How Can We Create Attractive Benefits for Employees with Over a Year of Service?

Hi Cite Members,

I am employed with a small IT company, and we are in the process of revising our policies. The major focus of the policy revision has to be towards benefits/recognition for older team members, i.e., employees who have completed 1 year of service.

Kindly suggest some attractive policies/benefits that would also help towards retention.

Looking forward to your responses.

Regards,
Bhavna

Hi Bhavana,

You can choose any of the following options suitable for your organization as a benefit for completing one year of service:

1. A discount coupon for a major shopping store in your city.
2. A dinner coupon for your family at a high-quality dining establishment.
3. A small salary increment (not related to performance).
4. A letter of appreciation highlighting the positive contributions he/she has made in the past year at the organization.

There could be several other small rewards based on the company's budget. I hope my suggestions will provide you with some ideas. I am sure you will be even more creative than me.

Regards,
Mrinal

Hi Bhavana,

You can choose any of the following benefits suitable for your organization to celebrate the completion of one year of service:

1. A discount coupon for a major retail store in your city.
2. Dinner coupon for the employee's family at a top dining establishment.
3. A small salary increment (not based on performance).
4. A letter of appreciation highlighting the employee's accomplishments over the past year within the organization.

There are various other small rewards that can be considered based on the company's budget. I hope my suggestions provide you with some ideas. I am certain you will be more creative than me.

Regards,
Mrinal

Hi Bhavna,

You could also consider insurance as a benefit for an employee completing one year. You can increase the sum insured for a greater number of years of service.

Hemant

Hi Bhavana,

1. You could consider mediclaim for their family.
2. A small investment in a long-term option such as KVP or a small savings certificate from the government where he can save on taxes.
3. Gift vouchers could also be helpful to them.

Balaji L