The Starr Conspiracy Estimates Employee Engagement TAM at $77 Billion and Rising Amid Hiring and Retention Talent Challenges

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Mar 09, 2022, 07:03 ET

FORT WORTH, Texas and SAN FRANCISCO, March 9, 2022 /PRNewswire/ -- The Starr Conspiracy, a B2B marketing agency focused on companies creating the future of work, today released its 2022 Employee Engagement Market Map detailing the $77 billion technology and services category of enterprise software used by companies to drive a better work experience and retain top talent, even in the face of turbulent work conditions.

Record-setting levels of capital have poured into technologies that improve working conditions and employers are increasingly spending on Employee Engagement solutions to support their people, create mechanisms to listen to employee issues, and address their overall well-being and work experience.

"Prior to the pandemic, employers leveraged Employee Engagement software and solutions to unlock workforce potential and drive productivity," said Steve Smith, CMO and partner at The Starr Conspiracy. "Now employers are turning to the same work technology to hold together workplace cultures as employees are quitting at record rates and we're seeing more job openings than candidates willing to fill those empty positions."

The 2022 Employee Engagement Market Map details what kinds of features and functions are required to meet buyer expectations and highlights dozens of solution providers in the market that are demonstrating success. In the report, two key things must be true for a solution to be considered Employee Engagement technology:

Surveying, listening, and reporting — Specifically, about employee sentiment (direct) and/or activity (indirect)
Acting, communicating, and enabling — Specifically, addressing what comes up proactively and reactively

According to The Starr Conspiracy's take on Employee Engagement, it is composed of six discrete market categories: communication, recognition, measurement, employee rewards, perks, and well-being.

"Looking to what is coming next for the world of work, we forecast that Employee Engagement solutions will be central to improving the employee experience, shaping workplace culture, and driving productivity," Smith said.

You can read the full report here.

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SOURCE The Starr Conspiracy