employee recognition systems is the combination of software solutions, which help organizations to provide their employees tools and techniques related to social networking tools that allow them to acknowledge each other efforts and celebrate success. This helps managers to appreciate employee contribution, foster knowledge sharing and social learning, reinforce behaviors, showcase achievements of team, identify subject matter experts and extend corporate knowledge.
Market Statistics:
The global social employee recognition systems market is expected to surpass US$ 23,407.7 Mn in terms of value by the end of 2028.
Market Driver
Creation of integral marketing team is expected to propel the global social employee recognition systems Market growth over the forecast period. Companies have started implementing social employee recognition solutions to improve the efficiency of their team members. These employee recognition activities need to be communicated to employees on a regular basis to ensure more or wider involvement. Creation of internal marketing can help in planning of monthly activities, monthly goals and awards without any biased decision. Growing trend of creating internal marketing teams is one of the major factors expected to propel the market growth in the near future.
Market Opportunity
Growing demand from healthcare and retail industry can present lucrative growth opportunities. According to Coherent Market Insights’ analysis, around 65% of organizations use social networking software tools to improve their efficiency. The healthcare sector is required to comply with various regulatory and privacy norms to avoid breach of patient’s personal information. In the healthcare industry, social networking is providing benefits such as easy and secured sharing of health records among doctors through emails. Retail industry is also adopting social networking software to increase employee engagement activities. Retail companies are also using various communication techniques for peer-to-peer recognition so as to improve efficiency of staff.
Global Social Employee Recognition Systems Market: Recent Developments
- In 2021, Achievers Solutions Inc. has entered into a strategic partnership with Revolut, a global financial super-app that offers hassle-free spending to 15 million customers. With this partnership, Achievers Solutions Inc. becomes the first and only employee recognition platform to offer Revolut as a rewards option.
- In March 2019, Aurea, a family of companies that help global businesses accelerate digital transformation, announced its new business model offering the world’s first unlimited enterprise software library. The company’s unique approach creates value by entitling all customers to use every product in Aurea’s portfolio for a single annual fee.
- In May 2018, Aurea Software, Inc., a leading provider of customer experience solutions, announced that a wide array of its software products comply with key requirements for the upcoming European Union General Data Protection Regulation (GDPR).
Market Restraint
Challenges in engaging employees working away from office are expected to hinder the global social employee recognition systems Market growth over the forecast period. Social employee recognition programs can be successful in an organization as long as long as it include employees at all levels. It is a challenging task to include and encourage employees operating from remote locations such as marketing staff and salespersons. Generally, companies implement social employee recognition system for employees working within the premise and hence employees working remotely are not able participate in such programs.
Global Social Employee Recognition Systems Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has negatively impacted majority of the industries and markets. However, the global social employee recognition systems market has witnessed high growth during the pandemic. Since vast majority of organizations adopted ‘work from home’ policy, it became essential for companies to keep the moral of employees high. Social employee recognition tools are used to provide a communal forum where workers of every level can come together and share their experience and also assign rewards to their peers for their accomplishments. In fact, many companies have adopted these work from home policies for extended duration, which has further increased the demand for such tools.
To know the latest trends and insights prevalent in the Global Social Employee Recognition Systems Market, click the link below:
Key Takeaways:
- The global social employee recognition systems Market was valued at US$ 9,158.4 Mn in 2020 and is forecast to reach a value of US$ 23,407.7 Mn by 2028 at a CAGR of 11.9% between 2021 and 2028. This is owing to integration of advanced technologies in retail and IT & telecom sector.
- In 2020, the Large Enterprise segment accounted for the largest share of 4% in the global social employee recognition systems market and is expected to be valued at US$ 16,127.9 million by 2028. This is owing to the high presence of large size organizations and substantial expenditure budgets.
Market Trends
In North America, companies are using social networking websites to identify opportunities in the market and to get connected with co-workers. Social engagement activities have enabled companies to promote themselves and to understand product demand with the use of analytics. It is expected that with improvements in cyber security, adoption rate of these social media-based technologies is expected to increase rapidly in the near future.
Russia represents a major market for enterprise social networking technology, with social media apps gaining significant popularity among general users in the recent past. Moreover, many companies in Eastern Europe are offering products and services through social media along with providing solutions to client queries through social websites. It is expected that high implementation of enterprise social network (ESN) solutions in companies will continue over the next five years, owing to high involvement of social media platforms among enterprises in Eastern Europe. Many companies are investing in this technology to connect their employees with each other and with leaders of company to increase employee engagement, employee productivity, help employee to work in positive environment and others.
Competitive Section
Major companies involved in the global social employee recognition systems Market are GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison.
