This article offers a brief overview of budget planning for employee recognition. Attached here is a slide deck on Budgeting Best Practices to help you determine the appropriate budget.
Managing Budgets
Points are the lifeblood of your platform and proper budget maintenance ensures recognition programs run smoothly. The infographic above demonstrates the movement of points through the platform starting with adding points to the Company Account, and ending employees redeeming points. The acts of adding points and allocating those points to budget are two particular foundational responsibilities. Reference the sections below for simple steps on how to accomplish both.
Adding Points to Your Platform
- Log in.
- On the homepage, select the Admin button at the bottom of the left navigation menu.
- Click “Finance” then “Budgets” from the left navigation menu.
- Click the “Add Points” button in the Points Summary or select the dollar icon in the top navigation menu. If you're following the latter instruction, click Add Points on the Points Management page.
- Enter the amount of points you wish to add to the Company Account and a note. Select Add Points and Confirm.
See the Adding Points to Your Platform article for more details.
Allocating Points to Budgets
Your recently deposited points should now be found in the Company Account under the Budgets tab.
To move these points from the Company Account to Budgets:
- Click the "..." icon to the right of any budget
- Select Add/Remove Points. Enter a positive value to add points (e.g. 500) and negative value to remove points (e.g. -500).
See the Managing Budgets article for details.
Budgeting Best Practices
When you set up employee recognition programs through Awardco, it’s important that you consider the budget amounts you plan on allocating. Having these discussions internally and establishing a yearly spend on employee recognition will ensure your budgets are sufficient for your needs. Doing so will prevent disruptions to your programs. Attached below is a slide deck of best practices and suggestions on employee spend for service awards, spot recognition, onboarding, among other programs.
Once the annual expenditure is set, the Awardco platform helps track points added via the Funding and Points Summary Sidebar. After points are allocated to a budget, you can assign budget owners, set up cost centers, and grant budget access to users. With access to an automated service award or recognition program, authorized users can recognize coworkers or direct reports freely.
We also suggest Awardco admins set a budget refill schedule to inform budget owners about replenishment frequency and point rollover, preventing budget shortages and ensuring smooth recognition.
If you have any questions, please contact Awardco Admin Support.