The Global Social Employee Recognition Systems Market is estimated to be valued at US$ 13,325.25 Mn or in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Social employee recognition systems provide organizations with tools and platforms to recognize employees for their accomplishments, milestones or positive behaviors through various mediums like thank you notes, gift cards, rewards points etc. This helps boost employee morale and engagement.
Market key trends:
One of the major trends in the social employee recognition systems market is the growing popularity of gamification. Gamification involves applying game mechanics and design techniques to engage and motivate employees. Many companies are using techniques like leaderboards, achievements and virtual badges on their social recognition platforms to make the experience more fun and competitive. This drives higher levels of employee engagement and participation. Integrating social and gamification elements allows companies to better recognize, reward and retain top talent in a cost-effective manner.
SWOT Analysis
Strengths: Social recognition systems facilitate quick and wide-spread recognition of employees at lower costs than traditional rewards programs. They improve engagement through a more personalised experience.
Weaknesses: Over-use of public recognition can introduce biases. Some employees may feel uncomfortable with public praise and attention.
Opportunities: Integration of recognition systems with HR and collaboration tools provides more data and visibility to optimise employee experience. Gamification features further boost participation.
Threats: Shift to remote work during the pandemic reduced in-person interaction and weakened community bonds, impacting effectiveness of social recognition. Data privacy and security is also a key challenge.
Key Takeaways
The Global Social Employee Recognition Systems Market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing focus on employee engagement and retention among organizations.
The North America region is expected to dominate the market, with presence of major players and early adoption of digital HR technologies among organizations in the US and Canada. The Asia Pacific region is expected to exhibit the highest CAGR during the forecast period, driven by growing young workforce and rapid digitalization of HR functions in the region.
Key players operating in the Social Employee Recognition Systems 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
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it