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Bank Exam » Bank Exam Study Materials » General Awareness » Awards & Recognition
insurance_banking_exams

Awards & Recognition

This article comprises information on the need for Awards and Recognition systems. Along with the need, the article mentions the importance of types of awards for recognition in a company.

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Awards and recognition is a way for companies to honour and acknowledge their staffs’ achievements in organisational as well as association management. It is a chance to appreciate their workers’ contribution to the wider world as well as the association community. In terms of academic recognition, too, it is believed that recognition for success and effort brings in more motivation and encourages participation. Recognising qualities such as self-confidence, cooperation, and improvement causes respect and a sense of accomplishment. Let us now learn about a few different aspects of awards and recognition concepts.

Importance of Awards and Recognition association

The chief aim behind the formation of the awards and recognition association is to retain and attract the most hard-working and creative talent in the company. It is important to recognise the efforts put in by the staff members of an organisation to attract and retain them. The best talent in a company can be decided on the terms of their achievements, attitude, and performance.

When a year ends, the organisations recognise the members of the company who have given their time and dedication to them. The employees who get the awards receive a plaque along with recognition. 

In order to create a culture of appreciation and hard work in a company, organisations have to continue such gestures. In diverse markets, the award system has been continuing since 1985 to introduce a sense of shared passion for creating, managing, and implementing among the staff using these award programs.

There are psychological benefits of appreciation and recognition in a work environment. It helps them showcase their core values, along with unique identities and create a healthy engagement in the association.

Types of Awards for Recognition

A few types of awards for the recognition of the staff members’ hard work and achievements are: 

  1. The academy of leaders award
  2. The professional performance award
  3. The key award

The Academy of Leaders Award

This award of leaders is given to the consultants as well as partners in the industry who have shown extreme support to the community of the association. It is given to an individual who has made an amazing contribution that has led the company to upliftment and advancement in their field all over the market.

The Professional Performance Award

This award for excellent performance is given to the individual who has contributed their willpower and hard work in the company. This is given to the staff members who are at a subpar level in their branch. These individuals make their contributions towards the association management profession along with the associations themselves.

The Key Award

This award honours the CEO of the association, who has extreme subpar leadership qualities. The work of this award-keeper exhibits a commitment to their company and association as one. 

Some of the other awards and recognition concepts that can be included in different organisations are the exceptional listener award, excellent feedback award, living by our values award, most recognised employee award, the award for keeping individuals safe, or the coaching champion award.

Conclusion:

In this article, we read in detail about awards and recognition concepts. The importance of giving up awards to hard-working individuals in an organisation or a school is mentioned in the article above. After the importance, we went through a few types of awards that are/could be given in an organisation or school to appreciate and acknowledge an individual’s efforts and hard work. The inclusion of awards and recognition promotes healthy competition and increases efficiency among individuals.

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Frequently asked questions

Get answers to the most common queries related to the Bank Examination Preparation.

What is the meaning of awards and recognition?

Ans :When individuals are recognised for their hard work, dedication, efforts, and improveme...Read full

Is the inclusion of awards and recognition healthy in a school environment?

Ans :Yes, the inclusion of awards and recognition in a school environment is healthy. It is due to the fact t...Read full

Are there any negative effects to awards and recognition?

Ans :There could be some negative effects to awards and recognition. There could be chances that some of the students were giving in all of their e...Read full

Ans :When individuals are recognised for their hard work, dedication, efforts, and improvement in an organisation or school environment, the awards they receive are for the purpose of recognising their efforts. This is the meaning of awards and recognition.

Ans :Yes, the inclusion of awards and recognition in a school environment is healthy. It is due to the fact that it creates a sense of confidence among the students. They get to feel a sense of accomplishment for their efforts. It encourages the award winners to keep up their efforts and the people who do not get the awards to work harder and reach a higher level of accomplishment.

Ans :There could be some negative effects to awards and recognition. There could be chances that some of the students were giving in all of their efforts in their work, but still, they did not get an award. This might cause a sense of disappointment and jealousy on the part of the student who did not win even after working really hard. It might make them lose confidence in themselves.

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