Gartner predicts that by 2022, 70 percent of large and midsize enterprises will use some form of technology for recognition and reward. But less than 25 percent will leverage its full potential across the different use cases. This blog highlights the various opportunities technology holds in the space of rewards and recognition.
In the Indian market, this concept is at a nascent stage. There is only a small percentage of companies that have adopted technology as a solution for R&R and only about 10 percent of the potential is being utilized. A huge opportunity in this space still lies untouched and untapped in the country that more companies might start exploring in the coming years.
Traditionally companies have been doing R&R manually for decades. But technology saves talent professionals from this cumbersome process. With technology, it becomes operationally easier to award, track, and redeem and further it gives a chance to the talent leaders and managers to improvise their R&R strategy with analytics and relevant insights.
Automating and the subsequent ease of use is driving the tech adoption, especially when teams are large and distributed.
On the other hand, what is holding the corporates back in adopting this technology is the fact that there is a change of behaviour and policies whenever any new technology comes in. Just like any tech automation process, this is a change that will take time to become a revolution.
The corporate market is a $2 Bn market in India alone. Not just large organizations, a lot of midsize companies and SMEs have identified retaining good employees as a KPI and consider it as important as ROI. Recognizing employees on small achievements is a key enabler for the same. This is the opportunity for us: Advantage Club (R&R Platform), and our focus is on helping organizations as they work towards redefining employee engagement.
As tech adoption in the R&R space increases, Advantage Club strives to be at the forefront to lead the initiative in the market. We provide end-to-end solutions, right from exclusive access to corporate perks to a complete budget management solution for awarding employees. This includes features like creating different budgets, awarding employees in bulk digitally using CSV uploads, redemption with discounts, and detailed analytics. We also have unique products like internal classifieds for companies where employees can buy/sell products to each other, and hobby clubs to create communities of like-minded associates to add another layer of employee interactions and engagement.
We also focus on employee engagement as a holistic problem in which we provide solutions around corporate discounts, rewards, and recognition, building communities through products like classifieds and hobby clubs. We believe that one size does not fit all and every organization has different cohorts and patterns when it comes to employee behavior, and through features like ‘trending in your company’ and personalization on brand and category level, we aim to provide unique insights for every organization instead of a vanilla app for everyone.
There are immense opportunities in this space, both in India and internationally. We plan to invest our funds to build better data mining and personalization in the product and also focus on territorial expansion. The idea is to give users a more personalized experience and focus on building much more holistic communities within companies. Our plan is to grow quickly and scale the business in the next two years, and create an impact in the lives of 10x more employees than we impact today.