Awardco vs Forma Benefits

Awardco is a recognition-and-rewards platform centered on peer/manager recognition and a 300-million-option rewards catalog, with a general Benefits & Perks…

Best for Awardco: Organizations wanting a peer/manager recognition program with a large global rewards catalog and AI-enhanced recognition tools.
Best for Forma Benefits: Benefits teams needing to administer Lifestyle Spending Accounts, HSAs, FSAs, and HRAs with a dedicated spending card and claims processing rather than a recognition catalog.

At a Glance

 AwardcoForma Benefits
Primary categoryHRHR
RatingNot documentedNot documented
Pricing modelCustom/EnterpriseCustom / enterprise (B2B HR benefits platform)
Starting priceNot documentedContact for pricing
Free planNot documentedYes
Free trialNot documentedNot documented
PlatformsWebWeb, iOS, Android
Team collaborationNot documentedNot documented
AI featuresYesNot documented
Public APINot documentedNot documented

Key Differences

Core Platform Purpose

Awardco: Awardco is a recognition and rewards platform with a configurable 300-million-option catalog for celebrating achievements.

Forma Benefits: Forma is a benefits administration platform for pre-tax and lifestyle spending accounts covering healthcare and lifestyle expenses.

Buyers need to know whether they're evaluating a recognition tool or a benefits infrastructure platform.

Spending Mechanism

Awardco: Rewards are redeemed through Awardco's configurable rewards network rather than a documented payment card.

Forma Benefits: Forma provides a Forma Visa Card so employees can pay for eligible benefits directly without fronting costs, plus the curated Forma Store marketplace.

A payment card removes the reimbursement friction of paying out of pocket and waiting for repayment.

Account Types Administered

Awardco: Awardco's Benefits & Perks feature is described generally as personalized employee benefits offerings, without documenting specific account types.

Forma Benefits: Forma explicitly manages Lifestyle Spending Accounts, HSAs, FSAs, and HRAs with dedicated claims administration.

Pre-tax account compliance requires specific plan administration that a general perks feature may not cover.

AI Capabilities

Awardco: Awardco offers Awardco Intelligence (AI-enhanced recognition) and Awardco Engage (a survey/feedback tool).

Forma Benefits: Forma's feature list does not mention AI capabilities.

AI-enhanced recognition tools can help scale personalized recognition as headcount grows.

Mobile Access

Awardco: Awardco does not document dedicated mobile apps.

Forma Benefits: Forma is explicitly available on web, iOS, and Android.

Employees checking benefits balances or making claims often need mobile access.

Feature-by-Feature

Recognition & Rewards

FeatureAwardcoForma Benefits
Peer & manager recognitionAvailableNot documented
Configurable rewards catalogAvailableNot documented
Custom incentive programsAvailableNot documented
Milestone celebrationsAvailableNot documented

Benefits & Spending Accounts

FeatureAwardcoForma Benefits
Lifestyle Spending Accounts (LSA)Not documentedAvailable
HSA/FSA pre-tax account supportNot documentedAvailable
Health Reimbursement Arrangements (HRA)Not documentedAvailable
Dedicated payment card for benefitsNot documentedAvailable
Curated vendor marketplaceNot documentedAvailable

Platform & Trust

FeatureAwardcoForma Benefits
AI-powered featuresAvailableNot documented
Mobile apps (iOS/Android)Not documentedAvailable
Published pricingUnavailableUnavailable
Employee survey/feedback toolAvailableNot documented

Pricing Compared

Starting price reflects the lowest paid tier, not the full cost for every team size or usage level.

Awardco

No individual plan breakdown documented yet.

Forma Benefits

Custom Enterprise Plan — Contact for pricing custom

Pros & Cons

Awardco

Pros

  • Very high G2 rating (4.9/5 across 6,000+ reviews)
  • Massive reward catalog via Amazon Business partnership, redeemable near cost
  • Broad global reach: 135 countries and 163 currencies supported
  • Deep Workday integration for HR data sync

Cons

  • Pricing is not publicly listed and requires contacting sales
  • Platform is enterprise-oriented, which may be more than small teams need
  • Breadth of bundled modules (recognition, surveys, incentives, benefits) can add a learning curve

Forma Benefits

Pros

  • Highly configurable benefit categories go well beyond fixed wellness-only stipend tools
  • Three funding mechanisms (card, marketplace, and reimbursement) reduce friction for employees compared to reimbursement-only competitors
  • Backed by well-known fintech and HR-tech investors, signaling financial stability for a benefits vendor employees depend on
  • Strong enterprise customer base including well-known technology companies
  • Single platform can consolidate multiple point-solution benefit vendors into one system

Cons

  • Pricing is not publicly available and requires a sales conversation
  • Designed for mid-market and enterprise HR teams, not well suited to very small businesses
  • As with any flexible-spending-account vendor, employee benefit is limited to the funding amount the employer chooses to allocate
  • Detailed public documentation of technical architecture and API access is limited compared to developer-focused platforms

Use Cases

Choose Awardco: Organizations wanting a peer/manager recognition program with a large global rewards catalog and AI-enhanced recognition tools.
Choose Forma Benefits: Benefits teams needing to administer Lifestyle Spending Accounts, HSAs, FSAs, and HRAs with a dedicated spending card and claims processing rather than a recognition catalog.
Need both: A company could pair Forma to administer core pre-tax and lifestyle benefit accounts with Awardco to run its separate peer recognition and rewards program, since Forma doesn't document recognition features and Awardco doesn't document HSA/FSA/HRA account administration.

Awardco

  • Enterprise Recognition Programs — Running company-wide peer and manager recognition programs.
  • Performance Incentive Programs — Building custom incentive programs tied to sales or performance goals.
  • Benefits & Perks Consolidation — Combining recognition, rewards, and benefits administration into one system.

Forma Benefits

  • Consolidating fragmented wellness and lifestyle benefits — HR teams replace multiple point-solution vendors for wellness, home office, and professional development stipends with one configurable Forma program.
  • Administering compliant HSA, FSA, and HRA programs — Benefits and finance teams use Forma to manage tax-advantaged health accounts alongside lifestyle spending accounts on the same platform.
  • Improving benefits engagement for distributed workforces — Companies with remote or global teams use the Forma Visa Card and mobile app to make benefits usable regardless of employee location.

Frequently Asked Questions

Are Awardco and Forma the same type of platform?

No. Awardco is a recognition and rewards platform with a 300-million-option reward catalog, while Forma is a benefits administration platform managing LSAs, HSAs, FSAs, and HRAs.

Does Awardco offer benefits administration?

Awardco lists a general Benefits & Perks feature, but doesn't document specific account types like HSA, FSA, or HRA the way Forma does.

How do employees spend funds in each platform?

Forma gives employees a Forma Visa Card to pay directly for eligible benefits plus a curated Forma Store marketplace. Awardco redeems recognition through its configurable rewards network of 300 million options.

Is pricing public for either platform?

No, both Awardco and Forma require contacting sales or requesting a demo for pricing.

Which has mobile apps?

Forma is documented as available on web, iOS, and Android. Awardco does not document dedicated mobile apps.

Does Forma use AI?

Not documented - Forma's public feature list covers accounts, claims, and a marketplace without mentioning AI, unlike Awardco's Awardco Intelligence feature.

Read the full Awardco review · Read the full Forma Benefits review