What counts as Long Service these days? Is there such thing as a job for life anymore? Few of us would agree. Rewarding loyalty along a new timeline can encourage long service before an employee has even considered how long they plan on staying with the company.
Why Is Rewarding Loyalty Important?
The number one reason for employees leaving their jobs is cited as under-recognition from employers. We workers are sensitive souls! We like to feel appreciated in all aspects of life.
Remuneration and monetary awards such as bonuses have their place. But 75% of employees identify a lack of appreciation as a major concern - this proportion is simply too high.
A New Timeline
We have seen employers begin to reward loyalty as early as 12 months into employment. In industries where staff turnover is high, it is essential to hang on to bright and ambitious employees. Most people think of Long Service Awards being given to staff that are close to retirement. Not that it won’t be appreciated, but why wait that long? Celebrate each employee milestone and anniversary on a regular basis. Don’t wait for 5, 10, 20 years to roll by.
Making Long Service Awards a Success
Successful Long Service Award schemes are mapped out by the agency and employer at specific milestones and can be delivered digitally or in person (through certification and rewards). Making your most loyal and valuable employees aware that they are appreciated and valued. When added to an overall Employee Engagement strategy, this becomes a community event. With other employees recognising each other’s achievements.
What Do New Long Service Awards Look Like?
What does the term ‘Long Service Award’ conjure in your mind? A crystal vase, perhaps, that will gather dust in the downstairs cloakroom at home. As part of the survey by XpertHR 2 some of the most notable awards for long service included:
● £3,000 bonus (50 years’ service)
● 13 days annual leave (45 years’ service)
● £500 and a visit to the House of Lords (40 years’ service)
● A party and a ruby-encrusted pen (30 years’ service)
Would you like to receive any of the above? A quarter of companies surveyed only had one type of long service award. Nowadays, rewards can be given on an individual basis. Giving the employee a choice of rewards is a great start. No two employees are exactly the same. And a one-size-fits-all scheme is out of date and will make your company look out of touch.
Encouraging staff retention and motivation is a real concern for many employers. A personal and meaningful reward for loyalty doesn’t have to cost the earth, but it will mean the world to the recipient. To read more about how Ovation can help engage your employees, click here.
1 Aon Report 2011: Trends in Global Engagement