Future Market Insights (FMI) has published a new market research report on social employee recognition systems. The report has been titled, “Global Social Employee Recognition Systems Market: Global Industry Analysis (2013-2017) and Forecast (2018-2028).” Long-term contracts with large enterprises and private companies are likely to aid the expansion of business revenues, and innovation in the industry will enable social employee recognition system vendors to reach out to new potential customers in emerging markets. These factors are expected to help the global market for social employee recognition systems observe stellar growth in next few years.
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“The global social employee recognition systems market is expected to witness an outstanding CAGR of 15.7% from 2018 to 2028. The US$ 5.8 Bn market is projected to reach beyond US$ 29 Bn by the end of 2028,” admits a research analyst at Future Market Insights.
Social employee recognition system vendors 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.
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The companies are also focusing on product development and innovation in order to retain their positions in the market. In March 2018, 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.
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 professional profiles of employees to a great extent. Organisations 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.
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Emerging Challenges in Keeping Employees Engaged to Inhibit Market Growth
According to the research findings included in the report, social employee recognition programmes 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 programmes.