75% of your employees won't plan to stay around for over five years. A quick employee turnaround could impact your productivity and overall business growth.
By showing appreciation for your employees, you can improve retention, sales, productivity, and more. Presenting employees with a service award can help you show that appreciation. Meanwhile, you're also benefiting your overall business growth.
Eager to discover the 10 benefits of presenting employment service awards to your team?
Keep reading to learn more!
1. Improve Retention
One of the top benefits of presenting your employees with a service award is its ability to increase employee retention.
Employees who feel like their work is valued are more likely to stay at the same organization. Your employees likely want to know their work matters, too. When they feel like they're valued for a job well done, they become more committed to staying with the same company.
If your employees feel undervalued, however, they'll become more likely to leave. Instead, they'll find a company that appreciates their hard work.
In fact, a lack of recognition is a common reason employees quit their jobs.
If you want to improve retention rates, consider implementing an employee service award. Otherwise, you'll have to deal with high turnaround and retention rates. Constantly losing employees will cause you to lose time and money.
After all, you'll have to waste time recruiting, hiring, and training. That time you lose will cause a drop in productivity and sales, too.
2. Increase Engagement
Employee engagement has increased by 34% in the country. Meanwhile, keeping your team engaged can improve profitability by 21%. Keeping your team engaged will help them recognize clear expectations regarding their work.
At the same time, you're also providing your team with the tools and support they need to produce their best work.
Teams that score about 20% in engagement also reduce absenteeism by 41% and 59% less turnover.
In other words, showing your appreciation and increasing engagement will:
- Reduce turnover
- Cut absenteeism
- Result in fewer safety incidents
- Reduce quality defects
- Increase productivity
- Boost sales
By improving your team's engagement, you can ensure they arrive at work each day with purpose, presence, energy, and passion for the job!
Employees want to know the company they work for cares about them. By celebrating an employee's accomplishments or anniversary, you show you care about them as people. As a result, your employees will become more willing to give full effort to their work.
3. Foster Appreciation
Celebrating your employees by presenting them with a service award will help them feel appreciated.
In addition to showing your appreciation for their hard work, you're also showing you appreciate their dedication to the company. Take the time to thank your employees for their years of service.
Doing so will help your employees appreciate you and the company more as well.
In fact, a service award creates a celebration for your company as a whole. You're acknowledging the success of retaining employees for a long period of time. As a result, you'll show your team as a whole that you appreciate them.
A service award can help you celebrate employee longevity and loyalty throughout the year.
4. Create Connections
A years of service award will also create connections throughout your company. By recognizing those years of commitment, you're letting employees know they fit in and belong in your company. In addition to helping you connect with employees, this will also help you combat loneliness in the office.
Uniting your employees as a dedicated team will help improve their loyalty to your business.
5. Inspire Peers
Presenting one employee with a years of service award can help inspire their peers.
Observing the award presentation will help other employees strive for the same accomplishment. The award will also remind your team that you care about them as individuals.
By inspiring your team, you can also boost productivity, sales, and their commitment to your company in the long-term.
6. Reach Every Employee
It's sometimes difficult to connect with each individual throughout your entire company. Presenting one person with a years of service award will help you reach everyone as a unit.
Each of your employees has the potential to attain this award. Regardless of where they work, their position level, or their function in the business, a years of service award is applicable.
7. Potential Tax Benefits
Years of service awards provide potential tax benefits. Many countries offer tax advantages if the program complies with specific tax requirements. As a result, you can gain a significant cost savings for your company.
8. Define Workplace Culture
Presenting your team with these awards will help you define the company's culture. Demonstrating your appreciation for each employee will help:
- Build employee trust with company leaders
- Strengthen employee loyalty
- Shape the company cultures as employees share stories
These awards will demonstrate what your company stands for and cares about.
9. Attract Top Talent
Presenting employee service awards to your current employees will help you attract top talent.
Many employees in the workforce already feel underappreciated. Presenting these awards will show others that you care about your employees. While potential employees search for new jobs, they'll recognize your company's culture focus on employee appreciation.
As a result, you can separate yourself from competitors based on your customer appreciation.
Consider publicly recognizing your loyal employees. You can create an effective work anniversary awards program, then record the event by video. Posting the video on your blog will help you share your success with prospective hires.
10. Peace of Mind
Finally, creating an employee service award program will help you experience peace of mind.
Your employees deserve more than a quick pat on the bat. A service award program will tell employees you care about their service as individuals. By showing your appreciation, you're also becoming the boss they deserve!
Years of Service Award: 10 Benefits of Showing Appreciation for Your Employees
A years of service award program can help you show appreciation for your entire team. By showing that appreciation, you're also building loyalty among your employees, which will boost retention and productivity.
Honor your employees! Schedule a consultation today to learn more.