The Value of Corporate Awards

The Value of Corporate Awards

organizationsmainAward programs serve several purposes in the corporate world. Effective award programs help an organization, or business to be more competitive, retain key employees, and reduce turnover. Award systems also can enhance employee motivation and reinforce the image of an organization among key stakeholders or future employees.

One of a manager’s most important tools is the ability to select awards and time the awards properly. These award systems can address several important managerial objectives as they relate to employee motivation.

Attract and Retain Talent

A company’s success depends on its staff. Workforce retention is a vital responsibility from the Board to the Human Resources department. Retaining employees saves money on retraining costs, improves the consistency of services, and allows for relationships to develop between clients and the organization. In addition, proper awards systems can reduce absences.

Effective use of awards can encourage employees to gain the skills that are necessary to help them and the organization grow. This can also increase their desire to continue being part of the organization. Ideally, an organization wants employees who not only show up to work but are excited about being there as well.

Reinforce Corporate Values

Businesses need to plan a corporate awards strategy with corporate initiatives in mind. If the company is making a push for ethical behavior or corporate leadership, then it can look for awards competitions that recognize these traits.

Add to Public Relations Value

Many companies believe business awards helps validate how the company functions as a whole and enhances its ability to keep good people. Corporate awards bring benefits of increased awareness, third-party validation and establish market respect. The free publicity an award-winning business receives can result in more business and new connections. Plus, when used effectively, industry awards are an excellent sales tool to attract and close new business.

Does They Have Value Within Small Businesses?

The benefits of business awards for small businesses are similar to large companies, but with a few differences. Often a small business will struggle to establish recognition and credibility in the market. A business award win or nomination can open doors and have a greater impact on the growth of a smaller company.

Small businesses should consider entering competitions, especially those sponsored by business organizations and publications, just so the judges, other business professionals and often journalists, will become aware of them and their products or service.

Companies or individuals should never underestimate the power of corporate awards or competitions. Even if you don’t come out a winner, your company will gain positive exposure of your core values, a challenge to improve and an opportunity for your clients, employees and future business connections to see just how good of a company you really are.

Capitol Medals is proud to offer top quality plaques, trophies, and engravable incentive gifts ideal for corporate award programs. Contact us today to place your order!