Employee retention can be a top challenge for many companies, and studies show that recognition can have a positive effect on retention. Within the human resources industry employee recognition and engagement software is a growing trend. Employee recognition software helps companies manage abstract human concepts — like employee satisfaction and relationships. The right employee recognition software can enhance company culture and make it easy for HR professionals to boost employee satisfaction and retention.
Nectar HR offers an all-in-one employee experience platform that has three main components: employee recognition and rewards, employee voice, and peer recognition. Its perpetually free reward and recognition platform with reward gift cards, employee feedback, employee perks, and employee recognition can be a flexible and cost-effective way for workforces to boost appreciation and connection across all teams.
Its people platform bundles three employee engagement features to create connection and appreciation across a client’s company: recognition and rewards, engagement surveys, and employee perks.
Nectar offers a real-time peer recognition and rewards platform that enables employees to recognize each other publicly with micro-bonuses (points) that can be redeemed for gift cards or swag. Recognition appears on a public feed increasing the visibility of the positive recognition occurring within your organization. Nectar’s platform also expands peer recognition beyond leadership and management to employees. Instead of doing top down recognition, a company can put together a budget to allow all employees to get a set monthly allowance that they give to each other.
Each employee receives a monthly point allowance, determined by HR, which can only be used to recognize their peers. The platform builds in an incentive to use the points because they don’t roll over each month. HR professionals are able to get data on participation, teams, and leaderboards to see what’s working, and they can track the budget and export financial reports to stay compliant.
Nectar’s engagement surveys allow companies to make data-driven internal improvements. More than ever, companies feel the need to respond to employee morale issues, suggestions, or concerns, so they don’t end up on sites such as Glassdoor. Nectar’s platform gives employees a safe, internal channel to voice suggestions and concerns using well-researched ready-made survey questions. Its automated pulse surveys and one question net promoter score surveys make it easy for HR professionals to get a snapshot of employee morale.
Survey responses are organized into an inbox where managers can respond in a private message to an employee(s) to drill down on certain topics while maintaining anonymity, an important way to ensure honest and candid feedback. HR administrators can send out these short surveys more frequently such as three to four question surveys every few weeks or monthly. This allows them to gain useful real time feedback from their employees.
It is common for companies to sweeten their benefits packages with employee perks. Nectar offers clients a way to show their employees extra appreciation by giving them access to discounts ranging from restaurants to theme parks and attractions. Premium access allows companies to include their logo and colors on the platform, and they offer an iOS and Android app making it easy for employees to use the program. A big benefit of the Nectar employee perks platform is that it frees up HR administrators' time. No more managing and updating vendor relationships, Nectar takes care of all vendor management and perk transfers. The program also offers analytics so that clients can see their internal program adoption and usage.
HR administrators know the headache of managing company swag and running what essentially becomes an internal e-commerce store. Nectar partners with Axomo to help its clients create a custom swag store that delivers company swag directly to employees’ doorsteps after an order is placed. No more swag inventory and on demand swag — two great ways to free up HR professionals’ time.
Nectar’s platform allows employees to redeem their hard earned points for gift cards they actually want. Employees can choose from hundreds of gift card options to top brands like Amazon, Visa, Walmart, Target and more.
Reporting is an important aspect of employee recognition and engagement software. HR administrators want to know if employees are responding positively to their investment in employee recognition. Essentially they want to see reporting on results. Nectar allows clients to get data on participation, teams, and leaderboards in their rewards platform. They can also track budgets and export financial reports to promote compliance.
Its Nectar for Engagement platform gives clients the power to collect valuable employee satisfaction and feedback data via its ready-made pulse surveys. It also allows clients to calculate employee net promoter scores (eNPS).
Something that sets Nectar apart in the employee recognition software space is offering a free option. Most competitors offer their services solely in a paid per employee monthly subscription model. Nectar’s core product is free, and it won’t charge anything for unused points. Customers are charged when employees choose to redeem their points for gift cards or swag. And of course it makes a profit on this core, free product offering thanks to commissions from perks used and gift cards redeemed. Its truly free product option with no caps and no limits is impressive.
Of course, in order for customers to access more features such as Slack and other software integrations, manager to employee recognition, engagement surveys, and more, there are monthly charges per active user. These monthly charges, however, are very competitive within the HR software space. One top competitor charged more than double what Nectar charges for its base plan. Customers are able to locate pricing information easily on the Nectar website to compare plans.
While many of Nectar’s offerings aren’t truly unique, it may save HR administrators time and money by co-locating them in one software program. Not all HR software competitors offer all three services, specifically the employee voice and peer recognition features. One popular social platform where employees can issue reward currency to recognize workers might offer a number of ways for employees to redeem rewards but does not offer employee feedback features. Having Nectar’s features in one place may save HR teams time and money.
Many human resources softwares now offer some forms of employee recognition functionality along with their full software offerings of payroll, feedback management, time tracking, compensation management, and peer-to-peer recognition. For a company that is looking for a large array of human resources service, it may make more financial sense to review the offerings from a larger full-service software developer.
Nectar appears to offer fewer integrations than other similar employee recognition software options. The platform currently does not integrate with Microsoft Outlook, although it says this is currently in development. Others also offer integration with LinkedIn and Zendesk. While this may not be a dealbreaker with many companies, it is something potential customers should look into. Nectar may not quite keep up with larger competitors’ complete integration offerings but it does have a robust list of integrations that includes Microsoft Teams, Slack, ADP, and Workday.
While it is constantly updating its rewards options, some of its competitors do appear to offer greater variety in their rewards programs. One competitor advertises over 10,000 rewards ideas. Another company acknowledges that sometimes recognition is the most important thing and allows its platform to be used with or without points and rewards. This same competitor also allows its clients to design their own custom rewards with options like local gift cards, non-monetary gifts, time off for charity work, a team event, or VIP parking. This customization could definitely help an employer stick out to employees.
Nectar’s engagement surveys do not yet offer customers the ability to customize the surveys with their own questions. It does say this feature is in development. While the ready-made surveys could save customers time, it is definitely possible that HR administrators would find there are scenarios where customized questions would be necessary to collect the data they need.
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