Everest Group Study Sheds Light on Growth and Value Proposition of Recognition Market
By Bruce Bolger
The authors of this new PEAK Matrix® report “Rewards and Recognition (R&R) Solutions Assessment 2023,” available for $6,950, helps explain why the recognition field has attracted increasing interest from investors but also leaves unclear the specific means by which recognition firms create value for their clients. While the CEOs of most the recognition companies interviewed in a recent RRN market report say that program design and the measurement of impact on the organization are the clearest measures of success, the report authored by Priyanka Mitra, Lokesh Goyal, Anwesha Chakraborty, and Varun Madan does not say if program design expertise or actual organizational results rank among the evaluation criteria.
The authors do point to potential ways to measure the return on investment in terms of retention, referrals, wellness, etc., as well as the ability to integrate recognition with other employee engagement systems and to benefit from the data generated but don’t say if these capabilities were used to evaluate the companies.
They write, “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.”
They write that “The R&R market is growing at a fast pace and gaining a lot of traction in the overall HR (human resources) 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 (human resources information 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.”
The authors explain that the “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 provided in the full report features the provider’s key strengths and limitations to assist buyers in making sourcing decisions.
The company says that the “assessment is based on Everest Group’s annual RFI (request for information) process for the calendar year 2023, interactions with leading R&R providers, client reference checks, and ongoing analysis of the R&R solutions market.” About a dozen of the companies were said to have provided responses to the request for information; the others were evaluated independently, the company says.
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