Service Anniversary Award Program Myths

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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 b1e taking your program elsewhere.

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Service Anniversary Award Program Myths

  1. 1. UncoveringtheTruthabout Service Anniversary Programs Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com
  2. 2. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com There are many misconceptions about service anniversaryprograms and the companies who provide them.
  3. 3. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com To set the record straight, here is some insight on how you can get themost from your current length of service program.
  4. 4. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com 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 themost from your current length of service program.
  5. 5. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com All service anniversary award providers are the same. myth#1
  6. 6. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com 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.
  7. 7. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com It’s important to provide gold and diamonds as gifts. myth#2
  8. 8. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com 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.
  9. 9. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com Everyone loves our program. myth#3
  10. 10. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com 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?
  11. 11. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com All of our managers embrace their roles in the service award recognition process. myth#4
  12. 12. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com 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
  13. 13. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com It’s OK to use gift cards in service anniversary programs. myth#5
  14. 14. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com 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
  15. 15. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com The more gifts you offer, THE BETTER. myth#6
  16. 16. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com The more gifts you offer, THE BETTER. Reality: People are overwhelmedby 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
  17. 17. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com Transitioning from one provider to another is risky. myth#7
  18. 18. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com 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
  19. 19. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com 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, BI WORLDWIDE BIWORLDWIDE.com©BI WORLDWIDE™ 2014 | Proprietary & Confidential TOP 7 MYTHS: UNCOVERING THE TRUTH ABOUT SERVICE ANNIVERSARY PROGRAMS 7 1 2 3 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.
  20. 20. Australia | Canada | China | India | LATAM | UK | US | BIWORLDWIDE.com follow us... BI WORLDWIDE uses the principles of behavioral economics to produce measurable results for our clients by driving and sustaining engagement with their employees, channel partners and customers.

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