According to a new market report published by Credence Research Inc., “Global Social Employee Recognition Systems Market (By Mode of Deployment (On-premise and On-demand/Cloud-based), By End-use Vertical (IT & Telecom, Consumer and Retail, Healthcare, Travel & Hospitality, Manufacturing, and Other End-use Verticals)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2018 – 2026”, the global social employee recognition systems market is expected to witness a growth of 12.5% CAGR during the forecast period 2018 – 2026.
Businesses around the globe benefit from a paradigm shift from traditional employee appreciation and reward programs to next-generation social-enabled innovations that promote pay-for-performance strategies. The concept of social recognition has prompted business leaders around the globe to reassess traditional approaches to employee recruitment, performance management, and other talent management processes.
As a result, the increasing adoption of advanced social employee recognition solutions has enabled HRs to streamline and align reward and recognition initiatives with the brand and culture of the company. The implementation of strategies for social recognition of workers has led to significant changes in employee engagement and business outcomes. In addition to the above, factors that further fuel the adoption of social employee recognition solutions across a variety of vertical lines include increasing preference for the BYOD (Bring Your Own Device) concept and the emergence of enterprise social networking platforms such as Convo, Yammer, LinkedIn, etc.
In addition, the increasing need to establish internal corporate communication mechanisms to facilitate efficient scheduling of monthly goals, events and rewards with impartiality is expected to drive the adoption of social employee recognition solutions through business organizations of all sizes.
Some of the major and established players identified in the global social employee recognition systems market include Achievers Corporation, REFFIND Ltd., Kudos, Globoforce, Terryberry, Peoplecart, Ultimate Software, Paramax, Corporate Rewards Ltd., and Incentive Logic among others.
The global social employee recognition systems market is fragmented and thus is characterized by the presence of large number of niche players accounting for marginal market share individually.