Define Awards for each
Step Three - when creating your Service Awards Program:
The following will help you determine the amount to spend for each of your service milestone awards for employees. The amount you allocate will vary for each organization. When assigning amounts for service anniversaries, consider the demographics of your employees.
The total cost to recognize each milestone should include the entire service recognition package, including: all employee milestone award presentation materials, the award certificate, the gift catalog, online redemption, toll-free ordering and employee assistance, the selected gift, the gift shipped to the employee, and a product satisfaction guarantee. Include the complete package cost!
Set amount for each Service Award
Before you can continue, obtain the price list for the Award Package Levels you are considering. For example, Select-Your-Gift offers 17 Award Package Levels. (click for the Order-form to easily calculate) Using this order form, assign one of the available package levels to each of your service milestones.
Begin by defining the award package levels for your standard years of service anniversaries, which begins at 5-years, and continues for each 5-years thereafter (5, 10, 15, 20, etc).
You’ll want to make your spend per milestone as consistent and fair as possible, while being appropriate for your demographics and budget.
Your assignments may result in a slightly higher or lower cost per year of service than your ideal amount per year. (Award-Level-Cost divided by the Milestone-year; ie: $40 level / 5yrs = $8 per year). You may also decide to use the same Package Level for a couple of the higher-year milestones.
If including Early Service Recognition: After your standard milestone awards for employees are defined, determine values for earlier milestones, such as 1-year and 3-year, and at the completion of your Onboarding process for new hires (if including onboarding). Select-Your-Gift offers Packages for as low as $20 complete.
See the next Step when creating your employee rewards program- Use this info to set your Budget
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