5 ways to reward long service employees
Inspiration showing sign Employee Retention, Word Written on internal recruitment method employed by organizations
The Great Resignation may be showing signs of slowing down and perhaps even reversing, but employee retention remains a top priority for businesses in the UK.
With four-fifths of UK employers struggling to find talent, keeping your long-standing employees happy and engaged is more important than ever. These dedicated individuals bring a wealth of experience, institutional knowledge, and loyalty to your company – a valuable asset you can’t afford to lose.
Below, we’ll explore five ways to reward long-service employees.
- Luxury gifts
For many years, luxury watches have been the go-to reward for employees with long tenures. High-quality timepiece can be cherished symbol of dedication, So consider partnering with a reputable pawnbroker to offer a wider selection of second-hand watches from luxury brands like Breitling at more affordable price points. This will allow your employees to choose an item that truly reflects their style and taste.
- Extra annual leave
Rewarding long-standing employees with additional paid time off allows them to recharge, spend time with loved ones, or pursue personal interests. Gifting a set number of extra days is a straightforward option, allowing employees to plan a longer vacation or simply enjoy some well-deserved relaxation.
Additionally, you could offer the option to “sell” a portion of their extra leave back to the company. This provides them with the prospect of financial gain while still giving them the flexibility of additional time off.
- Experience days
Experience days offer a unique way to show appreciation, moving beyond tangible rewards and creating lasting memories. From gourmet cooking classes to race car driving experiences, offer a variety of options to cater to different personalities and interests. A weekend getaway or tickets to a theme park can be a fantastic way to show appreciation for their dedication while simultaneously acknowledging the support of their families.
- Gift cards
Gift cards offer a practical and flexible way to reward your long-term employees, allowing them to choose something they truly need or desire. Variety is key, so offer gift cards to a range of retailers, from department stores and electronics stores to online marketplaces. You can also consider combining this with the previous point by giving gift cards to adventure companies, spa experiences, or travel websites provide the flexibility of choosing an experience they’ll enjoy.
- Hall of fame
Public recognition can be a powerful motivator. Setting up a company hall of fame allows you to acknowledge employee achievements and foster a sense of pride within the organisation. You can create a dedicated office wall or display showcasing employee milestones or develop a digital hall of fame on the company website where employees can be recognised.
Investing in long-term loyalty
Retaining top talent requires more than simple tokens of appreciation. Think of the strategies we’ve outline above as investments in your most valuable assets – your long-service employees. By fostering a culture of recognition and appreciation, you’re not just rewarding past contributions. You’re securing their future loyalty and maximising their continued impact on your company’s success.
