Recognizing the value of service awards

July 27, 2011
Recognizing the value of service awards

Most companies recognize the value of employee retention. The longer employees stay with a company, the more they become adept at their role within the organization. Employees that stay with a company for a long time are more willing and able to take on extra tasks within the organization. In short, employees that remain with a company for many years form the spine of the company and create the kind of family atmosphere that leads other employees to follow suit. This is a positive cycle.

Unfortunately, some companies today take a more short-sighted approach. They believe that keeping employees for too long can be a drain on resources, especially with regard to salary with annual and merit increases that mount up over time. Not only is this approach short sighted, it’s also wrong. Studies show that a high salary does not top the list of reasons why employees stay with a company or organization.

Companies that retain employees for many years and reap the benefits of this strategy do so by offering a range of benefits in conjunction with a competitive salary. Together, these benefits foster loyalty from employees and foster retention. Most importantly, they are not expensive to introduce. But the longterm rewards for the company are immeasurable. Here are the two best things you can do to increase your employees loyalty, and give your company the firm foundation it needs from which to grow.

Regular staff get togethers
A summer barbecue, Christmas party—whatever the occasion—it’s good for morale for everyone to get together at a company organized event two or three times a year. The events do not need to be hosted at a fancy restaurant or in a hotel with gourmet catering. The key is getting everyone together and having a good time. With management and employees mixing together in a social setting, mutual appreciation grows. And company get togethers are a great opportunity to convey company messages in a more relaxed atmosphere.

Initiate a long-service rewards program

From lapel pins or corporate rings to watches, pens and cameras. Recognizing an employee’s loyalty through service is key to continued retention. By starting off with small gifts and increasing the value as service lengthens, you are fostering loyalty and instilling a sense of accomplishment as employees reach each milestone in their career with you.

Williams Recognition are experts in the recognition industry—with over 50 years of experience If you would like to discuss initiating a service-awards program, contact us today.

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