Dublin firm Globoforce helps firms appreciate their workforces and reap the benefits, writes John Reynolds IF the economic downturn keeps on biting, many of the world's biggest companies will need help to keep up morale among their workforces and reward them for their achievements. And when they do, 36- year-old Eric Mosely, chief executive of Dublin-based internet company Globoforce, is well placed to win even more business from multinationals such as Intel.

Founded in Dublin in 1999, the firm's revenues grew by 85 per cent last year, topping $50m (€33.68m). With 100 employees, most of whom are based in Dublin, the firm has also edged into profitability, thanks to a client list that now boasts names like Procter & Gamble, Vodafone, Reuters, IBM and Microsoft.

Over 1.3m people around the world use the firm's online employee incentive programmes and the plan is to continue signing up as many Fortune 500 firms as possible, before perhaps looking at smaller companies.

'A recession has an impact on every company but we already have customers who are going through tough times and they're focused on how to get more productivity from current staff, even if they've laid off 10 to 15 per cent of staff.'

'Jack Welch, the former CEO of General Electric, famously said that when you lay off 20 per cent of your workforce, you'd better invest in the 80 per cent remaining and try to reinvigorate and re-energise them and help to increase morale even more,' Mosely says.

The average reward for someone who has put in some overtime or excelled in some kind of company task or project is a $100 (€67) voucher.

This can be redeemed in over 100 countries around the world, at retailers such as Amazon, Brown Thomas and Arnotts.

'Our clients say that we've helped evolve the culture of their organisations and change the social architecture. It's had a profound effect, producing a culture of appreciation and recognition, helping to bring people together and unleash a new energy which helps drive profitability and innovation,' Mosely adds.

Recognising the achievements of their staff has also become increasingly important for firms where most employees are in their 20s and 30s -- the generations X and Y.

What might have worked for their parents in terms of motivation and recognition doesn't work for them. The idea is that Globoforce's programmes help people feel appreciated and that they belong in an organisation.

'If someone works a weekend and they're not appreciated or recognised then they might not do it again. If you multiply that 10,000 times it helps create an environment where colleagues feel appreciated and it helps the company to function and evolve,' Mosely says.

His own career has evolved from starting out as a software developer with Aldiscon, which is now part of IT giant Logica -- a renowned starting ground for dotcom entrepreneurs. He then worked for CSK, a financial software company.

'I developed my skills as an internet architect designing software systems, while my co-founder Eddie Reynolds was working in the insurance business. We were very lucky in that we had the consumer market in mind when we started this. But when we went to market with Globoforce, businesses began to come to us, demanding superior tools and a software platform. We hadn't thought of that at the time but the concept evolved from there,' he adds.

Balderton Capital's Barry Maloney was the first to invest in the company and Atlas Ventures also have a stake in the firm. Together they own half the company, with the remainder split between early angel investors and the founders, Mosely and Reynolds.

'As a venture capital firm, Balderton saw something in us well before anyone else saw our potential. They said they saw something that could work for every company in the world and a true global market. They had a lot of foresight and have a good and solid investment in us,' Mosely says.

Last year the firm was recognised as one of the 50 fastest growing technology companies in Ireland, ranking number 12 in the Deloitte Technology Fast 50 and adding to a host of other industry awards it has received.

Mosely is guarded on whether the company will float on the stock market or whether potential buyers have knocked on his door.

'At the moment we've certainly hit a stage in our development where many options opening up for us. There are paths we could go down that didn't exist before, but we haven't made any decisions yet.

'The company is growing at such a rate that we've still got our heads down and we're focused on trying to build a successful company,' he adds modestly.

Eighty per cent of the firm's clients are US multinationals, meaning that three years ago, he and his family had to move near its US office in Boston.

The suburb of Wellesley, where he lives with his wife and four children, is no stranger to high-flyers, however, as US presidential candidate Hillary Clinton went to college there.

The Globoforce CEO occasionally finds time to follow football in the UK and Ireland. He has even become something of a soccer dad -- coaching local children and getting to know people in his community.

'It's very rewarding, although some kids here don't know players like Rooney and Ronaldo when I talk about them,' he says jokingly.