Awards programs offer growing and established companies additional credibility among employees, clients, prospects and thought leaders. No matter your size or industry, there is likely an award your company is eligible to submit for. But not all awards programs are the same. Some require a fee, employee surveys, lengthy essays or case study references, while others ask only for basic company information. Here are a few factors to consider in setting an awards program strategy.
Set a Budget
Paying a fee to participate in an award program has become fairly standard. Don’t let it deter you. Evaluate the field of relevant awards over the upcoming budget year and consider the relevance and impact, submission criteria, prestige and price.
To Survey Employees or Not
“Best workplace” awards typically require a bit of leg work, which can pay off with thoughtful effort. Often managed by the HR department due to recruiting implications, these awards often require a certain percentage of employees to complete a survey. When looking at the potential roster of awards, consider how many will require your employees’ time as well as how likely your employees are to comply and give the company good marks.
Competing for General Business Awards
There are select organizations whose business model revolves strictly around award programs and events. Don’t discount these opportunities as they can help jumpstart an awards program and often don’t require lengthy submissions.
One thing awards programs will force a company to examine is how comfortable they are with certain confidential info, e.g., employee numbers, revenue growth. Clarify what information will remain confidential. Often it is percentages that are published versus raw numbers.