Loyal service awards
These awards, aka - 'Long Service Awards', are a cornerstone of many organisations reward and recognition strategy. Once the preserve of the gold watch and the carriage clock to mark a lifetime's service, modern loyalty programs are now used to influence staff retention through regular recognition; a single award at 25 years is much more likely to be an award after 5 years service and every 5 years thereafter.
But what factors should influence the nature of your service recognition scheme?
- With a wide demographic of recipients, the loyalty reward needs to offer the broadest range of choices.
- The reward is only half of the equation; statistics show that the act of recognition is as important to the recipient.
- Given the above, it makes sense to outsource the reward element; but how can the presentation of that reward be made special and memorable by the company?
- Loyalty awards given at 20, 30 & 40 year's service, providing the award is 'tangible', can be given tax free, up to certain limits.
- Age discrimination legislation has encouraged lower levels of service recognition, but requires a business case to be made for their introduction.
Love2reward's products and fulfilment services are perfect for rewarding loyalty and we have the experience to discuss those options with you if required.
The solutions we recommend you consider for this initiative are as follows: