United States, Utah, Orem – 10-25-2019 (PRDistribution.com) — New brand reflects company’s broader mission of social recognition and employee feedback
Recent seed funding led Nectar to make improvements in product offering and pricing.
Nectar’s new freemium model allows businesses of all sizes to increase employee engagement through social recognition and rewards, pulse surveys and perks program.
Employee perk platform provider PerkNow today announced a rebrand to Nectar. The move introduced a new name and also signaled the company’s broader mission of providing tools for employee engagement and recognition in addition to employee perks.
“Two in three employees don’t feel adequately recognized at work,” said Trevor Larson, founder and CEO of Nectar. “With how much time and energy people invest in their jobs, it’s amazing how few of them feel valued. Most companies have the right intentions but lack the tools or resources to build an effective recognition program.”
Nectar’s rebrand comes on the heels of a cash infusion, the first large investment for the Utah-based start-up founded in 2017. With the investment came an opportunity to revamp Nectar’s product suite, which now includes the following three components, effective as stand-alone products or bundled into an all-in-one experience platform:
1. Recognition and Rewards
Encourage performance, reinforce company values and drive interaction by enabling employees to recognize each other on an internal social feed with micro-bonuses redeemable for gift cards or company swag. Employees get a monthly point allowance to distribute to coworkers for a job well done, with leaderboards to show how many kudos have been given and received.
2. Interactive Engagement Surveys
This tool provides ongoing measures of morale using employee net promoter score (eNPS) surveys. Companies can address employee concerns before they end up as public criticism with upgrades that provide additional pulse surveys, two-way anonymous messenger and customizable engagement campaigns.
3. Employee Perks
Nectar’s plug-and-play perks program provides employees with meaningful discounts to relevant vendors, including theme parks and attractions, concerts and sporting events, hotels and travel, dining, wellness, online products and more. It includes a mobile app and family sharing.
Along with these new product offerings, Nectar also updated its pricing model to offer its core platform perpetually free—the only provider in the industry to do so, enabling businesses of all sizes to improve culture, reduce manual HR processes, and increase engagement at no cost. Nectar is able to provide its core platform at no cost through back-end commissions received from redeemed gift cards, swag and perks, and on premium feature upgrades for customers that want additional customization.
“Recognition is a basic human need, yet the current solutions are cost-prohibitive to small and mid-sized businesses,” Larson said. “We set out to find a simpler, more affordable way to recognize employees, and that’s what companies will find with Nectar.”
All Nectar products come with standard reporting and analytics so leaders can collect data on participation to see what’s working and what needs improvement, and to help track budgets and simplify accounting.
Nectar is the first perpetually free, self-service employee recognition and feedback software built for small to mid-sized businesses. Its all-in-one platform enables positive social interactions through meaningful public recognition, captures employee insights and offers desirable perks to increase employee engagement and retention.
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