Awards and Prizes

What are Awards and Prizes?

In HR and Payroll, awards and prizes are cash and non-cash awards given to employees for:

Why Are Awards and Prizes Important?

Awards and prizes play a vital role in employee performance and engagement. They can motivate employees to put their best foot forward and stick around for the long haul.

Company cultures rooted in recognition can bring:

What Are the Best Awards for Employees?

There are three main types of awards that are great options to help your team convey your gratitude and appreciation.

Performance Awards

Performance awards are based on an employee’s performance in the workplace. These can acknowledge hard work and efforts for a project or overall work performance.

Some examples of performance awards can be:

Included. Supported. Retained.

Don't leave your company culture to chance. With BambooHR's accurate, reliable employee surveys, you'll prevent burnout, improve morale, and stop premature turnover in its tracks.

Get a Free Demo Today!

Behavior and Value Awards

Behavior and value awards focus on an employee’s good work ethic. Those who display diligence, transparency, and good intent should be recognized, as they contribute professionalism and advocacy to the workplace.

Some common behavior and value awards you may have seen are:

Service or Tenure Awards

Service and tenure awards illuminate employees who demonstrate loyalty and hard work. They recognize the years of service an individual has contributed and can be a nice way to celebrate their milestones and accomplishments.

How Do You Recognize Staff for Hard Work?

It’s helpful to ask your employees how they would like to be appreciated. While some individuals want to be recognized company-wide, others may prefer something more intimate.

Here are five simple, yet powerful ways to recognize your staff for their hard work:

What Motivates People to Work Hard?

Money, recognition, and purpose are key factors that motivate employees. Each plays a vital role in how fulfilled employees feel in their roles. Employers should identify methods that target each factor and incorporate them into their company culture.

What Motivates Employees?

Some benefits that may motivate employees include:

Are Awards and Prizes Taxed?

Taxation depends on the value of the award or prize and other qualifications. For example, if an employee receives “tangible personal property” as an award, they must exclude its value from their income—-but only if it does not exceed $1,600. If it exceeds that value, employees must include the value difference in their income.