Employee recognition is supposed to make people feel valued. Too often, it just adds another login. Forma, the flexible benefits platform known for Lifestyle Spending Accounts (LSAs), thinks it can do better. The company today launched Rewards & Recognition (R&R), a new product designed to fold employee appreciation directly into the benefits experience—no extra portals, no forgotten gift cards.
The timing is on point. According to Gallup, low engagement cost the global economy $438 billion last year. Meanwhile, Canva reports that 84% of employees say feeling appreciated boosts their productivity. Employers know recognition matters, but the tools meant to deliver it often fall flat. Mercer notes R&R platforms remain “superfluous” and fragmented.
A Unified Take on Recognition
Forma’s pitch: stop treating recognition like an afterthought. Instead of tacking on yet another tool, Forma places R&R inside the same hub where employees already access LSAs, wellness programs, and other perks. “Employee recognition shouldn’t be relegated to a forgettable tool with yet another login,” said Jason Fan, CEO and co-founder. “It should live where people already access their benefits.”
That integration also fixes another problem: waste. Traditional R&R systems often see employers paying for unused rewards. Forma flips that with a notional spending account model—employers only pay when rewards are actually used. Companies can choose whether to offer cash, non-cash recognition, or both, while employees decide how to spend their rewards within the Forma platform.
Early Buzz
Some customers are already buying in. “Forma has already helped us change lives with our Wellness Program,” said Whitney Ayers, Wellness Program Manager at Garver. “If Rewards & Recognition is anything like what we’ve experienced so far, it’s going to be a game-changer for the benefits industry.”
Forma claims more than 300 customers and nearly 1 million members across 110+ countries, with a reported 98% member satisfaction rate and 650-plus five-star reviews on G2. With R&R now part of its suite—alongside LSAs, education assistance, pre-tax accounts, and HRAs—the company is positioning itself as a one-stop shop for customizable, global-ready benefits.
The Bigger Picture
R&R tech is having a moment. Vendors from Workhuman to Bonusly are chasing the engagement problem, each with its own spin. Forma’s advantage may be its integration-first approach: instead of creating another silo, it promises a single platform that unifies benefits and recognition.
Whether that’s enough to stand out in a crowded HR tech field will depend on adoption—and whether employees actually use recognition when it’s seamlessly embedded into their benefits flow. But if Forma succeeds, it could move recognition from the sidelines into the center of the employee experience.
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