Long service rewards have come a long way since the days of being given a branded bottle of champagne, a lapel pin, or a carriage clock to celebrate a milestone anniversary with long-term employees. Leading global payment technology provider, Blackhawk Network, has created a detailed blog on how to make the most of this long-standing tradition.
In today’s fast moving society the average worker in the UK changes jobs every four-and-half years and according to the EY 2023 Work Reimagined Survey 34% of employees are willing to quit their jobs in the next 12 months.
This can create problems for employers, as having a high employee turnover is costly with the average cost of replacing a departing staff member now being over £30,000 considering the time it takes, as well as the actual cost to recruit and hire new staff.
Blackhawk Network recognises that rewarding loyalty with long-service awards can go some way to boosting employee morale and creating a positive company culture of recognition. It believes the key is to offer the right rewards and to do so more frequently – why wait until the 10-year mark or 25-year mark to reward employee loyalty when you can recognise shorter milestones much sooner?
The blog uncovers everything employers need to know about long service awards and how to create an effective service recognition programme with meaningful rewards.
To read the blog in full and to find out more about how Blackhawk Network can help develop an employee incentive programme, head to https://blackhawknetwork.com/uk-en/resources/long-services-awards.
