Savvy business leaders know that showing appreciation to their employees is a great way to motivate them. Yet they often overlook an important way to give that recognition: leveraging the full range of company recognition awards available, not just internal awards programs, but also external business competitions.
Here’s why your business might want to take advantage of both kinds of employee rewards.
What Are Company Recognition Awards?
Regarding internal awards programs, most businesses already host some kind of employee-of-the-month contest, which can be a great way for employers to acknowledge high performers. When the whole team celebrates an individual, it can boost morale and encourage further outstanding performance from that person. It can also motivate their peers, who may want to win the award themselves in the future.
It’s also common for companies to recognize employees for their years of service. Notable milestones include the 5-, 10-, 15-, and 20-year anniversaries, among others. While it’s common to give the loyal staff member a plaque to commemorate this achievement, another good idea is to give them a monetary award they can spend however would be most meaningful for them.
However, these only scratch the surface of the types of awards employers can offer their team members. Neglecting to develop your appreciation program in depth could mean leaving opportunities for employee engagement unrealized.
How to Expand Your Employee Recognition Awards
Internal awards can make employees feel great and reinforce a positive company culture. They are also a great way to promote company values.
For instance, if someone lands a big new account, then giving them sales awards can encourage the rest of the team to do the same. If you make a special award for a social media post that went viral, then you can expect your employees to strive to earn it with even more compelling content.
Whatever your ideal business outcomes are, consider creating awards celebrating team members’ hard work and dedication toward those ends. Giving these out not only helps the winner feel valued and appreciated but also enables you to inspire your employees as a whole to demonstrate similar pro-social behavior. Think of it as a kind of positive reinforcement.
Another effective way to show employee appreciation is through nominating them for external awards and recognition within their specific sector.
Why External Corporate Recognition Awards Are Valuable
Many business leaders overlook the second way to deliver meaningful recognition to employees: external recognition programs. These awards offer another opportunity to reward employees who consistently go above and beyond.
These annual awards competitions identify the best of the best and confer trophies and awards on all kinds of employee contributions to businesses. For example, many contests offer customer service awards, as well as categories for marketing, HR, entrepreneurship, and more. When someone emerges victorious from one of these competitions, they get not only peer recognition but also the tacit endorsement of industry leaders, which can help them to stand out in their profession.
For this reason, merely nominating someone for such an award could be a great way to make your key employees feel valued. At the same time, winning such awards and trophies can be a big boost to their employers as well. Studies suggest that award-winning businesses may see an uptick in media visibility and profitability. Research indicates these companies often outperform other businesses in terms of share price, sales volume, return on assets, and much more.
When your employees become award winners, so too does your whole business!
Why a Multi-Pronged Employee Recognition Program Matters
Studies also show that when businesses win awards, their employees take pride in the accomplishment and become even more dedicated to the organization’s mission. These accolades can improve employee loyalty, encourage high-quality work, and promote a beneficial workplace culture of appreciation. Your company might improve both its employee retention rates and its teamwork as a result.
That’s why any effective employee recognition strategy should involve both components: social recognition within your organization and awards from external entities. That said, there are many different types of appreciation awards, which could make it challenging to find the right competitions to enter.
How to Find the Right Corporate Awards and Award Categories
To figure out which awards to enter, start by asking yourself who your top performers are. These are the ideal employees to recognize, since their outstanding performance serves as a valuable example to others.
Next, do a Google search to find a selection of competitions that could showcase those team members’ unique strengths and talents. Keep in mind that many of these programs offer numerous categories of awards, each of which shines the spotlight on a different aspect of business.
To choose which contests to enter, consider which the employees themselves would consider most meaningful. Also, ask yourself which awards for employee performance would likely be most impressive to your target customers. Another thing to keep in mind is that many of these organizations host galas or other large corporate events that can be great for networking.
Once you’ve identified the ideal options, don’t second-guess yourself. Nominating someone for one of these contests can serve as a sort of appreciation award in and of itself.
Build a Culture of Recognition with Innovative Employee Award Ideas
When employees receive recognition, your whole business benefits. Boost employee engagement by recognizing your employees both internally and externally. Start creating new recognition ideas for your company and nominating your team for outside business awards today!
