Corporate awards signal to clients and employees that employers value quality work. As part of an overall program of managing company talent, managers should have a way to keep track of the performance of their team. Studies show that positive incentives are more effective than negative reinforcement. To ensure that management style across the board is consistent, awards can be given to departments, branches, and divisions, or other organizational units.
The Harvard Business Review wrote the issue, The Impact of Employee Engagement on Performance. After interviewing 550 executives, they found employees connected to their work when there was a corporate program in place that recognized achievement. Furthermore, companies struggle to drive profit through employee performance. Less than half the companies surveyed successfully connected the dots between employee performance and corporate performance.
Upper management has a bigger picture mindset that does not reflect middle management attitudes. Higher level managers see the importance of engaging employees. The consequences of the disagreement in management philosophy is twofold – employees are not optimally engaged and there is a gap in the way managers run the company. A company wide award program is one way to mend this difference. Over time, middle managers will see the positive feedback of rewarding employees, and philosophies will grow to be more consistent.
Company awards that are publicly acknowledged show customers commitment to cultivating talent. Corporate mission statements are good at leaving a general impression of the company, and an award program can be used to develop this understanding. Awards publicized along with the reasons for nomination demonstrate that the mission statement is enforced at various levels. They also give a concrete example of company values in the workplace. Customers can put a name, a face, and a narrative behind their confidence in the company. Awards can emphasize certain aspects of products and services:
● A company that takes pride in their treatment of clients awards employees for their customer service.
● Businesses that work in industries of research and development award innovative work by team.
● Consulting firms award management for leadership.
Awards can be a powerful management tool. A well designed trophy is the symbol of the effectiveness of workers and the award program. It is a positive reminder to employees and customers of the company’s dedication to excellence and rewarding merit. Read more about employee engagement in the market at the Financial Post.