FMI Releases New Report on the Social Employee Recognition Systems Market 2017-2027

Social employee recognition systems are designed to recognize employees for their good work. For instance, according to a survey conducted by The Hershey Company, it concluded that employees globally wanted a novel, employee-friendly technology to recognize colleagues for good work. This lead to the creation of SMILE, a social recognition program which celebrates the company’s values and identifies the work of employees who go the extra-mile to accomplish company objectives. SMILE is a recognition-specific app available on mobile devices to identify and applaud colleagues whose tasks are commendable, irrespective of the colleague working in different departments of the office or at offices in other countries. Following the launch of SMILE, around 14,000 recognition moments were captured in the first three months with a 40% employee participation.

Social Employee Recognition Systems Market:  Drivers & Restraints  

Social employee recognition systems boost employee engagement. Social recognition at workplace is an important aspect in human resources management. The power of employee recognition creates the best workplace. Social recognition leverages employee behavioral habits and upcoming social technologies to voice the opinions of employees worldwide, further adding an important tool of saying “thanks” to the organization’s rewards strategy. Another prominent aspect of the social employee recognition systems is that it is not limited by reward practices such as monthly points or any other monetary benefits. Currently, social employee recognition systems which are delivered through social networks are trending with programs being delivered via software-as-a-service (SAAS) applications.

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Social Employee Recognition Systems Market:  Segmentation

The global social employee recognition systems market is classified on the basis of deployment and region.

Based on deployment, the global social employee recognition systems market is segmented into the following:

  • Web-Based
  • Cloud-Based
  • Software as a Service (SaaS)

Social Employee Recognition Systems Market:  Overview

HR and business leaders are currently utilizing social employee recognition systems and reward systems to report any significant improvement in employee engagement which are further related to business outcomes. The number of companies implementing social employee recognition systems is growing at a good pace. Organizations are encouraging collaborations among employees and further enhancing better teamwork, as they realize that social recognition has a vital role which cannot be solely driven by the management of a company. The best social recognition programs are inclusive of peers and managers and most importantly driven by good work.

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Social Employee Recognition Systems Market: Region wise Overview

Geographically, global social employee recognition systems market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA). Social employee recognition systems enable the employees to gain access to social recognition programs anytime, anywhere, so the trend in the market is to move to web platforms and mobile applications. With more and more globalization of companies with its workforce as well, socializing is the new strategy to create a harmonized work environment with increasing mobilization.

Social Employee Recognition Systems Market:  Key Players

The key players in global social employee recognition systems market are REFFIND Ltd., Kudos, Achievers Corp., Globoforce, Terryberry, Peoplecart, Ultimate Software, Paramax, CorporateRewards, BI WORLDWIDE EMEA, Incentive Logic to name a few.

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