In the current business environment marked by talent shortages and economic uncertainties, Rewards and Recognition (R&R) solutions play a pivotal role in enhancing employee engagement and productivity. With the need to attract and retain top talent and improve employee engagement, several companies are turning to R&R solutions to foster a culture of appreciation and recognition throughout their organization. Despite being a non-revenue-generating investment, focusing on employee experience can create value in terms of numerous tangible and intangible benefits for enterprises. It helps not only attract and retain top talent but also fosters a positive workplace culture, enhances employee motivation, and drives performance.

The R&R market is growing at a fast pace and gaining a lot of traction in the overall HR ecosystem. This segment has seen the presence of a number of solution providers offering wide-ranging reward catalogs, redemption services, and robust SaaS-based platforms that are configurable and can be integrated with collaborative tools, HRIS systems, and other platforms to meet the unique needs of each client. With service providers investing in next-generation technologies to measure and analyze the impact of their R&R programs, companies can transition to a more data-driven and performance-based approach to employee recognition.

This research assesses 26 leading R&R service providers featured on the Rewards and Recognition (R&R) Solutions PEAK Matrix^® Assessment 2023. Each service provider profile features the provider’s key strengths and limitations to assist buyers in making sourcing decisions.

Scope

• The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading R&R providers, client reference checks, and ongoing analysis of the R&R solutions market
• Industry: all
• Geography: global

Contents

In this research, we analyze:

• The relative positioning of 26 vendors on the Everest Group PEAK Matrix^® for R&R solutions
• Key strengths and limitations of the service providers

Membership(s)

Human Resources

Sourcing and Vendor Management