October 31, 2024
Think chasing awards is superficial? Think again.
Talent and customers alike have endless choices, so standing out as a desirable employer is crucial for long-term success. One of the most effective, yet often overlooked, ways to elevate a company’s reputation and foster growth is through a deliberate and action-oriented awards strategy.
Awards are far more than mere trophies on a shelf – they validate a company’s excellence and credibility. They build trust and attract top talent; and their impact extends much further, influencing key areas like retention, marketing, branding and employee satisfaction. A well-thought-out pursuit of awards can drive lasting value throughout the organization.
But before you start putting your applications together, take the time to think things out. Strategy is key. Begin by browsing industry publications, online award databases and professional networking circles to uncover opportunities. Identify which opportunities align with core values and long-term goals. Constructively debate whether awards will resonate with established branding efforts and target audiences. Perhaps innovation awards move the needle? There’s no shortage of awards celebrating workplace culture and sustainability efforts – two common areas of interest for many employers.
It’s imperative to develop a plan to keep this train on its tracks. Assign roles to ensure applications are being submitted consistently and deadlines aren’t missed. When possible, submissions should be tailored to match award criteria. An organized approach keeps your company well-positioned for the most meaningful recognition.
The work can pay off in a multitude of ways. Here are five benefits that organizations gain from winning awards.
1. Enhances Recruiting and Retention
Companies can use awards to elevate themselves in a competitive job market. According to Glassdoor, 69% of job seekers are more likely to apply to companies known for their workplace culture or industry accolades. MIT states that companies that invest in employee well-being and structured management practices – often the ones that garner workplace awards – report a 25-52% decrease in turnover. Naturally, employees are more likely to stick around when they feel proud of a company and its achievements.
2. Forges a Clear Brand Identity
Awards highlight unique strengths like innovation, sustainability, customer service and more. This recognition reinforces a company’s core values and establishes credibility with customers, investors and potential employees. Winning awards consistently, like Salesforce for innovation or Patagonia for social responsibility, helps build a strong, trust-based brand identity that resonates with key audiences.
3. Focuses Marketing and PR Efforts
Awards provide third-party validation that can be leveraged in marketing and PR campaigns. Press releases, social media, blogs, and well-crafted emails can effectively highlight industry-recognized achievements. And don’t forget about the search engine optimization advantages. According to nDash, 52% of B2B companies already focus on link-building in their content marketing plans, so high-quality backlinks from awards are genuinely valuable. This form of high-quality content boosts credibility, attracts customers and supports thought leadership efforts. Companies such as Google leverage their awards to affirm their leadership status and capture media interest.
4. Improves Employee Morale
Awards serve as recognition of employees’ hard work, boosting morale and engagement. Gallup reports that businesses with highly engaged employees are 23% more profitable. Being part of an award-winning organization instills pride, increases motivation and fosters a positive work environment. When employees see their efforts validated externally, they feel valued and are driven to perform even better, contributing to a culture of excellence.
5. Validates the Employee Value Proposition (EVP)
Awards directly reinforce a company’s employee value proposition (EVP), showing that the organization delivers on its promises of a positive work environment and growth opportunities. According to Gartner, companies with a strong EVP can reduce turnover by 69% and increase new hire commitment by nearly 30%. Awards for workplace culture or employee satisfaction, such as Forbes’ “Best Places to Work” list, validate the company’s commitment to its workforce and enhance its attractiveness to both current employees and future hires.
After all the reading you’ve done, it’s completely natural to still wonder where to begin with an awards strategy for your organization. If you’re interested in talking about the list of awards opportunities we regularly track and update, send me an email and let’s connect.
