Isn’t it enough to say “thanks” every five years?
In a word, no! A service awards banquet is a great way to acknowledge years of service. If you’re doing it, by all means keep it up. Who doesn’t love having their dedication to the company recognized by management and peers? But don’t make your employees wait for a service anniversary to show them you appreciate them.
A formal service award program holds management accountable for daily recognition, which has a huge impact on employee retention. Think about how that works along with the annual banquet: A manager who has to prepare a two minute synopsis of the honored employee is probably going to pay closer attention to the tasks that employee works on and how well they’re carried out. That added attention will often translate into positive affirmations (AKA “atta-boys”!) leading up to the event.
In other words, managers in companies that don’t have a formal event are less motivated to give small forms of incentives and recognition to their employees. A company that doesn’t take the time to recognize long term commitments – AND daily achievements – is not going to retain their best employees.
No budget for a big banquet? No problem. Simply pull everyone together for a few minutes to formalize the service award recognition. You accomplish the praise portion in front of their peers. It costs you nothing and can reap big rewards in employee loyalty.
Remember, employees who quit their jobs usually leave because of a bad relationship with their manager, not with the company. And many bad relationships stem from feeling un-appreciated. The easy solution: Managers need to find ways to show genuine interest in their employees and look for ways to hand out those “atta-boys”.
Need some ideas for daily recognition or help with your formal service award program? Want to know how to integrate them for maximum employee retention? Contact us today, we can help!