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Social recognition is the process of providing tools to employees for establishment and strengthen their bonds with each other. This is done by using social employee recognition system to allow the employees to celebrate success and behaviors which they experience every day. This is done in order to improve employee and customer experience and provides them opportunity to modify the workplace culture. The global social employee recognition system market is anticipated to grow at a CAGR of about 15% during the forecast period 2016-2023. Increasing adoption of BYOD culture has added values to organizations such as it allows the employees to access business data, emails and databases on their personal devices such as smartphones, laptops, tablets etc. It is cost effective, enable technology familiarity, and provides flexibility to the employees to work from anywhere and remotely access the data. Although there is security issues related to the BYOD culture. The data stored in the personal devices is vulnerable to get hacked or stolen. This problem can be solved using mobile device management system.
The key factor impacting the growth of global social employee recognition system market is the increased adoption of the social employee recognition system in the retail sectors. The retail sector is supposed to be one of the largest employers, absorbing and alluring its workforce which has remained a challenge for the retail sector due to the inefficiency of the employees in the retrial industries. Therefore it is taking steps in order to make employees feel admired and aiming to build long lasting relationships with them which in turn can help to create loyalty, increase productivity and nurture positive attitude among the employees. Therefore there is large demand for social employee recognition systems which is a crucial step in order to hit sales target. As per World at Work Association, Recognition programs are an important tool in the total rewards kit with about 89% of organizations having programs in place. Out of the 11% of organizations without recognition programs, the main challenges includes related to cost (with 22%) and administering programs (with 25%). The organizations are recognizing their employees in about every 12 months (58%), However, there is demand to provide employee recognition in every 4 to 6 months and this demand has increased by 9% from 2014. About 79% of the employees working in the retail industries think that they are not valued the way as they deserve. According to The Institute for Statistics Education, 55% of employees have the mentality that would leave their current jobs and go to a company which clearly recognizes its employee's contributions and efforts. Many of the employee recognition tools are in the form of apps which can easily store employee information and reward them accordingly
Source: OBRC Analysis.
The report on global social employee recognition system market includes deployment type, enterprise type and end user.
Deployment Type included in social employee recognition system market report are:
Enterprise Type included in social employee recognition system market report are:
The end users of social employee recognition system include:
The global social employee recognition system market report has been geographically segmented in:
North American region is the largest market for global social employee recognition system market, occupying over one third of global revenue share by the end of 2023. The key factor driving the growth of global social employee recognition system market in North America region is the increasing number of smartphones and internet users. About 95% of the populations in North America possess a touch enabled device. According to Pew Research Center, 68% of all U.S. adults use Facebook , while 28% adults use Instagram, 26% use Pinterest, 25% use LinkedIn and 21% use Twitter. There increasing number of smart phones and Internet users are contributing to the increased adoption of BYOD culture.
Global social employee recognition system market report covers segmentation analysis of deployment type, enterprise type and end users. Report further covers segments of deployment type which includes cloud and on premise. The cloud based deployment is the leading segment due to the increasing demand of cloud based services in organizations. According to Forbes, Cloud computing market accounted market revenue worth $67 billion in 2015 and is projected to reach $162 billion in 2020 at a CAGR of 19%. Report further covers segments of enterprise type which includes small, medium and large enterprises. Among these segments, large enterprises are expected to account for significant growth in the forecast period. The main reason would be the integration of business technologies and advancements with enterprise social networking platforms which will support the growth of the market. Whereas, end users of social employee recognition system include IT and telecom, healthcare, retail etc.
The major market players of the global social employee recognition system market are:
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, product and service launch is the key strategy adopted by the companies in the social employee recognition system market.
For Example; In March 2017, Paramax launched PEPPER which is Paramax Engagement & Points Platform for Employee Recognition. It is a B2B tool for point based recognition systems which offers large number of Facebook like features such as free form posting, photos sharing, news, ideas etc. allows the employees to like and comment on the posts etc.
In 2016, Telefonica launched an employee recognition app in order introduce its workforce to new employee recognition scheme.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in social employee recognition system market.
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At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global social employee recognition system market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the social employee recognition system market, with giving extensive SCOT analysis of key companies.
Key findings of the global social employee recognition system market:
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