Many businesses are unaware that over 91% of HR professionals [1] believe that recognition and reward make employees more likely to stay. It’s crucial to adapt and ensure that employees are rewarded for their service milestones to keep staff morale high, instead of risking having a high employee turnover and an unmotivated workforce.
Investing in staff early with an employee reward strategy is key to keeping them working for your business. The average length of service for today’s employee is 4.6 years [2]. The HR cost of training new staff is just one of the negative effects that can be felt within the business. This makes employee retention a key goal that can be supported through regular service awards.
60% of organisations offer long service awards [3]. So, it’s essential to stay ahead of the competition in the industry, by retaining and attracting skilled workers with a fulfilling employee experience. Rewarding long service programmes can lead to companies seeing a reduction in staff turnover rates of up to 20%.
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