Commentary: ‘Just give me cold hard cash’? How to keep long service awards relevant in the modern workplace
While a grand gesture of appreciation for employees who have worked for many years is nice, the truth is no one really stays in a company for a long service award, says NUS Business School’s Sriram Iyer.
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SINGAPORE: How would employees like to be appreciated for spending years in a company? A cash payment, more days off, or how about an overseas trip or a Rolex watch?
Long service awards have been a great way for companies to recognise employee loyalty and commitment. But with the workplace changing fast and the average job tenure shrinking, are long service awards outdated?
Last year, Singapore-based restaurant operator Paradise Group lavishly rewarded more than 330 employees with Rolex watches and Suisse gold bars. The luxury watches were for employees who had been with the company for 10 years or more, while the gold bars went to those who had worked five to nine years.
On the other end of the spectrum, social media users have complained about receiving only small cash tokens, lunch with a senior executive or nothing more than a printed certificate. Who hasn’t heard a colleague quip: “Just give me cold hard cash!”
While a grand gesture of appreciation is certainly heart-warming, it sparks a lively discussion about whether we are still celebrating employment milestones in an effective way.
