Long Service Awards
Long Service Awards
Many forget that their organisation exists due to the people who make up the company; the loyal and dedicated staff members who contribute to the business’s growth and success. These individuals who have willingly committed years of their lives to your clients, your employees and your company are the very core of your business. Long service awards allow you to show your appreciation for their dedication and efforts.
Research shows that:
-
72% of employees are either actively or passively job searching,
-
Lack of recognition is the number one reason employees resign, and
-
A properly designed and implemented long service award program can improve employee retention.
Why Reward Long Service?
Staff retention is vital in today’s fickle economy, especially when hiring and training new employees costs the organisation far more than retaining existing employees. Recognition and appreciation can aid in retaining key employees as well as amplify loyalty, devotion and work contributions to your organisation. In turn this will also encourage newer staff members to remain loyal, as they realise that you value and appreciate long term commitment. Previously, long service awards were only allocated once long-standing employees left the company, in which case they were given a gold watch to symbolise the time they committed. Today, it has become increasingly important to reward employees as they reach each mile stone to recognise their commitment and encourage on going devotion.
When should long service awards be given?
The current trend in employment duration shows that the period an employee stays with one company is declining and in consequence long service awards have had to adjust and evolve to accommodate this. Presently, programmes start at a much lower yearly commitment rate, with most programmes acknowledging 3 years and escalating in 5 year intervals thereafter.
How easy is it to implement a long service award scheme?
Surprisingly easy when making use of our expertise in the field and allowing us to assist in the process. Our programmes are uncomplicated, custom made and managed on your behalf. You simply inform us of your budget and preferred specifications and we create and manage a long service award programme that is both cost effective and proficient on your behalf.
The purpose of the programme
Apart from the obviously motivation that long service awards generate amongst staff, they also assist in improving and strengthening the organisational culture by demonstrating how the company values and rewards employee loyalty, ultimately increasing retention.
Other programme features are to:
-
Provide recognition and gratitude for the devotion and perseverance of long-standing employees.
-
Commemorate the employee’s long service amongst their colleagues and supervisors.
-
Endorse and encourage extended careers within the company.
-
Reward long service with items that suite your organisational culture and excite your employees.
Tags: Employee Rewards, Long Service Awards, Staff Incentive