According to Gallup, low employee engagement cost the global economy $438B USD in lost productivity last year. Conversely, a Canva study found that 84% of employees say feeling appreciated at work increases their productivity. Many employers today realize that employee recognition is an antidote to low engagement and lost productivity. Still, Mercer stated that for R&R technologies, "there is still a long way to go to eliminate superfluous pages, portals, and platforms."
Forma intentionally built its Rewards & Recognition solution to address the need for employers to increase employee engagement and foster a culture of appreciation, all in a unified, global-ready platform that's simple for HR teams to manage and easy for employees to use.
"At Forma, we believe that employee recognition shouldn't be relegated to a forgettable tool with yet another login — it should live where people already access their benefits. We know our customers have a strong desire to bring their R&R perks and programs into Forma alongside existing benefits like Lifestyle Spending Accounts, giving their employees an intuitive hub for all their customizable benefits." — Jason Fan, CEO & Co-founder, Forma
Because they are usually disconnected from the benefits experience and require separate logins and tools, traditional R&R programs are typically underutilized and inefficient. They also tend to be expensive with significant breakage, because employers are forced to pay for rewards even if they go unused by employees.
Forma Rewards & Recognition uses a notional spending account model so that every dollar counts and there is no wasted budget for employers. Employers can customize their program setup to enable cash rewards, non-cash recognition, or both. Employees have the ability to choose how to spend any monetary rewards gifted to them in the personalized Forma experience.
"Forma has already helped us change lives with our Wellness Program. Our people at Garver are healthier, our processes are faster, and my admin time went down to zero. That kind of impact doesn't come around often, and now I hold every vendor I work with to Forma as the standard. After getting an early look at the product, I'm genuinely excited to see what Forma is doing with Rewards & Recognition. If it's anything like what we've experienced so far, it's going to be a game-changer for the benefits industry." — Whitney Ayers, Wellness Program Manager at Garver
With more than 300 customers and nearly 1 million members across 110+ countries — plus 98% member satisfaction and more than 650 5-star reviews on G2 — Forma is the industry's most trusted and widely used partner for Lifestyle Spending Accounts and personalized benefits. The Forma platform gives employers a single touchpoint for LSAs, Rewards & Recognition, Education Assistance, Pre-tax accounts, HRAs, and more, delivering scalable, customizable benefits while maximizing administrative efficiency and optimizing total rewards budgets.
To learn more about Forma Rewards & Recognition, visit: www.joinforma.com/products/rewards-and-recognition.
About Forma
Forma provides a flexible benefits platform, helping employees choose benefits that matter most to their individual needs. By offering customizable Lifestyle Spending Accounts (LSAs), Pre-tax accounts, and HRAs across a unified benefits experience, Forma enables employers to deliver flexibility, drive engagement, and reduce administrative complexity. Trusted by leading organizations worldwide, Forma is redefining the future of employee benefits. For more information, visit www.joinforma.com.
SOURCE Forma
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