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The purpose of an award is to give people some sort of recognition for their nonstop efforts. Some types of awards are monetary, while others are in-kind. To better understand what an award is, let us look at some examples. These examples are from various online news sources. You can also visit the Merriam-Webster online dictionary for a complete list of award terms.
They are a form of compensation
Awards are a form of compensation, and they can be given to employees for a number of reasons. They can recognize outstanding achievement, show appreciation, or build goodwill. These awards can also be taxable, so it is important to consult your tax compliance office before making awards to employees. These awards can be non-cash or cash, and they may be given to employees as a bonus or as a means of recognizing their hard work.
Another form of compensation is an equity award. This type of compensation is a way to motivate employees without paying them a salary. It is typically given in addition to a basic below-market salary. Many startups use this type of compensation to attract and retain employees. It can also help small businesses compete with larger businesses.
They can be in-kind
Awards can be in-kind donations, which means that they don't involve any financial transfer. These contributions are made by institutions and external partners that have been approved for eligibility. These in-kind contributions are valued at their fair market value. Typically, in-kind donations will include donated services, products, or money.
They can be intangible
Awards are extrinsic rewards given for a specific task or for a certain period of time. They can be in the form of gifts or materials. Depending on the award, they can be personal, corporate, or tangible. These can be worth hundreds or thousands of dollars. However, it is important to note that they can also be intangible.
While material rewards may have an immediate impact on the bottom line, intangible rewards may have more lasting benefits. Employees who feel appreciated will work harder. By creating an environment that is conducive to engagement, intangible rewards can have a more significant effect than a monetary award. For example, sending an internal email congratulating an employee for a great performance can have a lasting positive effect.
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