Two big myths that still exist around service awards are that people aren’t interested in building a career with one organization, and the days of loyalty between an organization and an employee are long-gone.
The reality is quite different.
The war for talent and the high cost of turnover has led employers to an increased focus on employee retention and engagement. Various sources put the cost of turnover at 30%-50% of the annual salary of entry-level employees, 150% of middle-level employees, and up to 400% for specialized, high-level employees. Add in the non-quantifiable, but equally critical, loss of industry and client knowledge and experience, and employers’ are highly motivated to keep valued employees.
