Social employee recognition systems are designed to recognize an employee’s contribution to the company’s success. Such solutions enhance staff morale and reward their participation in key tasks. Social employee recognition systems are frequently used in practically all sizes of businesses due to their technological innovation. Over the forecast period, the Asia Pacific market for social employee recognition systems is expected to increase significantly.
TERRYBERRY; KUDOS INC.; GLOBOFORCE; AND ACHIEVERS SOLUTIONS INC.- PROMINENT MARKET PARTICIPANTS IN APAC SOCIAL EMPLOYEE RECOGNITION SYSTEM MARKET.
Employees increasingly use social media websites and applications for collaboration, integration, and expert assistance. The market for workplace social networks and online communities is growing. As a result, the market for workplace social networks and online communities is likely to grow in the near future, paving the way for social employee recognition systems. Due to the high presence of large size organizations and hefty expenditure budgets, the implementation of social employee recognition systems is exponentially high in retail and consumer goods and IT and telecom. Because social employee recognition systems are not a requirement but rather a value that adds to current costs, their adoption is likely to be limited. Apart from incentives and recognition, an employee’s mental needs must be met. When an employee has a good attitude toward their employer, their productivity doubles. Such professionals go above and beyond in their respective fields to achieve new milestones. As a result, raising morale becomes critical in such situations. As a result, social recognition at work is a vital component of human resources, and employee recognition can build an ideal environment.
Businesses today are increasingly adopting digital solutions to transform their business models and existing processes to enhance operational efficiency and increase revenue by implementing effective digital solutions and automated systems. In the past few years, the proliferation of smart and connected devices, adoption of cloud computing, and emergence of technologies such as artificial intelligence (AI) and the Internet of things (IoT) have led to smart and intelligent workplaces.
Due to the increasing penetration of web applications, mobile applications, software-as-a-service (SaaS)-based solutions in enterprises, and advanced employee recognition solutions are rising at an impressive pace. Since the modern workforce demands motivation in a modern way, social recognition platforms help reinforce professional relationships in SMEs and large enterprises. With solutions such as social employee recognition platforms, industry verticals such as IT & telecom, manufacturing, retail, and healthcare can strengthen the employee-employer bond. Also, the platform helps in optimizing reward costs as per the available budget. According to the NTT 2021 Global Workplace Report, 55.1% of businesses are extremely satisfied with their company’s ability to accommodate hybrid working. Thus, all the benefits offered by employee recognition platforms drive the market growth in APAC. A few of the important market initiatives from the industry are mentioned below:
| Year | Development | Region |
| 2021 | Terryberry has introduced the newest birthday automation feature for its 360 Recognition Platform designed to help the employer celebrate every employee’s birthday. It creates posts and notifications every day for employees wanting to share the opportunity to celebrate with their coworkers. | North America |
| 2020 | Fond has added to its already extensive worldwide portfolio with the recent addition of specific benefits for consumers in Australia. Fond provides employee recognition software to companies throughout the world, including Salesforce, WW International, and Hard Rock Cafe, which the firm is able to serve in part because to its worldwide reach. | North America |
