Early Service Recognition are milestone awards and recognition given to employees earlier than the traditional service anniversaries beginning at five years.
Many things have changed, especially employee demographics. Now early service recognition is something every company should consider adding to their Employee Service Award Program - and reward 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 companies must recognize employee service sooner to show their appreciation, and encourage them 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, including at the completion of an on-boarding process, and upon 1, 2 or 3-year service anniversaries.
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 category of Employee Service Recognition, including at the completion of the On-boarding process for new employees.
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