Budgets Overview Follow
This article provides a high-level overview of budget maintenance and will help you plan for yearly spend on employee recognition.
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.
After the annual expenditure has been determined, the Awardco platform can easily help you keep track of points added to your platform through the Funding and Points Summary Sidebar. As soon as these points are allocated to a budget, you’ll be able to establish budget owners, configure cost centers, and specify specific users with budget access. Once budget access is arranged for an automated service award or recognition program, those with budget and recognition program access will be able to freely recognize their coworkers and/or direct reports. The chart below illustrates the movement of points in the platform.
In addition, we recommend that Awardco admins establish a budget refill cadence to ensure that budget owners are made aware of how often budgets will be replenished and if points in budgets rollover. This prevents budgets from running dry and further aids in a smoother recognition process.
If you have any questions, please contact our Awardco Support Team.