Employee engagement platform
Control budget for seamless rewards program execution.
Rewards Budget Calculator: Optimize Your Employee Recognition Program.
How to Use the Rewards Budget Calculator.
Plan your recognition budget effectively with Surwise.
● Enter your input data - program budget and number of employees.● Select program elements - recognition, incentives, employee rewards for anniversaries and birthdays.● Set the balance of recognition types - are employees recognized more often by peers or by the company?● The calculator suggests the monthly coin volume and the number of coins distributed to employees.● The calculator defines awards rate both in coins and in national currency to ensure prizes remain motivating.● This calculation helps control the program budget and ensures the continuous operation of your recognition program.
Tracking and Analyzing Your Rewards Budget.
Comprehensive analytics provide a clear view of the current program costs.
Program Budget.Surwise dashboards include compact yet comprehensive widgets that provide a real-time view of your budget - rewards already redeemed, and coins available for future use. This ensures you always stay within budget, avoid overspending, or keep it under control when it happens.
Income and Expenses.The program administrator can track the sources of employees’ coins income - where the coins are coming from. It is also possible to monitor how the coins are being spent, control the reward stock in Company Prize Market, and ensure planned availability of rewards at all times.
FAQ
Look through the answers to the most popular questions of our customers. Didn’t find what you need? Just send us a request and we will get in touch with you shortly.
How Do I Set Up a Rewards Budget for My Team?
A company’s rewards program budget usually depends on its financial capacity. Even if the organization has a very small budget, this should not be an obstacle to launching a recognition program. With some creativity, it is possible to design motivating rewards for any budget. Traditionally, it is considered a good practice to allocate an annual rewards program budget equal to 7–10% of the annual payroll.
Can the Rewards Budget Calculator Integrate with Other HR Tools?
Not only is it possible, it is essential. The rewards program budget is also an expense item that must be considered when calculating the organization’s financial indicators. If a company requires an accurate, real-time reflection of recognition program expenses in its financial metrics, then software integration with financial accounting systems is necessary. If it is sufficient to track analytics by month, quarter, or year, the figures from the recognition program can simply be reflected in periodic reports
How Accurate Are the Calculations for Retention Bonuses and Award Points?
The main purpose of the calculations performed by the awards calculator is to ensure a controlled flow of coins among participants in the recognition program, keeping expenses within the set budget. In addition, the calculator accurately defines reward values to provide both easy-to-get rewards and those that require employees to save coins over several months.