Your business is likely evolving more than usual these days. The face of the typical workforce is constantly changing, but perhaps no time best shows this than right now. Whether it’s through changing demographics, widespread diversity initiatives, or changes made due to the COVID-19 pandemic, the “business as usual model” of earlier generations doesn’t apply anymore. So why would your employee service award program stay “business as usual?”
Rewarding employees in meaningful ways takes more than a one-size-fits-all approach. especially when your workforce spans several generations and a diverse group of employees. Your employee service award recognition program needs to be appealing to each employee while also being cost-effective and providing the most outstanding choice of rewards for your diverse workforce.
Incorporated into businesses worldwide, organizations are investing upwards of $100 billion each year on incentive programs. Are your reward efforts bringing adequate returns? If you haven’t already, it’s time for you to rethink and update your employee service award program to ensure it’s doing the work for you that you want it to.
Below are five factors you should take into consideration as you look to revamp your program:
5 Factors to Consider When You Revamp Your Employee Service Award Program
- Awards Choices
- Manage Involvement
- Changing Employee Status
- Timing Your Employee’s Awards Correctly
Just as crucial as a customized program is when you recognize your employees for their employee milestone years. If you do not recognize your employees on their first anniversary, you are doing your organization a disservice. According to the Bureau of Labor Statistics, the average tenure of an employee has dropped over the years and is currently 4.1 years. That means if your current program waits until that 5th-anniversary milestone, you are missing out on the opportunity to recognize employees who likely will not hit that mark. These tenure trends are more drastic with younger employees, so it’s crucial to adjust your program to accommodate the upcoming workforce.
- Award Choices
What are you offering your employees in terms of awards? Is it what they really want or what you think they want? Expand your award choices to incorporate different gift options. You can keep the traditional physical gifts as an option, but don’t overlook incorporating options like experiential awards or charitable donation options. The choices are endless. That company-branded coffee mug is a great gift, but in the current culture where work-life balance is at the forefront of most employees’ minds, a few extra hours of PTO may make a greater impact.
- Management Involvement
What helps personalize recognition for an employee is when it comes from those who work with them on a daily basis, not just those at the top. Therefore, make it company policy that leaders and managers are part of the celebration of an employee’s milestones. Provide managers with training and tools so they know how to effectively communicate a more personalized recognition moment for the employee.
If you’re going to truly recognize an employee for hard work and dedication to your organization, you need to make that recognition as visible as possible. When an employee attains key anniversaries and milestones, publish it on social media with their picture and their milestone, as well as in all organizational publications. Make it visible to as many people as possible.A study by Harvard Business Review found that employees who were recognized by their managers for their strengths in the workplace increased their productivity by 14% to 29%. And not only were they more productive, but they were happier, too.
- Changing Employee Status
One of the biggest changes to the workforce to occur over the past two years is the number of employees who have shifted to working remotely instead of in an office. During the COVID-19 pandemic, this became a necessity for everyone’s health and safety. However, as we return to our “new normal” it has become clear that remote work has advantages for both employees and companies. According to a study by Gartner, 74% of companies plan on making permanent shifts to more remote work. This means you will have a different challenge: How to make remote employees feel just as recognized and part of the organization as in-person employees. When you’re looking at your current program, make sure you strategize to find ways to adequately recognize employees who may never step foot into a physical office but who want to feel part of the organization just as much.
Let Us Help You Rethink Your Employee Service Award Program
The times have definitely changed. Has your organization’s reward program? At CoreCentive, we are passionate about helping you build not only a tailor-made employee service award program that works for your employees, but building an entire culture of recognition in your organization. We want to see your employees feel recognized in ways that help boost their engagement with your organization and help you with retaining your top talent.
Contact us today for your free service award assessment. We look forward to discussing how CoreCentive can help you change with the times!