Borsheims Fine Jewelry and Gifts has been in business for 150 years. And we have seen trends come and go. Frosted hair and shoulder pads, check. Doorknocker earrings, check. Jeweled butterfly hair clips, check. Rewarding employees, has also changed with the times. Modern employee recognition has become more than giving a pat on the back and an annual raise. Therefore, updating your plan shows that employee recognition is a sincere part of your culture.
Types of Modern Employee Recognition
Businesses recognize their employees in a host of ways. Some companies give all employees a holiday gift. While at others the CEO calls each employee on their birthday. Some organizations offer social events throughout the year. Many offer weekly team-building events. Other businesses celebrate the anniversary of their founding.
Service Award Programs
The most popular employee recognition plan celebrates years of service.
These programs recognize individual tenure. Organizations, large and small, choose this way to show appreciation. It is simple and effective. Most often they celebrate at the 5, 10, 15, 20, 25, 30, 35, and 40-year marks. Amazingly, Borsheims has even done special gifts for employees at 45, 50, and 55-year celebrations!
How Much Should I Spend?
We are often asked, “how much?” In other words, how much should a business spend on employee milestones? This can vary widely across companies. Some businesses recognize employee tenure levels starting at 5 years and $50. They typically increase by an additional $50 per level. At the 20 year anniversary, the gift is valued at $200.
Other companies choose to start at $150 at the five year mark. They commonly add an additional $150 for each level. At the 20 year anniversary, the gift is valued at $600.
In short, there is no right or wrong for employee recognition. A good service provider will work with you and your budget. Accordingly, your plan should fit with your mission, vision, and values.
Benefits of Implementing or Updating a Service Award Program
For many years, engraved wine glasses were a go-to gift from businesses to their employees. How or why this was a trend is lost to time. Perhaps it was simple to give everyone the same gift. Perhaps it was the top tier offering of logo-ed merchandise. However, Borsheims guides our clients to take a more varied approach to their service awards.
Yearly Celebrations and Yearly Reviews
No matter how you recognize employees, make it regular. Putting it on the calendar ensures a small, but key aspect—that the recognition occurs!
Assessing a plan also ensures that it is still a great fit. A good program provider will offer a yearly review. During this review, they will highlight popular merchandise. They will also provide options to replace less-desired merchandise. They can advise on the pricing levels. Finally, they may offer ideas for logistical improvements for ordering and delivery.
How to Modernize Service Plan Offerings
You may be surprised to learn that the most popular offerings in a service award program are everyday items. Coolers, knife sets, binoculars, grills, and kitchen appliances are in demand. Why are these common items so popular? Our theory is that these high-quality staples are nice to have, but it’s even better when someone else pays for it.
Trends, Quality, and Value
There is a seasonality to gift selection as well. Grills and coolers are popular in the summer months. Slow cookers and panini makers trend during the fall and winter months.
Observing holiday gift trends can also provide insight on what to include in a program. At Borsheims, we noticed the popularity of Apple Watches. Therefore, it was important to include them in our clients’ service award programs.
A quality service awards provider knows trends, quality, and value. Therefore, modern employee recognition requires a trusted partner. Borsheims works with 100’s of organizations with 1000’s of employees. We can help you ensure a quality employee appreciation program.
Best Practices, Happy Employees
In conclusion, rewarding and recognizing employees is important in today’s world. A consistent tone of expressing appreciation for employee tenure is a best practice. It is also a best practice to update your program regularly. Doing so ensures that your intent is always expressed to the employee. In short, gratitude matters!