Saturday, January 31, 2009

Company Awards, Have You Been Undervaluing Them?

Company awards are given to employees of a company for a variety of reasons.  Sometimes people get awards for reaching certain milestones in their career with the company, like 10 years and 20 years of service.  Other times companies give awards for reaching goals or satisfying a certain goal.  Often at the end of a large project, after it has successfully come to realization, a company might reward the employees accountable for the project.  Some companies still give awards as holiday incentives, though this practice is decreasing with the economy.

Company awards are often some form of jewelry to commend an employee for good service, like a tie tack or a pin.  An employee observing a 20th anniversary with the company might get a nice watch, whereas someone celebrating just 5 years receives a desk set.  Holiday bonuses might include a party and some type of present or a ham or turkey.  Many companies are giving gift cards today rather than handing out actual food products.  And then there are still a choice few company incentives that come in the way of cold, hard cash (or at least a bonus on the paycheck).

Although it is correct that worker awards can be a genuine factor in furthering a company's performance, a much overlooked and similar method is to obtain awards for the company itself. You'll find specialized details on this subject at the awards list site. Corporate recognition awards - in which an independent body recognizes your company as the best in it's sector or in a particular function like innovation or employee satisfaction - can be a great marketing boon. These kind of awards can obtain favourable PR, free news coverage and attract better employees. Smart companies deliberately target industry awards each year as part of their formal marketing plan. Company awards are definitely worth knowing about.

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