Career engagement through your employee service value proposition
Inspire your employees each day until retirement by committing to a thoughtful employee service value proposition, one that recognizes and rewards success and loyalty. Here are four milestones to include in your efforts.
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An effective employee value proposition (EVP) engages and delivers inspirational experiences throughout an employee’s entire career, from the excitement of receiving a job offer and that first day agenda to daily wins and major accomplishments for years to come.
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Inspirational experiences that are very much a part of an EVP are also exceptionally important when it comes to recognizing service milestones. Known as your employee service value proposition, it is the focus you put on making each milestone memorable for your employees with thoughtful recognition and meaningful engagement.
Statistics Canada cites 4.8 years as the average turnover rate, which means most employees don’t have the opportunity to celebrate a five-year anniversary. With Millennials, the average turnover is even less at 2.6 years and this demographic especially desires engagement from day one. Leading companies are realizing the need to amplify their service awards programs beyond traditional milestones to retain employees and keep them engaged, inspired and connected to their company culture.
Here are four milestones to consider including:
1st day welcome:
More and more companies have added onboarding gifts to their service awards programs. This can include a custom card and branded gift to set the tone and reinforce to new hires they made the right choice to join the organization.
Short service celebrations:
27% of employers give recognition for 1- and 3-year anniversaries. Many companies are celebrating these milestones with a thank you message and a branded gift or a charitable donation on behalf of the employee.
Milestone moments every 5 years:
90% of companies recognize recipients at these important anniversaries. Make them even more meaningful by letting employees select a lifestyle gift that’s just right for them. Pairing a celebratory message with a gift of their choosing will increase their desire to stay.
Retirement recognition:
Send retirees off knowing how grateful you are for their years of service. This milestone celebration often consists of thanking recipients for their loyalty along with a merchandise, experience, or travel award to enjoy during retirement.
As you think about your service value proposition, use these trends to shape the best experience for your employees:
- Give your employees the opportunity to choose their award, making the milestone celebration all the more meaningful.
- Recognize employees at 30, 60, and 90 days with personalized communications or badges to reinforce they made the right choice and are appreciated.
- Follow award budget best practices, averaging $10-$15 per year of service for 1- and 3- year milestones and $15-$25 per year for 5+ years.
- Use custom-curated service kits that accompany a communications message and align with your culture, budget, and brand.
- Consider offering charitable contributions as an award for new hires, short service, milestone anniversaries, and retirement.
- Provide “give back” opportunities to not only make an impact locally, but globally as well.
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Inspire your employees each day until retirement by committing to a thoughtful service value proposition, one that recognizes and rewards success and loyalty.
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Celebrate. Recognize. Reward.
Learn more about our recognition and reward solutions.
DayMaker: Service Awards Program
DayMaker Service Awards is a revolutionizing new recognition solution that is easy to use, fosters inspirational milestone experiences, and flexible to accommodate program dynamics over time.
DayMaker: Employee Recognition Program
Your employee recognition program is only as good as the tools that support it. DayMaker is BI WORLDWIDE Canada’s sixth-generation employee recognition platform. We have set the industry standard for design, responsiveness, performance, and engagement, offering state-of-the-art technology and unparalleled support.
Employee Value Proposition (EVP)
An employee value proposition (EVP) is the complete offering a company makes to its prospective and current employees in return for their best efforts. It encompasses pay and benefits, all the non-financial aspects that attract, retain, and motivate employees.
Reduce Employee Turnover
One-third of new employees are already hunting for a different job within six months. To stem the tide of employee turnover, turn over your onboarding process. We’ll show you how.
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