Length of service programs aren't shaping up to be what they used to, believes Accumulate. According to new research, 87% of organisations offer service milestones rather than performance milestones and only 58% of employees even know that a program is in place.
So why aren't they working?
Firstly, they're outdated. Today's generation doesn't care about being rewarded after five or ten years of employment, they want recognition for a job well done.
The chances are that most employees won't make it to these big milestones, with it being standard for someone to have two or more jobs over a five-year period. Research has shown that the number one reason for leaving an employer is lack of appreciation – highlighting the importance of showing appreciation for good performance regardless of time spent within a company.
Currently, the majority of employees report that in a given year they are recognised just once or not at all. It's little wonder that employees don't stick around for long periods of time.
The survey showed that tenure-based programs simply aren't motivating staff. Re-engineered programs can be hugely beneficial for businesses looking to increase employee engagement and loyalty.