Employees are the core of your business, especially those who stick with you through thick and thin. One research report states that 63.3% of companies find it difficult to retain employees. The pandemic saw employees quitting as they could not change according to the dynamic business environment; however, some would not give up.
From an employee’s perspective, 69% of them indicated that they were willing to put in more effort if they got some appreciation for it. They engage better when they know that their commitment will pay off.
All these statistics make it clear that you need to focus on boosting your employee morale. Introducing employee services awards is a great way to do it. Here is how such an award will help create a positive workplace.
Recognition Makes For Happy Employees
With a high-churn ratio that most companies experience, you need to make sure that you appreciate the years of service they put in with you. They want recognition for their effort, professional enhancement, and values. One survey found that businesses that invest in service programs see better engagement and lower attrition.
Gestures Over Money
Bonuses and rewards were the traditional way of appreciating employees for the years of service they put into your company. However, the evolving times indicate that employees prefer a more symbolic reward system.
Such awards motivate the awardee and other employees who would like to see themselves receiving the award someday. They help improve intrinsic performance, improve retention, and provide motivation. They like being recognized publically, given certificates, sent congratulatory cards and gifts, etc., help significantly nudge the moral quotient.
Service Milestones Can Trigger Positivity
Another aspect of service awards is creating them based on your organization’s needs. They do not have to be only for decade-old employees. You can also create milestones that celebrate one, three, and five-year anniversaries. Having shorter milestones can act as a positive force that boosts employee engagement. We all know an engaged employee is a productive one.
Augment Employee Loyalty
When you recognize an employee for your company’s time and professional expertise, they tend to be more committed to continuing. About 38% of employees quit within the first year and having a first anniversary award can inspire them to stick around. Once that milestone is touched, the focus shifts to the 3re anniversary, and so on.
Employees who have years of service with your company know the core values and culture thoroughly, and it reflects in the way they behave. When you hire new employees, you can expect this to rub off on the new employees and allow them to blend in easily. Also, celebrating such milestones sends a positive signal that you can expect appreciation for your efforts.
Companies do not want to let go when the right employee comes along. They can make sure that they retain the employee by boosting morale. Awards for employee services are a great way to recognize the employee’s contribution to the company and ensure they are enthusiastic about working. They also strive to become better performers.