While a job for life is something of an unfashionable concept these days, the reality is that many employees will still clock up long service with a single employer. So, therefore, Long Service Awards still remain popular as a means of recognizing this loyalty and signaling to staff that their commitment over many years has been highly valued.The simplest form of reward may be a cash payment; however, long term service awards will often take the form of non-cash gifts, taking advantage of Inland Revenue tax exemptions. Providing there is a ten year gap between awards, an employer is allowed to reward staff with at least twenty years’ service with tangible gifts worth up to £50 in value for each year of service tax-free.
Rewarding staff is now rarely a case of giving an employee a traditional gift such as a carriage clock.
Larger organisations now often look to reduce the administrative burden on HR by outsourcing awards, increasingly by adopting online schemes. Some companies are now tending to reward employees earlier in their careers (e.g. after ten years’ service) and more frequently thereafter.
How We Can Help
The Electric Incentive Company is one of the UK’s leading providers of multi option incentive/reward schemes. We have a highly skilled team who will ensure that any long service initiative meets its objective.
Sourcing the right reward is extremely important, however this is only one element of the services we offer in this particular area we will also ensure the programme is communicated, reported upon, monitored and easily ‘tweaked’ if and where necessary, we consider this of vital importance to the success of the programme.
The Essential Collection is the easy and cost-effective way to administer, control and deliver your long service reward programme, based around your individual business requirements. Contact us now for more information on how we can help you.
When a loyal and valued employee has dedicated a great deal of his or her life to your company, you really want to show them you truly appreciate their commitment when leaving the company.
Choosing the right gift however is absolutely vital in showing them the right level of gratitude, however it’s never easy to pick the one gift that fits the bill!
At the Electric Incentive Company we offer the perfect solution by allowing the gift recipient to select a gift of their choice.
With such a huge selection of high quality branded products available, even the most awkward to buy for retiring employee will be able to find the best possible gift. One they can enjoy and cherish, for eternity.
Today, more and more companies appreciate the importance of improving staff retention and recognising the loyalty of their valued staff on an ongoing basis. Rewarding good staff for their continued loyalty is an integral part of making them feel valued, and gaining their continuous commitment and creating a motivated workforce.
At the Electric Incentive Company Ltd we offer a range of staff recognition solutions together with a vast collection of innovative gifts from well known major brands.
Using our online site The Living Store (www.thelivingstore.co.uk), you will be able to access a collection of premium branded goods at prices significantly lower than the high street, and Our Online Points Based Recognition Scheme, The Essential Collection, (www.theessentialcollection.co.uk) or the ever popular EIC gift voucher. We will do our utmost to ensure that the staff continues to feel valued and committed to their employers.
Companies we have worked with the on this particular programme include Long Service and Corporate Rewards.
A loyalty rewards incentive program represents a substantial investment to most organizations. Receiving a sufficient return on that investment requires the full participation of the program participants. Incentive programs are based upon the concept that effort increases as employee’s, consumers and trade buyers perceive themselves progressing towards their goal. Therefore programs should offer participants a variety of products and services based on their unique interests and diverse needs. Successful programs need to carefully develop their reward methods to keep participants eager to approach a new goal once they have achieved a reward.
EIC Direct can fulfill these criteria by listening to the client’s requirements and then advising on the most cost effective method.
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