Learning & Development

How Performance-Based Awards Can Positively Impact Workplaces

For any organization, a smaller, more dedicated workforce is preferable to a larger, less engaged one. But CEOs still find it challenging to motivate their employees to perform at their best. As a business leader, you are responsible for creating and maintaining a healthy and productive work environment for your employees.

But how do you do that?

From my experience, performance-based awards are a surefire way to increase the motivation and participation of your employees, and they create a strong sense of belonging and make employees feel appreciated.

The Positive Impact of Performance-Based Awards on Workplaces

Awarding employees for their performance is simply a form of recognition, and a recognition program can lead to significant growth and success for your business.

Studies revealed that 80% of employees feel motivated to work harder when superiors acknowledge their efforts. Another study indicated that an increase of 15% in a company’s recognition can lead to a 2% increase in its margins.

After implementing an awards program, I noticed my employees worked harder and were more productive. Here’s how I have seen award programs enhance our workplace culture:

  • The overall quality of work improved, as employees felt an increased sense of purpose and belonging.
  • My employees were motivated to improve their performance through friendly competition.
  • Positivity and productivity at work created a domino effect of enthusiasm, establishing a better workplace culture.
  • We had better success in goal completion, as motivation increased across all departments.
  • As employees were recognized, their loyalty to our company increased, improving our retention rates.
  • Natural leaders developed, aiding in new employee training.
  • Teamwork increased.

7 Employee Award Ideas

The awards you give to your employees reflect the values that are important to you and your company. These seven employee award ideas will positively impact your team members’ morale and motivation, both in the present and in the future.

Recognition Award. The team members who acknowledge the achievements of their coworkers most often deserve the recognition award. The success of your awards program depends on the leadership and team members who take the time to recognize others. Consider them to be your office influencers, as they contribute greatly to the overall connectedness of your staff team.

Employee of the Month. Thisaward is given to workers for exceptional performance. The employee-of-the-month plaques set a standard for other employees to follow. We have also used this time to revisit our company’s core values, as the person receiving this award would have exemplified all of them.

Most Recognized Award. Are there employees who always receive praise from their managers and coworkers? If so, consider giving them the most recognized award, and ask their department heads to explain what they have been doing well. This award gives your employees something to look forward to when participating in your employee R&R program. You can also give employees extra points to make it even more memorable.

Constantly Growing Award. Employees who are always striving to improve themselves, both professionally and personally, are great assets to any company. Employee growth isn’t just limited to professional development, so consider how your employees have grown as individuals. Also think about your employees who have just recently graduated from a new field of study, got a professional certification, or got promoted.

Teammate Award. The teammate award is for employees who work well with others and help promote teamwork. Some employees play an important role in keeping your team together, so they are going to be the ones who are willing to provide support and are effective communicators. You can add a voting process to make this award more like a people’s choice award.

The Bottom Line

Consider creating an awards program with some or variations of the awards listed above. Also, gather some of your leadership team to brainstorm company values and how to exhibit those values in the awards you give. Think of your ideal candidate, and go from there! Awarding contributors based on their excellent performance helps retain valuable employees, and your most dedicated workers will be your most loyal brand ambassadors. Awards show that you care about what your employees are doing and how they are doing it and can improve overall productivity and performance in your workplace. Take it from us: Awards are a good investment.

Mike Szczesny is the owner and vice president of EDCO Awards & Specialties, a dedicated supplier of employee recognition products, branded merchandise, and athletic awards. Szczesny takes pride in EDCO’s ability to help companies go the extra mile in expressing gratitude to and appreciation of their employees. He resides in Fort Lauderdale, Florida.

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