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Just how much are your employees worth?

Dec 29, 2014

Written by: Steve Huffman
(View Author Bio)

Engaging loyal employees starts with recognizing milestones.

Service Awards

Overview

The average tenure for an American worker is less than five years. And studies show that after six months at a new job, 40% of employees are already disengaged. With startling numbers like these, it’s not hard to see that recognizing employee milestones and implementing other employee engagement initiatives need to be an integral part of your organization’s strategy.

Today’s Workforce Is Changing. Here’s Why.

Talent Wars: The war for talent is real and happening right now. If you don’t have a strategy in place, you become someone else’s leverage. Right now, between 70% and 84% of employees are looking for another job. Likely some of your employees.

Talent Development: This remains key to retention. Those companies who do it best are investing in building and retaining their existing talent pool — and companies failing to do so will likely become irrelevant.

Employees Gain Power:  Loyalty as we knew it is gone. The employer will no longer define the workplace; employees’ priorities and preferences will dictate what the future holds.

So what can you do to combat these trends and keep your employees longer?

Realize This: Recognition Works

Recognizing employee milestones successfully drives higher retention rates, productivity and customer satisfaction.

Engaged employees:

  • Are 87% less likely to leave an organization
  • Have 18% higher productivity
  • Typically score between 12% and 34% higher in customer satisfaction ratings.

Recognizing employees at one year or even six months — rather than waiting until the more traditional three- or five-year mark — helps drive engagement and significantly increases their loyalty to your organization.

How Much Are Employees Worth?
So just how much should you spend on length-of-service awards? And what are other companies spending on their service awards?

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Steve Huffman BI WORLDWIDE

Steve Huffman

Vice President
Recognition Services

As VP of Recognition Services, Steve works with an experienced team of Design and Delivery Specialists that are devoted to the development and distribution of symbolic and lifestyle merchandise awards programs. His focus is on the customer’s needs and expectations as they relate to recognition systems and individual award initiatives. Steve has been a member of the Recognition Team for over 25 years and with BI WORLDWIDE for more than 30.