In an increasingly competitive global economy, corporate awards have become a significant means to recognise outstanding performance. Around the world, corporate award ceremonies are held annually to award the ‘Best Business of the Year’, ‘Best Brand of the Year’, ‘Employer of the year’, ‘Most Innovative Company of the Year,’ as well as awards for ‘Environmental and Corporate Sustainability,’ ‘Customer Focus and Service’ to name a few.
Such ceremonies are held on different scales to award outstanding achievements in various categories at industry levels, country levels and even at a global level. Winning such awards not only improves motivation but also brings in additional strategic value such as enhanced brand equity as well. Hence, the race to win such awards by companies has become increasingly desirable and therefore has also reshaped managers’ thinking and behaviour. Furthermore, companies are allowed to usually submit entries to various award categories.
However, there is an inclination to challenge the effectiveness and authenticity of such awards. With “awards” becoming a lucrative business, the awarding can be compromised and could send out wrong signals that may demotivate and discourage well deserving businesses. Much evaluation is needed to understand the process through which winners are decided, in order to determine how effective and genuine these awards actually are.
Here are a few questions to help you figure out if the awards you win truly reflect outstanding performance:
l How many other organisations did you compete with for the award category? Were they comparable?
l What was the entry qualification criteria? Was it money, membership or open to all?
l On what criteria were the winners judged? What was the overall business impact created?
l Who were the judges? Truly independent or ‘related parties’?
l What percentage of entries actually won awards within the award category?
Your conscience should eventually be the best judge!
Mr Cader is the chief
executive of MTI Consulting
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