What’s the Real ROI of Service Anniversary Recognition
September 21, 2020
By Katie Fanuko
When you think about the service anniversary program at your organization, what comes to mind?... A personalized plaque and a nice moment of recognition in front of the team?
When you think about the service anniversary program at your organization, what comes to mind?
- A personalized plaque and a nice moment of recognition in front of the team?
- A card signed by colleagues with a gift certificate to a favorite restaurant?
- E-cards and emails from colleagues sending well wishes that brighten a recipient’s day?
A service anniversary program can be all of this, and so much more. The true return on investment of a service anniversary program lasts much longer than the day on which your employees are celebrated. It can resonate across your organization, creating a culture of recognition and setting your organization on track to be the type of work environment that employees praise.
Here are some of the ways that investing in service anniversary programs can help your organization:
Jumpstart a Culture of Recognition With a Service Anniversary Program
Many organizations strive to create a cohesive work environment where everyone feels a sense of belonging and can make meaningful contributions. Recognition plays a key role in developing this type of environment because it enables employees to give and receive acknowledgment and ultimately be noticed for their work.
Embracing employee recognition across an organization can help to:
- Enhance Employee Engagement
- Improve Performance
- Increase Motivation
Service anniversary programs are a foundational aspect in building a culture where recognition can thrive. It’s a touchpoint that allows employees to be celebrated by everyone within the organization.
For more ideas on how to encourage recognition practices, check out our infographic, How to Build a Culture of Recognition Across Your Organization.
Service Anniversary Programs and Recognition Boost Employee Retention
Did you know that 77% of voluntary turnover is preventable? Recognition and service anniversary programs can be a cost-effective way to curb employee attrition, according to research by Work Institute.
Six healthy workplace practices were identified by the American Psychological Association (APA). Among the organizations studied, 91% of employees said their organization emphasized recognition.
Recognition and service anniversary programs can also lead to a better workplace environment that may entice employees to stay with an organization for a longer timeframe.
Comprehensive programs that celebrate employees’ milestones and retirements provide meaningful recognition to long-term employees that proves to all employees that the organization values its workforce and that it’s worthwhile to grow their careers within the organization.
To read more about how retirement recognition programs benefit your organization, check out our white paper, Best Practices for Recognizing Retirement.
Embrace Employees’ Meaningful Contributions
While the concept of seeking meaningful work is often associated with Millennials and Generation Z (Gen Z), employees of all generations want to pursue purposeful work that brings value to their lives as well as the organization. Some would even be willing to sustain a pay cut to engage in meaningful work.
- 9 in 10 employees were willing to trade a portion of their lifetime earnings for work with greater meaning (Harvard Business Review/BetterUp).
- Employees also place a lot of emphasis on their work relationships.
- 77% of employees consider relationships with coworkers to be a top aspect of employee engagement (SHRM).
Service anniversary and recognition programs are impactful ways to foster connections among employees by allowing employees to acknowledge others for the value they bring to the organization. A formalized service anniversary program ensures that employees all receive a standardized experience that ensures no one is left out but allows managers and colleagues the flexibility to individualize aspects of the celebration to best fit an employee’s preferences. Creating memorable recognition moments to mark an employee’s service anniversary, shows them that their work is meaningful and is appreciated by the organization.
Recognition in its many forms brings your employees together and has real business results. Service anniversary programs, in particular, allow your organization to celebrate each employee’s anniversary in a special way that reminds them of how valued they are. This in turn makes them likely to continue engaging with their colleagues and contributing innovative ideas.
Showing your employees appreciation for their years of service or retirement is all about the experience. With Inspirus Connects, you can create a unique personal and social employee experience that includes milestone recognition, fostering a greater sense of belonging, job satisfaction, and productivity. Schedule a demo to learn more.