According to a new market report published by Acute Market Reports 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 2021 – 2029”, the global social employee recognition systems market is expected to witness a growth of 12.5% CAGR during the forecast period 2021 - 2029.
Browse the full Global Social Employee Recognition Systems Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2021 – 2029 report at https://www.acutemarketreports.com/report/social-employee-recognition-systems-market
Product Insights
Businesses across the globe are benefiting from paradigm shift from conventional employee recognition and reward programs to next generation social-enabled technologies supporting pay-for-performance strategies. Social recognition concept has allowed business leaders across the globe to reassess conventional approaches to employee referrals, performance management, and other talent management systems. Thus, increasing adoption of advanced social employee recognition solutions has enabled HRs to streamline and align reward & recognition initiatives with company’s brand and culture. The adoption of social employee recognition solutions has led to significant enhancement in employee engagement and business results. In addition to aforementioned elements, factors which are further fueling adoption of social employee recognition solutions across varied verticals include growing preference for BYOD (Bring Your Own Device) concept and emergence of enterprise social networking platforms like Convo, Yammer, LinkedIn, etc. In addition, growing need for developing internal marketing structures within enterprises to enable efficient planning of monthly targets, activities, and awards with impartiality is expected drive adoption of social employee recognition solutions across business organizations of all sizes.
Competitive Insights:
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.
