The social employee recognition systems market is poised for remarkable growth, projected to reach a significant milestone of US$ 29.2 billion by the year 2028, demonstrating a commendable (CAGR) of 14%.
These promising statistics have been unveiled in a recent market research report by Future Market Insights (FMI), titled “Global Social Employee Recognition Systems Market: Global Industry Analysis (2013-2021) and Forecast (2022-2028).” This report delves into the dynamics of the Social Employee Recognition Systems Market, offering valuable insights into its past performance and future prospects, reflecting the increasing importance of recognizing and rewarding employees in today’s corporate landscape.
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Social employee recognition system dealers can put emphasis on expanding their businesses across developing countries in MEA, SEA, and APAC. These regional markets have been steadily adopting a range of modern employee engagement and retention systems/programs. New players venturing into the social employee recognition systems market are most likely to focus on entering into partnerships and collaborations with established players. This will help them understand the demand pattern and supply chain scenario, in order to gain an attractive customer base and thereby, generate higher revenues.
The companies are also focusing on product development and innovation in order to retain their positions in the market. In March 2022, Salesforce launched a simplified software aimed at small businesses. This new software, called ‘Essentials‘, is a sales and customer service software that has been tailored specifically for small businesses. Salesforce is currently targeting small businesses by launching new, powerful, promising tools at affordable prices. The other leading companies operating in the global social employee recognition systems market are Globoforce Ltd., REFFIND Ltd., Achievers Solutions Inc., Kudos, Inc., Madison Performance Group, and Recognize Services, Inc.
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Adoption by Enterprises to Rise in an Effort to Access Multiple Benefits:
The deployment of social employee recognition systems results in augmented employee satisfaction, eventually resulting in improved performance and enhanced productivity. Moreover, social recognition on a professionally used system uplifts the professional profiles of employees to a great extent. Organizations thus tend to opt for deploying social employee recognition systems for maintaining high employee withhold rates and high revenues. Social media platforms that are specifically used by working professionals and businesses, including Twitter and LinkedIn, are also being widely used to recognize employee efforts and engage with the employee apart from engaging in promotional and marketing activities. Companies also advertise new product launches and details regarding product discounts, and new strategies and plans for future growth of employees in order to drive sales and surge brand loyalty online. Companies also connect with their business partners via these social portals and platforms on a real-time basis.
Emerging Challenges in Keeping Employees Engaged to Inhibit Market Growth:
According to the research findings included in the report, social employee recognition programs can only be successful in an organization when it includes employees at all stages. It is a difficult task to include and motivate employees operating remotely such as salespersons and marketing staff. Companies generally implement social employee recognition solutions for employees working within the premises, due to which, employees working remotely are unable to participate in such programs.
Leading Key Players:
- Salesforce.com Inc.
- Globoforce Ltd.
- REFFIND Ltd.
- Achievers Solutions Inc.
- Kudos Inc.
- Madison Performance Group
- Recognize Services Inc.
- Aurea Software Inc.
- BI Worldwide Ltd.
- Terryberry
- YouEarnedIt
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Social Employee Recognition Systems Market Segmentation:
By Deployment Type:
- Cloud Social Employee Recognition Systems
- On-premise Social Employee Recognition Systems
By Enterprise Type:
- Social Employee Recognition Systems for Large Enterprises
- Social Employee Recognition Systems for Small and Medium-Sized Enterprises
By Industry Type:
- Social Employee Recognition Systems for Retail & Consumer Goods
- Social Employee Recognition Systems for Healthcare
- Social Employee Recognition Systems for IT & Telecommunication
- Social Employee Recognition Systems for Travel & Hospitality
- Social Employee Recognition Systems for Manufacturing
- Social Employee Recognition Systems for Media & Entertainment
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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