While salary and benefits certainly are factors in regards to motivation for employee productivity, research has shown that a personal sense of accomplishment and being rewarded for hard work are more powerful motivators when it comes to output in the workplace. In fact, the Wall Street Journal found that 4 out of every 5 employees stated they would switch companies for the same salary if they knew that they would receive praise and recognition for their work in the new company. Thus, companies today are beginning to create corporate awards programs for their companies as they realize the magnitude of the effects recognizing and rewarding employees has on their performance.
Awards can be presented to employees for a range of purposes from simple recognition or appreciation awards, awards for service or anniversaries, incentive or achievement awards, and even awards for the attainment of specific goals like those relating sales. When giving these awards to employees, companies just need to make sure they maintain fairness and consistency regarding the efforts that delineate receiving such honors. Each person who makes the same or similar contributions should have equal opportunity to receive an award for these efforts. Each month at Pinnacle Promotions for example, we give out beautiful glass awards for the “Employee of the Month,” a worker nominated by their peers for the hard work and dedication, as well as a “You’re So Money” Award to the sales employee with the highest gross margin for the month and an “ABC – Always Be Closing” Award to that employee with the highest total monthly sales. (Katie Barnes, this month’s “Employee of the Month” is pictured with her glass award above!)
Additionally, companies should also consider giving awards that acknowledge certain groups of employees or even the entire company, as it is the dedication of all employees that contributes to a business’ success. At Pinnacle Promotions, in addition to our monthly individual awards, we have a monthly sales contest that sets goals for the company to achieve as a whole. If we meet these particular objectives, we are all awarded with a company-wide prize that ranges from a catered breakfast, to a cash grab bag drawing, to a balloon popping contest like we had last Friday for attaining our September goals! Pinnacle employees gathered to the front of the office and chose a balloon to pop. Inside each balloon was a gift certificate with a variety of offerings. In this way, the company created a fun, motivating event and everyone was a winner!
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