To set your Budget, first determine the spend for each service milestone you plan to include in your new program.
The following is Step-3 of the Guide to Service Awards, and will help you determine the total spend for your service recognition program. The total cost for each will be based on which Award Package Level you assign to each of your included milestones, and whether any of your milestones will require optional Enhanced Presentations.
First, assign award-package levels to milestones
First, obtain the price list for all SYG Award Package Levels available. Select-Your-Gift offers 17 Package Levels. (click here for the Order-form PDF) Use this order form in the following step.
Assign one of the award package levels to each of your standard service milestones, beginning at 5-years, and continuing each 5-years thereafter (5, 10, 15, etc).
The typical company spend, in 2023, ranges from $25-35 per year of service. This means a 5-year award would typically range from $120 to $180, based on our package levels.
You’ll want to make your spend for each service anniversary award 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. (Calculated: 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 are assigned to levels, determine the values you want to use for earlier milestones, such as 1-year and 3-year, and possibly for awards to be given at the completion of your new-hire Onboarding process (if included).
Select-Your-Gift offers Award Package levels as low as $20 complete. However, if your budget won't allow for earlier-service awards, then at least provide a verbal thank you, or card on the employee "early" service anniversaries. It will cost very little, or nothing and will go a long way in building goodwill.
Note: Each Service Award Package level includes the following tailoring options:
Next, consider adding Enhanced Presentations:
Employee Service Awards can be further enhanced beyond the options described above, with one of the following Enhanced Presentation Options:
** Deluxe Service Award Certificate Holders
** Framed Service Award Certificates in a Premium Box
See details on these Enhanced Presentation Options.
With Select-Your-Gift, it's easy to calculate the total cost for each Service Award: The award level packages and prices shown on the order form, include the standard 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. It's all included!
See the next Step when creating your employee rewards program- Estimating your Budget
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