5 Stats to Know About Service Anniversary and Retirement Programs
October 8, 2020
Service anniversary and retirement programs are a foundation of recognition for many organizations. No matter the size of your organization or the scope of your program, this type of recognition shows employees that your organization appreciates all they’ve accomplished over the years. Read the five service anniversary and retirement recognition program statistics that you need to keep in mind.
Service anniversary and retirement programs are a foundation of recognition for many organizations. No matter the size of your organization or the scope of your program, this type of recognition shows employees that your organization appreciates all they’ve accomplished over the years.
Here are five service anniversary and retirement recognition program statistics to keep in mind:
9 out of 10 companies have some form of recognition program, out of which 85 percent include length-of-service programs.
Length-of-service is one of the most common ways to formally recognize employees. Make your program stand out by incorporating individualized recognition when recognizing employees for their years of service. This creates a memorable moment that will resonate with an employee for years to come.
Among companies that have an award program in place, length-of-service ranked number one. Rounding out the top three includes above-and-beyond performance (#2), and programs to motivate specific behaviors (#3).
When recognizing employees during service anniversaries, you can also find fun ways to incorporate examples of how an employee has gone above and beyond in their role or tie their actions back to the company’s values.
34 percent of companies have a retirement recognition program in place.
Retirement recognition is so much more than a memorable recap of an employee’s career. This type of program can send the message that all employees are important and that tenure is valued within your organization.
4.6 years is the average length an employee remains with an organization. For employees, ages 25-34, the average tenure is 3.2 years.
Many employees might not remain with an organization long enough to celebrate their 5-year service anniversary. Consider celebrating the in-between years (1, 3, 7, etc.) to let employees know that their contributions are worthy of celebration during any year with your organization.
A World at Work survey found that 85 percent of respondents have recognition programs, but only 19 percent give consideration to generational needs and preferences when developing a program.
With five generations in the workplace, it’s important to gain insight into how employees prefer to be recognized to acknowledge all employees in a way that resonates and continues to motivate them.
Want more ideas to incorporate into your organization’s service anniversary program? Read, “What’s the real ROI of Service Anniversary Recognition for your organization?.”
Looking to create a service anniversary program that engages all employees throughout your organization? Find out more about Inspirus Celebrates and how our program can help you acknowledge your employees through meaningful awards.