Playing the long game

Remember, back in the day, when bosses used to celebrate an employee’s long tenure at an organisation, by presenting them with a gold carriage clock or Rolex watch, or some other similarly expensive timepiece to reward (and remind) staff about the time-they’ve spent diligently working for that single organisation?

Back then, hitting each new service increment – be it 15, 20, 25 (or even more years’ service) became something of a badge of honour; something employees wanted to aim for. It represented a sense of achievement, and while it may not have been the be-all and end-all reason that kept them loyal to their organisation, it will have certainly helped – especially as each additional longevity milestone reached tended to see the reward get a bit more special.

Mandy Smith

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Senior HR Business Partner, Close Brothers

Oh how times have changed.

In the decade between 2012-2022 average job tenure fell 11% from an already much lower average of 4.6 years to 4.1 years.

Those between the ages of 25-34 stay for even shorter amounts of – just 2.8 years (down from 3.3 years in the same period).

For this reason, the concept of using long service awards has largely fallen out of fashion.

But is there change in the water? At some organisations, its seems this ‘old-school’ example of employee recognition has been quietly making a comeback. Last summer, accountancy firm PwC (in the US), specifically launched ‘My Milestone Rewards’ – which introduced long-service starting at three years (yes, three years is considered long now!), and then six years, ten years, 15 years and then every five years after that. At each landmark service-length, employees can now choose from a selection of rewards and experiences that matter most to them. Options given to staff include wellbeing and purpose-driven experiences, in addition to time away on vacation or cash.

But has PwC’s scheme been inspired by what has been happening closer to home - at Close Brothers Motor and Retail Finance –part of leading UK merchant banking group?

For the past eight years, the Doncaster headquartered Motor Finance division has also been celebrating the contribution of its long-servers, and has just announced that this year it will be celebrating the efforts of 60 of its employees at two all-expenses paid lunches (the first one is in July, followed by one later in the year, in October), hosted by senior executives.

At the event, attending staff will be formerly recognised for their tenure with the business, and for reaching their specific length of service (celebrated at five year intervals). But while they’re there that they get a very special reward – confirmation of an extra five days’ holiday during their milestone year.