Are you looking for a way to show more appreciation for your staff? Perhaps you're especially interested in acknowledging those that have stayed with your company through thick and thin.
If so, then adding years of service awards program can be beneficial. It shows not only the employee that receives it, but the entire staff that you're proud of keeping the same team together.
There are many different things to think through for the years of service awards program that you should integrate.
Here are several different factors to think through for your program. Use them as a guideline to map out your new initiatives.
What Are Years of Service Awards Programs?
Unfortunately, employee rewards programs aren't as high up on the priority list for many companies as they should be. Executives often view them as an appreciation tactic and nothing more.
However, award programs such as years of service awards can be especially beneficial towards boosting morale and building employee loyalty.
As the name would imply, years of service awards are used to commemorate an employee's tenure length with your company. There's often a misconception with these awards as nothing but a participation award.
However, if the employee wasn't consistently performing their job at a high level, they wouldn't still be working for the company. So for a worker to accrue 5, 10, 20, or even 30 years at one company is quite the achievement.
Why Are They Important?
Deep down inside, every company executive and owner knows the benefits that years of service awards programs give for the worker. However, it's still not enough to make them act on it.
Why? Because they don't see the benefits that it gives them as the owner of a company. The reality is that employee awards give the company more benefits than it does the worker.
For one, showing appreciation for an employee's tenure can help improve the retention rate of your staff. Not only for the people that receive the award but their peers as well.
Many of your workers will make it a goal to receive the same recognition that you gave their peers for 5 years of service or beyond. They envision the trophy you gave other employees as a mental goal for their career.
Secondly, they improve the culture of your office(s). With an awards program in place, your staff will work on achieving individual and company goals, rather than just showing up to make a paycheck.
Lastly, they help provide an emotional connection between the employee and your brand. The effort that you went through to create an award program won't go by unnoticed. The more you show appreciation, the harder your staff will work.
What Milestones Should You Award?
Now that's the million-dollar questions. How many different tiers of tenure should you award, and what should you do to commemorate each tier?
To give out an award for every single year of service would be a bit excessive. If you give out awards for each additional year, then it decreases the value of your years of service award program.
Generally, you want to give out an award for every initial year of service, then every five years after that. Many companies choose to award 1 year, 5 years, 10 years, 15 years, and so on.
The first year's award sends a message of "we can't wait to see what you bring to the table during your tenure here". Meanwhile, the additional awards every five years say "we're so thankful for all you've done for us" and "look how far you've come".
Ideas for the Awards
Different occasions call for different awards. In other words, the award you give out for a 1-year or 5-year tenure shouldn't be as grand as an award for 20 years.
So, the question has to be asked... what kinds of awards should you give out? There are many different options! See below for a few ideas of years of service awards for your program:
- Trophies
While this might be the most obvious of them all, there's nothing quite like receiving a trophy for your efforts. Better yet, there are so many different options to choose from.
You can hand out a simplistic, yet classy trophy for all 1-year tenures for a budget-friendly option. Then you can hand out custom crystal art glass trophies for 5-year tenures and beyond.
The more years they rack up, the fancier the trophy that they receive. However, once they reach 5 or 10 years, they deserve something on top of the trophy.
- Bonuses
Who says money can't talk? In addition to your 5-year (and beyond) trophy awards, you should reward your staff for their years of dedication.
Something as simple as an extra $1,000 for five years of service and $5,000 for ten years of service can show your appreciation for their tenure. Placing more money in their pockets is always a safe way to go!
However, every company is different. If you don't feel that money will accurately show your appreciation, then go in a different direction.
- Specialized Gifts
You've got the trophy with their name etched into it. Now you just need something to send them over the edge.
Try giving an additional gift that's specialized to the person. For example, if you know they're huge fans of the local sports team, buy them a few tickets to a game or two.
Buying an additional award that's customized to the person can help show the extra effort that your company goes to award its tenured staff. A specialized award is easy to scale based on the number of years they've served your company.
Create Your Years of Service Awards Program Today!
Now that you've seen all the different aspects of building years of service awards, it's time for you to get rolling on yours today.
Be sure to read this article on why companies need to recognize employees of the month.
For more inquiries, please be sure to reach out via our contact us page and we'll be happy to assist you further!