BEIJING, Nov. 2, 2015 /PRNewswire/ - Rideau Recognition Solutions Inc. has concluded an agreement for a joint venture with Beijing Foreign Enterprise Human Resources Service Co. Ltd. (FESCO), the leading provider of HR services in China, to offer the highest level of employee rewards, recognition, performance and analytics solutions to Chinese and multinational companies operating in China.
The contract signing took place on Sunday, November 1, at the Official Residence of the Canadian Ambassador in Beijing as part of the Trade Mission to China led by the Mayor of Montreal. Mr. Peter W. Hart, Chief Executive Officer of Rideau, Mr. Wen Qing Shan, General Manager, FESCO, and Mr. Edward Tai, General Manager of FESCO NST signed the contract in the company of Canadian Ambassador to China, Mr. Guy Saint-Jacques, Montreal Mayor Mr. Denis Coderre, FESCO Group Chairman Mr. Frank Wang and members of the trade mission.
Rideau will leverage its industry-leading reward and recognition technology platform along with its most senior practitioners and management teams to support the joint venture's operations and offer training to its staff. The solutions will be marketed through FESCO channels to its thousands of customers and the broader market under the joint FESCO-Rideau brand. Mr. Hart and the Rideau management team are convinced the synergy and complementarity of both partners is a strong omen for a promising partnership and success in China's growing market.
"We're thrilled to team up with FESCO to offer corporate leaders and managers in China the know-how and technology we've developed and curated over the years," said Peter W. Hart. "Ensuring that employees feel recognized and incentivized in a way that supports key performance goals or corporate culture is crucial in an organization's overall productivity, business outcomes and even profitability. Based in China and Canada, our teams are ready to provide Chinese and multinational companies with higher-value solutions that not only enhance their current offerings, but also respond to local market conditions."
A recent research study conducted by FESCO among leading Chinese companies revealed that 98 per cent of respondents consider recognition as an important factor in the success of their businesses. But only four per cent of respondents feel that their current program is very effective at increasing employee engagement and only five per cent believe that their program is very effective at increasing company values. Finally, fewer than twelve per cent of respondents believe they have the software to manage their rewards and recognition program.
With Rideau's comprehensive analytics and solutions, companies will be able to directly target employee retention by identifying areas of improvement and providing managers with tools to keep their workforce engaged.
About Rideau Recognition Solutions
Rideau helps employers inspire greatness in their people through the power of recognition and rewards. Rideau's full suite of employee recognition and reward solutions are used to motivate and engage millions of employees in more than 90 countries to adhere to their company's values, increase productivity, boost revenues, achieve reduced costs from lower absenteeism and turnover, and improve overall customer satisfaction. Rideau is a full service provider of tailor-made programs delivering everything from strategy, program design, advanced software, training, program management and analytics. Find out more at www.rideau.com.
About FESCO Group (Partner in China)
FESCO Group was founded in 1979 to provide human resources related services to foreign Multi-National Companies (MNC) operating in China. The first company of its kind in China, it is one of the 27 key large enterprises under the control of Beijing SASAC (State-owned Assets Supervision and Administration Commission of the State Council). FESCO is an acronym for Beijing Foreign Enterprise Service Group Co., Ltd.
Beijing Foreign Enterprise Human Resource Service Co, Ltd. (FESCO) is the largest company of the FESCO Group. So far, it is serving more than 20,000 domestic and foreign-invested enterprises with 1.3 million international talents. The customers include a large number of leading multinational companies, exclusively owned foreign enterprises, joint ventures and cooperative of Chinese companies and foreign companies, state-owned enterprises, private businesses, covering high-tech industries like communication electronics, IT, bio-technology, Internet, automobile and many other including petrochemical, medical, financial and fast consumables industries.
SOURCE Rideau Recognition Solutions