Earlier Employee Service Recognition
a New Trend with Service Awards
Earlier Service Recognition is defined as any milestone awards and recognition given to employees earlier than the traditional starting service anniversary of five years.
Today, many things have changed, and early employee years of service recognition is something every company should consider adding to their Service Award Programs - rewarding workers for as little as one year of employment.
According to the US Bureau of Labor Statistics, and the Multiple Generations @ Work Survey, 91% of the Millennial generation (born 1977-1997) don’t anticipate staying at one job for more than three years.
That means employers must recognize service earlier to show their appreciation, and encourage employees to stay longer.
Turning over just one employee can cost an average of 150% of their annual wages plus benefits (according to a survey by the Society for Human Resources Managers SHRM)
Today, many companies are adding earlier milestones to their Service Recognition, for 1, 3 or 6-months, plus at the completion of 1-year and 3-years.
Your investment to add Earlier Service Recognition awards to your program is minimal compared to the cost to turn over even one person. These shorter milestone awards need not be expensive, it's the thought and recognition that counts!
If this additional recognition helps to instill belonging and worth, and motivates some employees to stay longer, it will more than pay for itself.
On the following pages, we'll continue our look at each type of Employee Service Recognition, including Early Service Recognition when Onboarding new employees.
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