Awarding or Rewarding Your Employee: Knowing the difference for end of year thanks
You cannot read a website or open a newspaper without an article about the volatility of employees in the workplace (quiet quitting, great resignation). No longer will employees work just to earn a paycheck every month and put up with any work environment. This is why, as an employer, you need to understand what all the differences are when it comes to reward vs award.
It is essential as an employer to understand the correct definition of both of these terms to design the right program. Knowing the difference will allow you to offer the right option at the right time.
Put simply, an award is bestowed as an honor for extraordinary achievement or going above and beyond the typical daily work responsibilities. In this sense, awards are usually given in the form of medals, trophies, and certificates and should be backed by a spectacle. Baudville has been the nation's #1 leader in trophies since 1983. You can recognize and award excellence with our Beveled Flame Premium Jade Trophy, tell them all their hard work has made them the G.O.A.T of the office, or that their dedication has been inspiring; all perfect solutions for awarding a year of hard work during a year-end ceremony.
Top Trophy Awards
A reward, however, is more of an acknowledgment or an appreciation. Rewards can be small, frequent, and affordable. The idea behind rewards is to keep your employees engaged and motivated.
As benefits and incentives go, rewarding employees is one of the best, most effective ways to boost retention and employee satisfaction. According to research by Think Smart, companies using incentive programs report a 79% success rate in achieving their goals when the correct reward is offered. (source)
Employee reward ideas can be monetary or non-monetary in nature, depending on who gives them out. For example, you could be rewarded for participating in an event or making a reasonable effort, like having a Thanksgiving “Souper Thankful” event and having your soup picked as the favorite and receiving notes of gratitude and thanks for your participation.
You can even send e-cards as a quick thank you.
Once you figure out the who, where and when, you can then match the type of award or reward to the proper context. The chart below explains more differences between award and reward that gives more detail.
Now that you have all the necessary information to better understand the difference between awarding or rewarding your teammate, you can make a sound decision on what the best product solution is that you may need. Above all else, an award vs. reward program is a great way to build a healthy organizational culture. When your team feels like they’re a valuable part of the organization, they become happier, work harder, and prefer to build their careers in your company.
If you want to expand more of your knowledge about our industry, read our additional blog on the Difference Between Recognition and Appreciation!
Interested in chatting with your rep? Find your account manager here - and they'll touch base with you to find a good time to discuss your vision!
We've had the privilege of working with some amazing organizations to develop a branded, special experience for their team. We appreciate their trust in finding the perfect fit, and we're so excited to highlight how they turned out!
Whether you're just dipping your toe into the custom experience, or you're an old hand at it, we know that together we can pair up to make an amazing impact for you and your organization!
Want more content like this? Subscribe to our emails!