Rewarding Achievers: Why Is it Important To Give Awards To Top Performers?

The main purpose of giving an award is to recognize a good job done. Whether it’s a sales representative that managed to get his or her quota and even exceeded it or a banker who always makes sure to get the details right, or even just a file-and-rank employee that always manages to get to work on time, recognition is always good form. It also helps in building the loyalty of employers to the company.

Employees are often the ones that are given awards by their superiors who guided them in their success. But when an exceptional leadership has been done, who recognizes the good job done by a leader? How will an exceptional entrepreneur, scholar, chef, or a sports athlete be recognized for his or her good performance? This is where the award-giving bodies do their part.

There are a lot of ways to give appreciation for a leader or a person who had a great contribution to his or her industry. Give an entrepreneur an “Entrepreneur of the Year” award. This will get his spirit high and keep striving to expand the company. Give a sports player a trophy and he will strive to keep the same performance yearly. Custom trophies for people who aced a particularly hard licensure exam is a good jumpstart for a career. To give an even personalized touch, there are award-giving bodies who make custom awards for really outstanding deeds.

Benefits of Giving Awards to Leaders and Achievers

When it comes to leaders, especially to those in the field of business and education, an award gives more than a great feeling for being recognized. These awards will also be the testaments of their great skills in their specific fields. Here are the benefits of giving an award to great leaders and great achievers.

1. Motivation to do more innovative venture

According to the Business Insider, a lot of people who received recognition in their field tend to publish less research (for medical and educational people) or to become less active in the market where they are known from (for entrepreneurs). Overall, award recipients often produce less output after they received the highest recognition possible.

However, there is a perfect explanation for this. Leaders who already received an award will strive to be more innovative and are ready to take the risk for new ventures (new research, new product, new service, new market). These innovations are usually very time-consuming because of their harder nature. A lot of people who were already recognized in their fields tend to contribute far bigger things later on.

2. Inspiration to lead and the drive to give better service or products

When leadership and skills are recognized, the recipients of the awards will strive harder to make things better than before. This is especially true for people who work hard in order to improve themselves over and over again. Because of this, we always see competitive results from competitive leaders.

Improvement in their leadership, skills, and knowledge tend to give way for a better product or services (for entrepreneurs), new ways to cure diseases (for medical researchers), improvement in the education system (for educators), and better athletic performance for athletes. In addition, these top performers will be motivated to always keep pushing in their fields to reach greater heights. Awards and recognitions are important in order to develop an inspiration to lead.

3. Better status for the company/Institution/Sports Club/Etc.

Awards and recognition, especially those who are given by a very famous and prestigious award-giving body, are known to improve the institution of the award receiver. When an entrepreneur won the CEO of the Year, more people will take a look at what the entrepreneur has built, which is the product or the service is managed. This also serves as a kind of promotion for their products or services.

When it comes to medical and educational facilities, an institution with a lot of merit and awards in their belt symbolizes how the institution is supportive of their talents. This gives these institutions more talents who can offer great value to the institution. Meanwhile, athletes who achieved great awards and won great competitions will forever be remembered in their sports. Hussain Bolt’s record as an Olympic game champion, as well as Michael Phelps’ number of medals he got from his career, will be looked upon by aspiring athletes.