Service Anniversary Award Program Myths

Uncovering the Truth about

Service Anniversary Programs

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http://www.biworldwide.com/en/employee-engagement/awards


There are many misconceptions about service anniversary programs and the companies who provide them.



To set the record straight, here is some insight on how you can get the most from your current length of service program.



Or perhaps these myths sound all too familiar and you should be taking your program elsewhere.

To set the record straight, here is some insight on how you can get the most from your current length of service program.



All service anniversary award providers are the same.

myth #1



All service anniversary award providers are the same.

myth #1

Reality: All providers are not created equally. Each company is different in both

subtle and significant ways.



It’s important to provide gold and diamonds as gifts.

myth #2


It’s important to provide gold and diamonds as gifts.

myth #2

Reality: Rather than base your program on awards that are likely to fluctuate in price

like gold or diamonds, design your program with awards that reflect your audience

demographics, corporate culture and budget that will protect you from pricing changes.


Everyone loves our program.

myth #3


Everyone loves our program.

myth #3

Reality: Don’t think that your program is best-in-class every year.

Is your provider bringing new ideas, sharing the latest trends and updating their technology?


All of our managers embrace their roles in the service award recognition process.

myth #4



All of our managers embrace their roles in the service award recognition process.

Reality: Most of your managers are engaged but ALL need continuous support.

Have a manager engagement plan with training, assistance and resources to make their roles

amplify the experience for your audience.

myth #4



It’s OK to use gift cards in service anniversary programs.

myth #5

http://www.biworldwide.com/white-papers/employee-engagement/gift-cards-are-not-gifts-gift-cards-are-only-a-facsimile-for-cash



It’s OK to use gift cards in service anniversary programs.

Reality: IRS rules forbid the use of gift cards in service anniversary programs

and using denomination based gifts will be subject to income taxes by the participant.

myth #5

http://www.biworldwide.com/white-papers/employee-engagement/gift-cards-are-not-gifts-gift-cards-are-only-a-facsimile-for-cash


The more gifts you offer,

THE BETTER.

myth #6


The more gifts you offer,

THE BETTER.

Reality: People are overwhelmed by too many choices. The behavioral economics principle

TyRAnny Of CHOICE explains our inability to process a decision

when confronted with too many options.

myth #6


Transitioning from one provider to another is risky.

myth #7


Transitioning from one provider to another is risky.

Reality: A responsible provider will have a detailed process to make

the transition from one to another easy and risk free.

myth #7


Learn more about how you can

uncover these myths by

downloading our article.

Myth #1 All service anniversary award providers are the same.

Reality: All providers are not created equally. Each company is different in both subtle

and significant ways. • Many providers are also jewelry manufacturers and will urge you to reward your program

participants with jewelry. Consider working with a company that is unbiased towards what

to offer your audience.

• All providers feature web-based technology to accommodate redemption of your awards but most

are out of date and don’t feature social recognition, reporting or an intuitive user interface. • Most providers do not offer a full suite of services and cannot extend the employee recognition

experience beyond service anniversary awards.• Only a few companies base their solutions on behavioral economics, an understanding of what

motivates your audience. Doing so will result in engaged employees who receive relevant

awards for their accomplishments.• Not all companies provide the same level of assistance to your audience. Make sure you have

the full support your audience needs – otherwise the calls will be directed to you.Myth #2 It’s important to provide gold and diamonds as gifts. Reality: People do associate value with precious metals and stones but these materials

represent a great deal of pricing volatility. Gold was stable in the 80’s and 90’s at around $350

per ounce but in 2006 it skyrocketed to a high of almost $1,800 per ounce, which resulted in

monthly price hikes on anything with gold content. Rather than base your program on awards

that are likely to fluctuate in price, design your program with a selection of awards that reflect

your audience demographics, corporate culture and budget and will protect you from regular

price changes.

Myth #3 Everyone loves our program.Reality: You shouldn’t maintain that your program is best-in-class year after year. Is your

provider continuously bringing in new ideas, sharing the latest trends and updating their

redemption technology to improve your program? Your participants should have a memorable

and enjoyable experience each time they are recognized through your program.

Steve Huffman, Vice President, Recognition Services, BIWORLDWIDE

BIWORLDWIDE.com©BI WORLDWIDE™ 2014 | Proprietary & Confidential

TOP 7 MYTHS: UNCOVERING THE TRUTH ABOUT SERVICE ANNIVERSARY PROGRAMS

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There are many misconceptions about service anniversary programs and

the companies who provide them. We’re here to set the record straight

and offer some insight into how you can get the most from your current

provider – or perhaps these myths sound all too familiar and you should

be taking your program elsewhere.

http://www.biworldwide.com/en/white-papers/service-anniversary-awards/the-truth-about-service-anniversary-award-programs?utm_source=SlideShare&utm_medium=Slide&utm_campaign=ServiceAnniversaryAwards




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Service Anniversary Award Program Myths

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significant

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record straight

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Text of Service Anniversary Award Program Myths

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Service Anniversary Award Program Myths

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