target audience: TECH BUYER Publication date: Dec 2024 - Document type: IDC MarketScape - Doc Document number: # US51741424
IDC MarketScape: Worldwide Employee Experience for Rewards, Recognition, and Belongings 2024 Vendor Assessment
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Abstract
This IDC study assesses the functional scope, delivery, and direction of worldwide rewards, recognition, and belonging vendors. RR+B has evolved from using incentives to drive employee engagement into an efficient source of data and insights for performative best practices and the work environments that sustain them. The infusion of AI into RR+B is rapidly expanding the scope of the functional categories within the space to be more strategic for building workplace communities. Recognition-at-the-center strategies are supplanting rewards-at-the-center approaches. The evolution is simultaneously spurring reward fulfillment for campaign-based participation, recognition adoption, and community and feedback for greater workforce belonging. Recognition at the center generates a community communications loop that helps HR and managers better understand the working characteristics of employee engagement, participation, and achievement, including which personas best support and enable each other. As an elegant augment for VoE tools, RR+B quickly highlights individual successes and the reasons behind them, enabling managers to recreate the characteristics of success while filtering VoE insights for the characteristics of what needs improvement. Selecting the optimal RR+B partner requires companies to look at their current state of engagement, response times, and workforce demographic isolation factors and their impact on workforce performance, productivity, and tenure. Metrics and insights characterize behavioral disengagement challenges to build into program requirements for selecting the type of partner solution approach to RR+B the company should take.
"RR+B is about more than employee engagement," says Zachary Chertok, senior research manager for Employee Experience at IDC. "Modern RR+B programs augment the value of VoE tools and resources by more efficiently and elegantly filtering for employee successes and the characteristics at work that define them. RR+B insights characterize performance growth to better define learning and skilling opportunities, source effective leadership across working groups, and define the upper limits of what the workforce can productively achieve toward organizational objectives and key results. Not all RR+B strategies are born the same, and many concentrate on different aspects of the space as their points of entry. Organizations must evaluate their most strategic gaps and build plans for growth and scale beyond resolving employee disengagement and performance gaps before determining the field of vendors that will best partner with them on their journey."