Receiving an award can be a very fulfilling experience for individuals. An award is not a prize won randomly or through pure luck. Instead, it’s a sign of recognition for an accomplishment won through skill, effort, or both. Many companies use awards to recognize quality work, and there are many benefits for those companies that use this means of recognizing employees.
Low Cost
An award doesn’t have to be a raise or promotion, although those forms of recognition obviously have a place. And, in fact, an award doesn’t have to convey monetary value at all. An award can be as simple as a framed certificate, for example. Many companies provide some sort of inexpensive gift in conjunction with an award—such as a gift certificate to a nearby restaurant—but this is by no means necessary for an award to have impact.
Positive Impact on Employee Morale
Awards are a great way to help bolster employee morale. They are a way to publicly acknowledge the hard work or achievement of employees. These employees may otherwise feel that the late nights or innovative solutions they have provided to the company are not appreciated. Awards allow companies to recognize employee effort year-round, not just during performance reviews. Awards can complement performance appraisals by ensuring an employee doesn’t need to wait until the next quarter, or the next year, to receive official recognition for a job well done.
Reinforcement of Values
While performance appraisals are important for recognizing achievement, awards are by their very nature public. The rest of the organization can and should be made aware of the appreciation shown for the great work of their coworkers. This not only boosts the impact the award has on the recipient, but it also demonstrates to the organization what type of behavior is valued by the company.
Companies provide many kinds of awards. Although awards may be as simple as a certificate or a write-up in a company newsletter or website, their impact can be significant in terms of employee morale and encouraging sought-after values. How could you be doing a better job of rewarding your employees in tangible, and meaningful, ways?