The Importance Of Rewarding Long-Standing Employees

As a business owner, you’ll know how important it is to have the best people working for you. Whether you run an SME or work for a global brand, attracting and retaining talent can impact how successful your business is.

But while new recruits are important, it’s vital that you show those who’ve been around for a while how much you value their service. Here’s an in-depth look at rewarding long-serving staff.

The Gifts To Give

For those who have been in the company for a long time, it can be easy to fall into a routine and lose sight of the big picture. For instance, you might have a team of long-serving employees who always deliver to the highest standards, but they might not realise how important they are to the success of your business.

You might be wondering how to reward your staff. One way to do this is by marking certain milestones with certain types of gifts and rewards.

For instance, you could offer a bonus or an extra day’s holiday for those who achieve five years. For those who’ve been with you for 10 years, trips like Tenerife holidays or city breaks in Europe could be ideal.

Take the time to think about what rewards could realistically work for you and your team. By having these in place, you’ll find that they become an incentive. They also offer other benefits for you and the company:

• Boosting Morale

By marking their milestone work anniversary, it’s possible to remind them that you value the work they do. This, in turn, will help to boost their confidence and enhance morale among them and across the rest of the team.

• Reducing Employee Turnover

As well as being costly, high staff turnover can affect productivity. But focusing on the team you have can go a long way to helping you see the best results and attracting talent in the future.

While engaging employees from the start can be beneficial, so, too, can rewarding your long-standing employees. Recognising their talent and service means it’s more likely they’ll want to stay. Also, for new staff members, they can see how hard work is recognised, making it an attractive company for them too.

• Improving Company Culture

Recognising the achievements and contributions of your employees can go a long way towards making the workplace enjoyable. The people who work for you are more likely to find it a supportive environment and this can make the job much easier on the whole.

This, in turn, can be good for business as you’re more likely to gain a reputation for having a great culture that both attracts new people and makes longer-serving team members want to stick around.