Employee Recognition System Market See Boom in Demand as Companies Look to Boost Morale and Productivity
Author : Acumen Research and Consulting
The global employee recognition system market is expected to witness significant growth in the coming years due to several factors such as:
- Growing recognition of the importance of employee engagement and retention: Employers are recognizing the importance of employee engagement and retention in driving business success and are increasingly investing in employee recognition systems to boost morale and motivation.
- Increased use of technology: The adoption of cloud-based and mobile technologies has made it easier for companies to implement and manage employee recognition programs, leading to increased adoption of these systems.
- Rise in demand for personalized recognition: Companies are focusing on personalized recognition and rewards to better motivate and engage their employees, leading to an increase in demand for systems that allow for customized recognition.
- Growing trend towards non-monetary recognition: Companies are increasingly moving away from traditional monetary rewards and towards non-monetary recognition such as time off, training opportunities, and other experiential rewards.
- Increasing focus on diversity and inclusion: Companies are prioritizing diversity and inclusion in their employee recognition programs, leading to an increase in demand for systems that can track and recognize diverse contributions.
Employee Recognition System Market Competition
The employee recognition system market is highly competitive, with a large number of players offering a range of products and services. Some of the key players in the market include:
- Baudville: A leading provider of employee recognition solutions, including employee recognition software, awards, and gift cards.
- Globoforce: A provider of employee recognition software and services, including social recognition platforms and reward and recognition programs.
- Recognize: A provider of employee recognition software and services, including recognition programs, peer-to-peer recognition, and leaderboards.
- Workforce Solutions: A provider of employee recognition software and services, including reward and recognition programs, employee engagement surveys, and performance management tools.
- Achievers: A provider of employee recognition software and services, including recognition programs, employee engagement surveys, and performance management tools.
These companies are competing based on factors such as the features and functionality of their products, the level of customization and personalization they offer, and the price and value of their services.
Employee Recognition System Market Recent Developments
There have been several recent developments and news in the employee recognition system market:
- Globoforce announces new social recognition platform: In September 2021, Globoforce announced the launch of a new social recognition platform that allows employees to recognize and thank their colleagues in real-time through social media-style feeds.
- Workforce Solutions acquires RecognitionWorks: In October 2021, Workforce Solutions announced the acquisition of RecognitionWorks, a provider of employee recognition software and services. The acquisition is expected to strengthen Workforce Solutions' position in the employee recognition market.
- Achievers announces new product features: In November 2021, Achievers announced the release of several new features for its employee recognition platform, including the ability to create custom recognition categories and the integration of a virtual gifting feature.
- Baudville releases new employee recognition platform: In December 2021, Baudville announced the release of a new employee recognition platform that allows companies to customize their recognition programs and offer a variety of rewards and incentives to their employees.
- Recognize announces partnership with Verizon: In January 2022, Recognize announced a partnership with Verizon to offer its employee recognition software to Verizon employees. The partnership is expected to improve employee engagement and retention at Verizon.
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