Many companies provide awards to employees throughout the year as a way to express gratitude for hard work and important contributions as well as to publicly acknowledge the success of teams and individual staff members.
Awards can boost employee morale and engagement as well as provide a relatively low-cost reward system. But awards can also boost training and employee development programs.
For their recipients, awards are a great form of positive reinforcement. They recognize the company’s appreciation of living up to certain expectations and exhibiting values. And, as noted in the introduction, awards to reward adherence to those expectations and values are generally less expensive than bonuses or pay raises.