education

6. Motivosity

About Motivosity: Motivosity is a people-first employee recognition and rewards platform designed to create a culture of appreciation, engagement, and connectedness within organizations. The platform emphasizes peer-to-peer recognition, frequent appreciation, and meaningful rewards to boost employee satisfaction and retention. Motivosity's unique approach includes tools that automate recognition, provide flexible reward options, and integrate seamlessly with existing workflows to make recognition a natural part of daily operations.

Motivosity main features:

• Peer-to-peer recognition: Enables employees to publicly appreciate their colleagues through a social recognition feed, fostering an appreciation culture at all company levels.
• Flexible rewards options: Offers a wide range of rewards, including gift cards, branded company swag, local experiences, and charitable donations. The innovative ThanksMatters Visa Card allows employees to choose how and when they want to be rewarded, providing flexibility and personalization.
• Automated milestones and awards: Recognizes key milestones such as birthdays and work anniversaries automatically, ensuring every significant achievement is celebrated.
• Engagement and connection tools: Features like pulse surveys, engagement metrics, and social recognition help organizations keep track of employee sentiment and engagement levels, making it easier to maintain a strong company culture.
• Seamless integrations: Integrates with platforms such as Slack, Microsoft Teams, and various HRIS systems to ensure recognition activities are embedded into everyday workflows.

Motivosity pricing: $3000 Minimum Annual spend. For more information, please visit the Motivosity pricing page.

Motivosity G2 score: Motivosity has a G2 score of 4.7/5 based on user reviews.

Notable Motivosity customers: Atlabank, Bosch, KPMG, WGU, GreatClips, Cotopaxi, FUJIFILM, and Salerabit ZionsBank.

What Motivosity customers are saying: “I love the idea of what it will be. I love the focus on positivity and improving the culture of your company. I'm very disappointed in thd customer care. You have to schedule an appointment to get help and it's very frustrating. We paid for the more expensive package and haven't even been able to accurately use it because they don't have the lead completely working correct. We spent A LOT of money to not get the help or compensation st least until they get the kinks worked out.” - Tresa B., Owner

7. Kudos

About Kudos: Kudos is an employee recognition and incentives platform created to promote a culture of gratitude and participation within businesses. It allows employees to recognize and celebrate each other's achievements through meaningful, peer-to-peer recognition. Kudos focuses on creating an inclusive, positive workplace culture by aligning recognition with company values and promoting continuous feedback.

Kudos main features:

• Social recognition: Encourages employees to send and receive recognition through a social feed, making appreciation visible and engaging across the organization.
• Customizable rewards: Offers a range of reward options, including gift cards, experiences, charitable donations, and custom rewards, allowing organizations to tailor recognition programs to their specific needs.
• Data-driven insights: Provides analytics and reporting tools to help organizations measure the effectiveness of their recognition programs and track employee engagement.
• Automated milestones: Automatically recognizes important employee milestones like work anniversaries and birthdays, ensuring consistent acknowledgment.

Kudos pricing: Pricing is not listed on the website. To learn more about pricing, you'll need to schedule a demo/sales call with Kudos.

Kudos G2 score: Kudos has a G2 score of 4.8/5 based on user reviews.

Notable Kudos customers: Engie, Chewy, Make-A-Wish, MTN, WilsonHCG, and MU Health Care.

What Kudos customers are saying: “I love that I can still keep up with my former team mates and reward them. The notifications get pushed down quickly when I'm checking them or if I want to find a specific birthday for an agent, it's hard to search.” - Verified User in Retail

8. Mo

About Mo: Mo is an employee recognition and incentives program designed to boost employee engagement and foster a sense of appreciation and belonging. The platform offers tools for celebrating achievements, fostering team connections, and recognizing employees in real-time. Mo allows organizations to customize recognition programs and automates celebrations for key milestones, such as birthdays and work anniversaries, while providing a flexible rewards system that includes gift cards, experiences, and custom rewards options.

Mo main features:

• Peer-to-peer recognition: Enables employees to easily recognize and celebrate their colleagues' contributions through public or private "Moments," enhancing team connections and fostering a sense of community.
• Customizable rewards: Offers various rewards, including gift cards from popular brands, cash vouchers, and the option to create a custom rewards store, enhancing the significance of employee recognition and customizing it to the preferences of each individual.
• Automated celebrations: Automates the employee recognition of key events such as new hires, anniversaries, and birthdays, ensuring every important occasion is acknowledged.
• Boosts for ongoing engagement: Provides automated prompts or "Boosts" to remind managers and employees to recognize each other regularly, helping to build consistent recognition habits.
• Advanced analytics: Delivers insights on recognition trends, employee engagement, and program impact, enabling organizations to make data-driven improvements.

Mo pricing:

• Appreciate: $2.25/user/month, billed annually
• Engage: $4.50/user/month, billed annually
• Transform: Talk to sales for pricing.

For more information, please visit the Mo pricing page.

Mo G2 score: Mo has a G2 score of 4.7/5 based on user reviews.

Notable Mo customers: AXOL, Quark, harrier, SGN, Punch, Ocado, Joseph Heller, Tottenham Spurs, Ovo Energy, Go CarCredit, and The Grand Brighton.

What Mo customers are saying: “Mo could become a great Mobile App. Currently what I don't like about Mo is that it still uses the web version which is a bit old school right now.” - Muhammad Ubaid A.

9. Vantage Circle

About Vantage Circle: Vantage Circle is a global employee rewards and recognition platform designed to enhance employee engagement, motivation, and workplace satisfaction. The platform offers a broad set of tools, including peer-to-peer recognition, rewards, and automated celebrations to foster a culture of appreciation and support. Over 400 global companies trust Vantage Circle and have onboarded 1.8 million employees worldwide, making it a favored option for enterprises seeking to enhance engagement and retention.

Vantage Circle main features:

• Social recognition and rewards: The platform allows employees to recognize each other's contributions instantly through a social feed, supporting both monetary and non-monetary rewards like custom awards, badges, and team awards. It also features a gamified leaderboard to foster engagement and positive workplace culture.
• Global rewards catalog: Vantage Circle offers a wide range of rewards, including a vast catalog of gift cards, merchandise, and experiences from global brands. The integration with Amazon Business allows employees to redeem their reward points for over 10 million products, providing flexibility and choice for every employee.
• Automated celebrations: The platform provides automated solutions for celebrating key milestones such as birthdays and work anniversaries, ensuring every significant occasion is acknowledged and celebrated. It also includes personalized service yearbooks to enhance the employee experience.
• Data analytics and insights: Vantage Circle includes an analytics dashboard that delivers real-time insights into employee engagement and recognition trends, allowing employers to make data-driven decisions to improve recognition programs.
• Seamless integration: The platform integrates smoothly with popular HR tools and communication platforms, such as Microsoft Teams, Slack, and various HRIS systems, ensuring recognition activities are embedded into daily workflows.

Vantage Circle pricing: Request a demo for pricing. A one-time setup fee is applicable to all plans. For more information, please visit the Vantage Circle pricing page.

Vantage Circle G2 score: Vantage Circle has a G2 score of 4.7/5 based on user reviews.

Notable Vantage Circle customers: Wells Fargo, Bosch, DHL, Infosys, Wipro, ACG, Landmark Group, and Blue Star.

What Vantage Circle customers are saying: “A simple way to send notes of appreciation and thank someone for a job well done. The dashboard is confusing. I find it hard to locate what I am looking for without clicking in and out of things.” - Michelle S.

10. Assembly

About Assembly: Assembly is an award-winning employee recognition and rewards platform designed to foster engagement, Create a healthy workplace atmosphere, and retain top personnel. With a focus on peer-to-peer recognition and integration into daily workflows, Assembly enables teams to appreciate each other in real-time without leaving tools like Slack or Microsoft Teams. The platform supports hybrid work environments by offering tools that celebrate achievements, provide actionable insights, and automate employee milestones such as birthdays and work anniversaries.

Assembly main features:

• Peer-to-peer recognition: Encourages employees to recognize their peers through a social recognition feed, enhancing engagement and promoting a sense of community.
• Customizable rewards: Offers a broad range of reward options, including gift cards, charitable donations, and personalized culture rewards, making it easy to tailor employee recognition to individual preferences.
• Automated celebrations: Automatically acknowledges important events like work anniversaries and birthdays with personalized messages, GIFs, and reward points, ensuring consistent recognition across the organization.
• Integration capabilities: Seamlessly integrates with various HR tools and communication platforms like Slack, Microsoft Teams, ADP, and Google Workspace, making employee recognition a natural part of everyday work.
• Data and analytics: Provides insights into employee engagement and satisfaction with easy-to-understand metrics, enabling organizations to make informed decisions about their recognition programs.

Assembly pricing:

• Recognition: $2 per member/month, billed annually
• Engagement: $4 per member/month, billed annually
• Digital HQ: $4 per member/month, billed annually
• Custom: Talk to sales for pricing.

For more information, please visit the Assembly pricing page.

Assembly G2 score: Assembly has a G2 score of 4.8/5 based on user reviews.

Notable Assembly customers: NESCO, StubHub, Coca-Cola, Perforce, Bambee, and Amazon.

What Assembly customers are saying: “I love the gifs! It makes relevant and adds a laugh/smile to the compliment you're either giving or receiving. The one thing I think I don't like is there is no way to give constructive criticism. Maybe have the "manager" or "admin" be able to receive anonymous feedback about others to help with employee reviews and what not.” - Verified User in Hospital & Health Care

What is an employee rewards software?

Employee incentives software is a digital tool that helps businesses successfully identify, reward, and engage their staff. It streamlines the process of appreciating employee contributions, enhancing motivation, and fostering a positive workplace culture. This software often includes features like peer-to-peer recognition, customizable rewards, automated milestone celebrations, and analytics tools that help track and improve employee recognition efforts.

Key benefits of employee recognition software

1. Enhances employee engagement: Rewards software helps increase employee motivation and engagement by providing frequent and meaningful recognition. Engaged employees are more productive, contented, and inclined to remain with the company for an extended period.
2. Promotes a positive workplace culture: Employee recognition software encourages a culture of appreciation and recognition, where employees feel valued and connected to their organization's mission and values.
3. Improving retention rates: Recognizing and rewarding employee contributions reduces turnover by creating a more satisfying and supportive work environment.
4. Facilitates continuous feedback: Many reward platforms include tools for collecting feedback, such as surveys and pulse checks, to help organizations better understand employee sentiment and improve their recognition strategies.
5. Supports hybrid and remote teams: Rewards software helps maintain engagement and connection among remote or hybrid teams by providing a centralized platform for employee recognition and rewards, regardless of location.

Overall, employee recognition software is an essential tool for modern organizations aiming to enhance engagement, build a strong culture, and retain top talent. It establishes a disciplined approach to recognizing and rewarding employees and a sense of belonging and appreciation supporting long-term success.Why is employee rewards software important?

Why is employee rewards software important?

Employee rewards software is crucial for organizations looking to enhance employee engagement, foster a positive company culture, and retain top talent. Here's why implementing such software is essential:

1. ‍Increases employee engagement: Employee recognition software helps keep employees engaged by providing regular recognition and rewards for their hard work and contributions. This recognition fosters motivation, increases productivity, and encourages employees to remain committed to their roles. Engaged employees are more likely to go above and beyond in their duties, driving better overall performance.‍
2. Builds a positive company culture: Employee recognition platforms helps to cultivate a positive workplace culture by integrating appreciation into the everyday routine. It promotes a culture where achievements are celebrated, and employees feel valued and connected to the organization's mission and values. This kind of culture improves morale, boosts collaboration, and strengthens team cohesion.‍
3. Enhances employee retention: Frequent and meaningful employee recognition through rewards software can significantly reduce employee turnover rates. Employees are considerably less inclined to pursue employment opportunities elsewhere when they perceive that their contributions are valued and acknowledged. A strong rewards program helps create a supportive environment where employees feel respected and motivated to stay with the company.‍
4. Facilitates continuous feedback and recognition: Many employee rewards platforms, like Matter, offer tools for peer-to-peer recognition, enabling frequent, real-time appreciation. Additionally, features like Feedback Friday and survey feedback help organizations gain significant insights into employee attitude and engagement levels, allowing them to improve their employee recognition campaigns through data-driven analysis.‍
5. Supports remote and hybrid teams: In today's hybrid work environment, maintaining employee engagement can be challenging. Employee rewards software ensures that recognition is inclusive and reaches every employee, regardless of location. This is particularly important for keeping remote employees engaged, connected, and aligned with the company's values and goals.‍
6. Drives performance and productivity: Recognizing and rewarding employees' achievements positively impacts their performance. Higher productivity, creativity, and innovation are the result of employees who feel valued and appreciated, as they are more inclined to exert their best effort. Recognition software ensures that this positive feedback loop is continuous, motivating employees to maintain high standards of performance.

Employee recognition software is vital for organizations that want to drive engagement, retain talent, and create a culture of appreciation. By incorporating regular employee recognition into the workplace, companies can build a stronger, more connected team that is motivated to achieve success.

Pros and cons of employee rewards software

Implementing employee recognition platforms has numerous advantages, but there are also potential drawbacks. Here's a quick overview:

Pros of employee rewards software

1. Boosts engagement: Rewards software increases employee engagement by providing frequent recognition, making employees feel valued and motivated.
2. Improves retention: Regular employee recognition helps reduce turnover by cultivating an environment that fosters a sense of appreciation and dedication among employees.
3. Enhances culture: Embeds recognition into daily workflows, promoting a positive workplace culture aligned with company values.
4. Provides actionable insights: Analytics tools help track recognition trends and employee sentiment, enabling data-driven improvements.
5. Supports remote teams: Facilitates employee recognition and rewards for hybrid or remote employees, maintaining engagement across all locations.

Cons of employee rewards software

1. Implementation costs: Initial setup and subscription costs may be high, especially for smaller organizations.
2. Potential bias: Without careful management, recognition may appear biased or unevenly distributed among employees.
3. Over-reliance on technology: Solely depending on digital platforms might reduce the personal touch of face-to-face employee recognition.
4. Administrative challenges: Managing and customizing the platform requires time and effort from HR teams.
5. Risk of disengagement: If recognition becomes routine or feels insincere, it may lose its impact and reduce employee engagement.

While employee recognition platforms offers significant benefits in enhancing engagement, culture, and retention, it is crucial to effectively manage it in order to prevent potential negative consequences.

How can remote teams benefit from employee rewards software?

Remote teams can benefit from employee recognition platforms, which helps to maintain engagement and bridge the divide between dispersed workforces. Here's how:

1. Maintains connection and engagement: Rewards software keeps remote employees connected by facilitating frequent and meaningful employee recognition, fostering a sense of belonging and inclusion regardless of location.
2. Enhances visibility of contributions: It ensures that all employees' efforts are acknowledged and celebrated, even when working remotely, helping to make everyone's contributions visible and valued.
3. Promotes a unified culture: The platform aligns recognition with company values, creating a cohesive culture that transcends geographical boundaries and keeps everyone aligned with the organization's mission.
4. Boosts morale and motivation: Regular employee recognition, even in a remote setting, boosts employee morale and motivation, reducing feelings of isolation and maintaining a positive work environment.
5. Provides flexibility and accessibility: Digital rewards platforms are accessible from anywhere, allowing remote employees to participate in recognition programs easily and choose rewards that are meaningful to them.

Employee recognition platforms is essential for engaging and connecting remote teams, promoting a unified culture, and ensuring every employee feels recognized and valued, no matter where they work.

Employee rewards software statistics

The following essential statistics underscore the significance and influence of employee recognition platforms:

1. Higher employee engagement: Organizations with strong employee recognition programs see a 21% higher profitability and 41% reduction in absenteeism than those without such programs. Recognized employees are more likely to stay engaged and motivated, improving overall performance and productivity.
2. Reduced turnover: Approximately 42% of employee turnover is preventable when recognition and engagement are prioritized. Companies that actively recognize their employees have significantly lower voluntary turnover rates, making recognition a critical tool for retention strategies.
3. Increased productivity: Employees who feel adequately recognized are 73% less likely to feel burned out. Frequent recognition and praise lead to higher job satisfaction, reducing stress and promoting better mental health, ultimately driving higher productivity and performance.
4. Improved company culture: Companies with a culture of recognition report a 56% increase in job satisfaction. Efficient recognition programs foster a constructive workplace culture in which employees perceive themselves to be important and aligned with their company's goals and values.
5. Enhanced ROI: Companies exhibiting elevated employee engagement through consistent recognition see a 23% enhancement in profitability and a 10% rise in customer satisfaction, demonstrating the direct influence of engagement on financial performance.

Trends in 2024 for Employee Rewards Software

1. Greater use of data-driven insights: Organizations are increasingly relying on data analytics to optimize their recognition programs. Companies are using data to track engagement trends, understand employee behavior, and measure the impact of rewards initiatives. This approach helps tailor programs to meet the unique needs of their workforce, enhancing overall effectiveness​.
2. Personalization of rewards and recognition: Employees now expect personalized recognition that aligns with their individual preferences and values. This trend involves offering diverse reward options, such as custom experiences, gift cards, and charitable donations, which cater to varied employee interests, making employee recognition more meaningful and impactful​.
3. Integration with AI and automation: The integration of AI and automation is on the rise, which facilitates the more efficient administration of employee rewards and recognition programs. AI tools help identify patterns and recommend personalized rewards, while automation simplifies the employee recognition process, ensuring it is timely and consistent​.
4. Focus on well-being and holistic employee experience: The significance of well-being is increasing as businesses strive to establish a more open and supportive work environment. Employee rewards programs increasingly include elements that support mental health, work-life balance, and holistic well-being, which are critical for maintaining employee satisfaction and retention​.
5. Support for hybrid and remote work models: With hybrid and remote work models becoming more prevalent, employee recognition platforms are evolving to accommodate these changes. The focus is creating inclusive programs that engage both in-office and remote employees, ensuring everyone feels recognized and valued, regardless of location​.

The changing nature of employee recognition platforms is underscored by these trends, emphasizing personalization, integration, data-driven strategies, and support for diverse work environments to foster a more engaged and satisfied workforce.

These statistics demonstrate employee recognition platforms vital role in fostering engagement, reducing turnover, and enhancing overall business performance.

Important metrics for measuring the impact of employee rewards software

To evaluate the effectiveness of employee recognition platform, organizations should focus on key performance indicators (KPIs) that reflect engagement, satisfaction, and overall program success. Here are some crucial metrics:

1. Employee retention rates: Track changes in retention rates before and after implementing the software. Improved retention indicates that employees feel valued and appreciated, reducing turnover.
2. Participation and engagement levels: Measure the frequency of employee recognition activities, such as peer recognition, feedback sharing, and reward redemption. High participation rates suggest the program is well-received and integrated into the workplace culture.
3. Employee satisfaction scores: Use tools like engagement surveys and feedback forms to assess changes in employee sentiment and workplace satisfaction. Higher satisfaction scores typically correlate with more effective recognition efforts.
4. Recognition distribution: Analyze how employee recognition is spread across departments, teams, and roles. This ensures fairness and identifies any gaps in employee recognition efforts, promoting inclusivity and equitable recognition.
5. Return on investment (ROI): Calculate the financial impact of the software by comparing program costs with benefits such as reduced turnover, increased productivity, and improved morale. A positive ROI demonstrates the software's value.
6. Feedback quality and frequency: Evaluate the volume and quality of feedback received through features like engagement surveys and performance reviews. Regular, constructive feedback indicates a healthy culture of continuous improvement.

By focusing on these metrics, organizations can better understand the impact of their employee rewards programs, ensuring they drive engagement, promote a positive work culture, and align with business goals.

Choosing the right employee rewards software for your company

Selecting the right employee recognition platform is crucial for building a culture of recognition, enhancing employee engagement, and retaining top talent. Here are key considerations to help you make the best choice for your organization:

1. Align with your company goals: Start by identifying your recognition program's primary objectives, boosting engagement, promoting a positive workplace culture, or reducing turnover. The software you choose should support these goals with relevant features and tools.
2. Look for essential features: Choose a platform with the key features to drive effective recognition, such as peer-to-peer recognition, customizable rewards, feedback tools, and analytics. A robust platform like Matter provides comprehensive employee recognition options, including kudos for real-time recognition, Feedback Friday for continuous feedback, and survey feedback tools to gather employee insights.
3. Ensure seamless integration: Select software that seamlessly integrates with your current tools, including your HRIS, Microsoft Teams, or Slack. This integration helps embed recognition into daily workflows, making it easy and natural for employees to participate.
4. Evaluate user experience: The software should be user-friendly, intuitive, and engaging to ensure high participation rates. An accessible and well-designed interface encourages both employees and managers to use the platform regularly.
5. Consider pricing and scalability: Review the pricing options and choose a cost-effective platform that can accommodate your company's expansion. Matter offers flexible pricing plans, including a free tier for smaller teams, ensuring businesses of all sizes can access effective recognition tools.
6. Customization options: Review the pricing options and choose a cost-effective employee recognition platform that can accommodate your company's expansion. Customizable features ensure the rewards program feels relevant and meaningful to your workforce.
7. Request a demo: Free demonstrations or trials are available on numerous platforms like Matter. Take advantage of these opportunities to evaluate the software's integration capabilities, usability, and features before deciding.

Choosing the right employee recognition platform can significantly impact your company's culture, employee engagement, and overall success. Matter provides a comprehensive solution with seamless integration, powerful recognition tools, and flexible pricing options to meet your unique needs. Get started with Matter for free today to create a culture of appreciation and drive your organization forward.