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Recognising Employee Loyalty: The Importance of Long Service Awards
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It goes without saying that retaining and attracting talent is key to running a successful business. As such, employee loyalty is a valuable asset for any organisation, including yours. But times have changed and based on the findings of a survey done by Randstand, the average tenure of work in Singapore now sits at an average of two years.
Of course, this too leaves you with a dilemma: How exactly can you keep your employees committed? It’s time to rework your employee reward strategy, starting with long service awards:
Long service awards aren’t a new concept; they’ve been around to serve as a gesture of recognition for working with your company for a certain period of time. Traditionally, long service awards have been given to employees who have been with the company for 5, 10, 20, 40 and so years.
The ultimate aim for any employee recognition programme is to show your workforce gratitude towards their dedication. This will make them feel valued and appreciated, which can often lead to better employee retention rates. Here are three pointers to shape your long service recognition system:
As the length of time an employee stays with a company has shortened considerably, so must the length of time it takes to gift a long service award. We recommend engaging your workforce from the 3-year mark to give them an incentive to stay.
Employees who are just starting their journey with you shouldn’t be overlooked either — small tokens as work anniversary gifts can inspire loyalty as well.
Worrying about your budget already? Rewards don’t have to be expensive! Here are some popular long service award gift ideas for your consideration:
- Shopping gift cards & gift vouchers
Based on findings by Digital Marketing Insights, Singapore’s e-commerce sales are projected to hit US$6.59bn in 2023. As a reflection of the rising number of online shoppers, more are adopting to shopping with gift cards, which make them a very practical choice when it comes to employee recognition gifts.Giftano offers a wide selection of gift cards and gift vouchers from major retailers like TANGS, ZALORA, Grab, Lazada and more, which you can shop for here. Alternatively, if you want your employees to have more flexibility and choice when it comes to rewards, you could pick up Giftano’s universal gift card.
- Experience gifts
Though it’s not entirely true that other gifts aren’t valued — YouGov and Grab found that 89% of Singapore Millennials value experiences in their lives as much as, if not more so than, material possessions. If your workforce is composed of the youth, you might find that experience gifts are a better fit.
- Wellness gifts
Research firm Milieu Insight discovered that 36% of Singaporeans want their companies to have a budget for health and wellness activities, which is what makes wellness gifts great inclusions for your employee rewards system.
- Spa & Massage gifts
Spa and massage gifts are quick retreats that can alleviate the stressed worker as well. View more spa and massage gifts here.
After establishing the aforementioned, you will need to inform your employees and constantly remind them about the awards that are up for grabs. You can utilise internal emails, newsletters, notice boards, and other HR tools to engage them!
Get Started On Developing Your Employee Recognition Awards System
Giftano can help you create thoughtful long service awards programmes or develop a recognition gifts system for your workforce at every stage. Speak to our team to improve employee morale, and talent retention!
Need more work anniversary gifts or long service award gift ideas? Contact [email protected] to gain access to Giftano’s complete corporate gifting catalogue.
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The Giftano Gift Card is the perfect gift for any occasion.
The Giftano Gift Card enables your recipient to redeem any gift of their choice through a selection of over 1000+ gifts offered by over 150+ premium brands on the Giftano website.
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