The social employee recognition systems enable organizations to acknowledge employee efforts and contributions through digital or online platforms. Social employee recognition helps in cultivating a culture of appreciation within organizations and aids in boosting employee morale, engagement and retention. Social recognition platforms allow employees to showcase their work and achievements to a wider audience within the organization.
The global Social Employee Recognition Systems Market is estimated to be valued at US$ 1.2 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rampant digital transformation across various industries has been a key driver promoting the adoption of social employee recognition systems. As organizations increasingly embrace digital technologies and workflows, more employees are spending time on digital platforms for their work and collaboration. This growing reliance on digital tools for work has made social recognition platforms more relevant for organizations to acknowledge virtual contributions. Social platforms allow recognition in real-time and help engage remote employees who may not always be physically present in offices. The trend of remote and hybrid working models accelerated by the pandemic has further propelled the need for online social recognition tools to foster emotional connections between dispersed workforce.
SWOT Analysis
Strength: Social employee recognition systems help organizations improve employee engagement and retention. They offer greater flexibility in motivation and rewarding employees as compared to traditional methods.
Weakness: Privacy and security concerns arise regarding confidential employee data collected on social recognition platforms. Technical issues and glitches can disrupt the employee experience.
Opportunity: Growing trends of virtual and remote working are increasing the demand for digital and social employee recognition. Advanced analytics capabilities of modern platforms help optimize recognition strategies.
Threats: Traditional non-social rewards and incentives continue to be preferred by some organizations and employees. Competition from generalized social networking platforms and communication tools.
Key Takeaways
The Global Social Employee Recognition Systems Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America dominated the global market in 2021 with over 40% market share. Presence of major players and open organizational culture for social recognition drive early adoption in the region. Asia Pacific is expected to be the fastest growing regional market during the forecast period supported by rapid digitalization of HR practices and growing startup culture in countries like India and China.
Key players: Key players operating in the social employee recognition systems market are GloboForce, Salesforce, Reffind, Achievers, Kudos, Madison, Vmware, Recognize Services, and BI Worldwide. These players focus on technological advancements such as integrated analytics, enhanced social features and mobile compatibility to strengthen their market position. New entrants are also introducing more affordable solutions to target small and medium enterprises.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
