What is an Award?
An award is a formal recognition or honor bestowed upon an individual, organization, or entity for their excellence, achievements, contributions, or significant accomplishments in a specific field, industry, or endeavor. Awards can take various forms and are typically associated with prestige, honor, and public recognition.
Features of Award:
- Recognition of Excellence: Awards are bestowed upon individuals or teams in recognition of their exceptional performance, achievements, or contributions towards the organization’s goals.
- Motivational Tool: They serve as a potent motivational tool by acknowledging and appreciating the hard work and dedication exhibited by employees, thereby encouraging them to continue striving for excellence.
- Promotion of Positive Culture: Awards foster a positive work culture by promoting healthy competition, teamwork, and a sense of pride and belonging among employees.
- Enhancement of Employer Brand: Organizations that regularly recognize and honor their employees with awards tend to have a stronger employer brand, which helps in attracting top talent and retaining skilled professionals.
- Cultural Integration: Awards often reflect the organization’s values and cultural ethos, reinforcing desired behaviors and aligning employees with the company’s mission and vision.
Difference between Award and Reward
Awards and Rewards involve recognizing and acknowledging achievements or contributions. Awards are typically formal honours or distinctions given due to a competitive process, whereas Rewards are incentives or recognition given to individuals or groups for specific actions or behaviors. Awards are often associated with prestige, while rewards motivate and reinforce desired behaviors or outcomes.