In the current business environment marked by talent shortages and economic uncertainties, Recognition and Rewards (R&R) solutions play a vital role in enhancing employee engagement and productivity. Additionally, with the need to attract and retain top talent, 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 numerous tangible and intangible ways for an enterprise, nurturing a positive workplace culture, enhancing employee motivation, and driving performance.
The R&R market is growing, with a wide range of solution providers offering Software-as-a-Service (SaaS)-based platforms that can be configured and integrated with collaborative tools, Human Resource Information Systems (HRIS), and other platforms to meet each client’s unique needs. With 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.
In this report, we analyze the R&R solutions market, understand the key growth drivers, buyer adoption trends, and investments made by providers.
Scope
All industries and geographies
The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading R&R solutions providers, client reference checks, and an ongoing analysis of the R&R solutions market
Contents
In this report, we analyze:
The R&R market landscape, including market size, trends, and use cases
Buyers’ take on the R&R market
The provider landscape
Key investment themes in the R&R market and outlook for market stakeholders
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