As a boss, you must remember to recognize employees who’ve been with the company for an extended period of time. One of the best ways to show appreciation for long-term employees’ contributions is by giving awards to these notable staff members. Offering these awards will likely be a smart investment for your business and can benefit your company differently.
Types Of Awards
A small award that can fit on a desktop easily and display the employee’s name and their years on the job can be a great token of appreciation. You can find service awards that are made of pure crystal and feature unique shapes, designs and emblems for additional uniqueness. Some of the most attractive awards are reasonably priced, so you won’t have to put a big dent in your company’s finances when offering these special keepsakes.
You can choose to give awards at specific intervals of an employee’s career. Some companies choose to give awards for every five years of service, but you might want to offer an award to an employee after they’ve completed their first year of employment.
Good For Employee Retention
In the U.S., approximately 18.9 million people change jobs or exit the workforce yearly. You can try to reverse this troubling trend by acknowledging your employees’ longevity and service contributions so that they’ll feel more appreciated at work.
The people who’ve been with your company for a long period of time will likely want to continue working for you if you give them awards. Employees who aren’t recognized for their commitment may feel their contributions aren’t appreciated and might even start to feel invisible. By offering these awards, newer employees may be encouraged to remain loyal to your company if they know they can be officially commended for their hard work.
Encourages Healthy Competition
Your employees will likely be more motivated to do the best job possible if special awards could be offered in the future. If an employee sees that another staff member earned an award for service, they might want to work extra hard to reach the same milestone and outshine their coworkers. To sweeten the competition even more, consider giving awards for accomplishments, such as excellent teamwork or customer service, as they work toward being rewarded for their long-term service.
Beneficial For Your Company’s Image
Rewarding your employees can help your company shine brighter in the business world. Giving awards is a great way to earn more positive reviews from staff members who may want to express their satisfaction publicly. If clients know that you treat your employees well and recognize them for service, they may want to do business with you more. Your awards program could even earn attention from affiliated businesses and the media.
Helps Increase New Hires
More people will likely be interested in working for you if you give out service awards. These awards can help your company earn a reputation as a great workplace, and more people may be eager to apply for open jobs so that you can fill positions faster. New employees could also become long-term staff members who contribute to your business in many ways. You may also notice an improvement in the quality of applicants if your awards program attracts more people serious about finding the right job.
Possible Tax Deductions
Tangible awards are often tax-deductible, which means you could be eligible to claim any awards you give on your taxes to reduce what your business owes to the government. Even though service awards may not count as big tax deductions, your tax breaks could add up and save you a lot of money if you offer your employees additional perks for service. It’s best to consult an accountant or a tax attorney to determine if your employee awards qualify as tax deductions.
You can boost your company morale by rewarding employees who’ve become like family. Offering these awards could play a big role in your company’s future success and help you maintain a workforce that can keep your business thriving.
