This is by far my favorite shortcut app for android.
It groups the icons nicely with a very simple and easy configuration screen and works flawlessly!

Price – FREE

Link to Market – Linkey

From the Developer

Keep your home screen tidy, make everything easy to access!

This application is the organizer which can keep your home screen tidy, and make everything easy to access

Features:
*Organize applications, bookmarks, contacts and files using tags
*Create shortcuts on home screen for easily access
*Support import & export
*50+ commercial icons for shortcuts
*Support normal and high resolutions

USE WIDGET INSTEAD OF SHORTCUT IF ICON AND LABEL LOST AFTER REBOOT

Permissions are needed for reading bookmarks and contacts, also backup and restore.