5 Key Reasons Why Long Service Awards are Important
By Kieren Parkes, B2B Marketing Assistant at Virgin Incentives
Recognising good performance and appreciating your employees loyalty is a must have for productive businesses. HR teams and business leaders need to acknowledge the importance of long service awards and the impact this has on employee engagement and positive business culture. The purpose of such schemes is of course to recognise and celebrate employees who have dedicated themselves to a business and their personal role for a continuous period, whether that be 30 years or 1 year.
On the surface long service awards are just one of the ways you can thank employees for fully applying themselves to your business. However, the scheme itself has evolved further and helps to motivate and engage staff, boost team morale, and promote a feeling of positivity within the workplace. It’s been continually proved that such award schemes can reduce staff turnover by 20%. As a result, it’s crucial for HR and business leaders to create appealing awards that’ll encourage employees to stay and work towards their next award milestone.
You can’t beat loyalty
There’s no denying that the past year and the ongoing pandemic has presented some incredible challenges. In a normal environment, the average worker would stay at their job for 4 and a half years, however the global pandemic has obviously impacted this. By offering greater job fulfilment and rewarding loyalty, your colleagues will feel more invested and committed to the company.
Here at Virgin Incentives, we’re very much of the mindset that memories say more than cash ever can. We have long standing relationships with organisations who like us believe that adding some extra zeros onto the end of a paycheque is no longer a sufficient way to recognise someone’s hard work.
The Flexibility of Vouchers
Instead of the traditional run-of-the-mill awards, why not give your people something unforgettable and offer the choice of a range of experiences? Not only will this be something fun and creative, but they will also be able to make the most of new experiences with their friends, families and loved ones. Increasingly more businesses across the UK are opting for rewarding service awards with gift cards. Reward managers like the idea that vouchers can be rewarded digitally, they can be used towards a wide range of 3000+ experiences, employees can easily book an experience of their choosing at their own leisure, and if they change their mind they can easily (and for free) swap to a new experience. Super flexible!
One size does not fit all
It’s important to understand that one size does not fit all. A certain level of variety is key in trying to make as many employees as happy as possible, whilst also sticking to the company values and finding the balance between employee engagement and reward and recognition.
Find out more about Long Service and Loyalty here.