With more and more millennials and Generation Zers entering the workforce, the average employee tenure across the UK is shrinking. So it's important you implement an effective Years of Service Awards Programme for those who decide to stay. Find out why they are so beneficial, and best practices for your programme.
Employee tenure is shrinking. While people in the UK spend an average of 5 years in their job, according to LV=, this is shrinking as more millennials and Generation Zers enter the workforce. In fact, 70 per cent of millennials leave their jobs within two years, Forbes reports.
With employee tenure at an all-time low, it's essential that those who do decide to stay are rewarded and recognised for their loyalty and contribution to your firm. That's why Years of Service Award Programmes should be an integral part of your rewards scheme. Let's take a look at some of the benefits of Years of Service Awards Programmes, and see how you can implement the most effective scheme possible.
The benefits of a Years of Service Programme
In a time when it's rare for people to stay at a company for even a few years, it's essential you reward those employees who do show loyalty.
It's not that the occasional prize such as a trip or some electronics will be the direct reason for your team members staying. However, offering employees these prizes will show how much you value them and their contribution to the company, and this feeling of worth will contribute to their engagement and overall happiness. In fact, a survey from Fast Company indicates that 86 percent of HR professionals say a recognition programme makes their employees happier.
And, it's this engagement and happiness that really will have an impact on employee turnover, meaning the average tenure at your company will soar well past the norm of just a couple of years.
On top of this, a Years of Service Programme can help to kick-start a broader culture of recognition and rewards for significant milestones and achievements at your business - which will in turn boost employee engagement even more!
Creating a Years of Service Programme that works
There are several best practices you should follow to ensure your Years of Service Programme is as effective as possible:
Make it timely - Your employees aren't going to appreciate it if you only get round to recognising their milestone weeks after they actually achieve it. Ensure you have a calendar with everyone's anniversaries so you never miss an important date.
Acknowledge the employee's achievements - You shouldn't just recognise the years of service, but instead discuss the great things that team member has done for your company to show how much you really value their personal contribution.
Make it memorable - Don't just give your employee their reward quietly, without letting anyone know what it is they've received and why. Make it a memorable event that other people will see - this will in turn motivate others to achieve their own reward.
Involve meaningful leaders in the rewards process - Make sure there are senior people delivering rewards to show that even those in high up places value your employee's loyalty and contribution to the company.
Include choice - Not everyone will want the same reward, so you should ensure employees can choose the prize they receive for maximum appreciation.
Power 2 Motivate UK's Global Rewards Gallery offers a huge range of rewards, from travel, event tickets, household appliances and electronics. It's an easy-to-use application that is available in 17 different languages and on any web-enabled device.
It's our goal to make celebrating achievement, no matter the size, a regular feature of our customers' workplaces. To find out more about our Years of Service Programmes or any of our other rewards services, contact the team today.