The changing economic policies have made it harder for corporation to retain the existing talent. Human resource (HR) management teams are expected to adopt employee engagement software to maintain employee morale and quell dissatisfaction. Employee engagement software is a tool used by companies to gauge employee mood and their commitment to their jobs. Real-time feedback, objectives and key results (OKR), and employee surveys are some of the features in such software.
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Driven by Employee Feedback
Large enterprises and small and medium enterprises (SMEs) are major end-users of employee engagement software.
The large enterprises segment is anticipated to experience a substantial growth rate on account of offering various employee-centric programs. For instance, Fibit, one of the U.S. biggest wearable companies, has provided each of its employees with wearables to track employee moods. The metrics within these devices let employers gain insights into employee behavior and ensure their mood levels are always high. The company also organizes contests to monetize good performance in order to inculcate and foster a good working environment.
The SME segment is expected to exhibit a remarkable CAGR demand-wise to prevent poaching of good talent to large enterprises. Relationship with their immediate supervisor, gratification, and rewards and recognition scheme within the company are factors driving the segment demand. In light of these factors, inFeedo, an Indian company, has designed a chatbot, Amber, in June 2017 to solve employee queries and promote engagement in the work environment. The chatbot is built using artificial intelligence and natural language processing.
Market Overview
The global employee engagement software market is anticipated to gain a high valuation by 2025, according to a report on Radiant Insights, Inc. It is expected to experience a good growth rate from 2013 to 2025 (forecast period) due to changing human resource management policies to retain existing talent. The inflow of technology-savvy employees and volatile economic and political landscape are factors anticipated to spur market demand.
Mobile applications, data analytics, and machine learning are technologies purported to open up new avenues for market growth. Transition to novel management policies to empower upper management leadership to quell employee dissatisfaction and prevent employee job-hopping can benefit the market. Prominent market players include Officevibe, Teamphoria, Jive Software, and Qualtrics.
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