Scaling a Team With Rewards & Recognition

At the onset of the pandemic, Lendio needed to dramatically scale their workforce in a matter of months. This presented many unique challenges of onboarding, training, and incentivizing huge numbers of new hires, and they turned to Awardco to help.

At A Glance

1
1800+ employees
2
500% employee growth in 12 months
3
3 recognition programs

Overview

How do you motivate, incentivize, and recognize your workforce as you grow 500% in 12 months?

Lendio prides itself on helping people start and grow their American dreams. By using their platform to help people find the best loan options for their needs, Lendio has democratized the ability to source and apply for a small business loan—all in about 15 minutes. 

Because they’re in the business of helping people, Lendio knew they needed to up their game in 2020 after the introduction of the Paycheck Protection Program—a piece of legislation in the U.S. designed to help small businesses weather the storm of the global pandemic. With only a few months to prepare, Lendio had to scale from 300 employees to 1800 to make sure they were ready. This presented challenges of incentivizing, motivating, and appreciating all new and existing employees.—and their old recognition program just wouldn’t cut it.

Ditching the Manual

Ditching the Manual

Before Awardco, Lendio rewarded their employees manually, usually through a service like Venmo, and kept track of it all on a spreadsheet. This worked for the most part, but did create headaches. Limitations of budgetary insight and frustrations in reconciling the spreadsheet with what was actually rewarded made the old system a lackluster solution, not to mention there was no good way to track rewards—and therefore rewards and recognition were not as effective as they could be. Furthermore, after challenges arose with issuing funds through Venmo, Lendio knew they needed a change, and quickly.

After some searching and comparisons, Awardco arose as the front runner.

“In using Awardco we found a much easier way to facilitate rewards—not to mention my accounting department loved the idea of not having to repeatedly reconcile a huge spreadsheet. Now I can budget rewards and put it all in one place, and not even worry about it.” - Brett Child, Lendio Co-Founder & Executive Vice President

Expanding the Reach

Before using Awardco, Lendio mainly used rewards as a way to incentivize sales teams. While this solution was effective, it meant a large portion of employees couldn’t participate in rewards and recognition. This created some measure of inequality, and Lendio wanted to fix that. 

After implementing Awardco every employee at Lendio was now eligible for rewards and recognition through three powerful programs:

  • Manager to peer
  • Service anniversary awards
  • Sales incentives

Whenever Lendio has big initiatives they need to rally people around, they use Awardco to facilitate it. The ease of use was a big selling point, as well as the opportunity to include everyone in rewards and recognition. “Awardco’s ease of use is incredible—and I’m definitely the corporate cheerleader,” says Brett.

Expanding the Reach
Improving the Impact

Improving the Impact

Lendio knew that rewarding employees in small increments in a paycheck wouldn’t cut it. “If I put these rewards in a paycheck, it never has the same impact," Brett shared. "Employees look at that as compensation, not rewards. I wanted each employee, new and old, to feel rewarded and appreciated for what they were doing.”

When the traditional in-house method they were using couldn’t support that many employees, Brett turned to Awardco and found an all-in-one solution that helped him reward his employees in ways both large and small—and it saved him time to boot.  “I knew I couldn’t keep doing rewards and incentives all by myself. We needed help, and Awardco stepped up to the plate in a big way to incentivize and motivate my in-house and remote teams—no matter where or when they were working.”

Improving the Impact

Lendio knew that rewarding employees in small increments in a paycheck wouldn’t cut it. “If I put these rewards in a paycheck, it never has the same impact," Brett shared. "Employees look at that as compensation, not rewards. I wanted each employee, new and old, to feel rewarded and appreciated for what they were doing.”

When the traditional in-house method they were using couldn’t support that many employees, Brett turned to Awardco and found an all-in-one solution that helped him reward his employees in ways both large and small—and it saved him time to boot.  “I knew I couldn’t keep doing rewards and incentives all by myself. We needed help, and Awardco stepped up to the plate in a big way to incentivize and motivate my in-house and remote teams—no matter where or when they were working.”

Lendio knew that rewarding employees in small increments in a paycheck wouldn’t cut it. “If I put these rewards in a paycheck, it never has the same impact," Brett shared. "Employees look at that as compensation, not rewards. I wanted each employee, new and old, to feel rewarded and appreciated for what they were doing.”

When the traditional in-house method they were using couldn’t support that many employees, Brett turned to Awardco and found an all-in-one solution that helped him reward his employees in ways both large and small—and it saved him time to boot.  “I knew I couldn’t keep doing rewards and incentives all by myself. We needed help, and Awardco stepped up to the plate in a big way to incentivize and motivate my in-house and remote teams—no matter where or when they were working.”

Expanding the Reach

Lendio successfully onboarded over 1800 employees over the course of 12 months, and helped them all feel appreciated and incentivized to contribute their best to Lendio’s mission.

“Maintaining growth is hard at any time, but especially when you’re growing so fast. Awardco helps us get buy-in from all our employees, new and old, by incrementally rewarding our values that contribute to our mission and drive.”
Brett Child
Lendio Co-Founder & Executive Vice President

Lendio

Lendio was founded in 2011 and has grown 90% year-over-year since then. Billed as the world’s first franchised online lending marketplace, Lendio funded over 250,000 small business loans from 2020-2021, with over $10 billion in funding given.
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