1) Reward the right employee behavior.

The challenge faced by many top corporate executives is to build the right culture for the organization. Without the right culture, business goals can never be accomplished. That is because there is no means of execution. Executing a business plan is always through the hardworking staff. When the right behavior is rewarded, other staff members tend to adopt similar behavior. In this way, the executives can send a message to the employees, letting them know what is the right behavior to adopt.

2) Showing appreciation on a regular basis helps lower staff turnover.

Employees may resign for a company for many different reasons. But an executive would never want an employee to resign just because an individual feels that he or she is under appreciated. This is a very common scenario. In the midst of all that work, executives tend to overlook the feelings of the employees. They may feel that they have done a lot for the company, but have received very little in return. Sometimes, all the need is a little recognition. That is why it is important to give out employee awards. The message here is, "Yes, we know you have been contributing."

3) Employee motivation.

Motivating employees to constantly work hard for the organization can be a challenge. Employee recognition can have this side benefit. If employees see their hard work being recognized by the Company, they will be more motivated to work hard. For best results, always try to tag some kind of incentive along with the award. This can be gift vouchers, staff holidays, a small amount of cash, etc. The incentive may not amount to much, but it is an important token of appreciation.

4) Recognizing results.

It is important for any company to be able to recognize results. When there is a results based culture, there is a heightened awareness within the company to work towards measurable goals. Giving out an award based on a measurable result is one way of letting the entire organization know that results are important. When all the employees are doing their part, the organization is more likely to achieve its corporate goals.

To achieve maximum results, don't just give out awards and incentives. Sometimes, when done incorrectly, the act of giving awards may lead to nothing. Employees may still perceive it as an insincere effort to "trick" them into working harder.

Therefore, after any award ceremony, it is important to remember to give sincere verbal praise to the employee. Make sure that all the executives know this. Praise the employee in the hallway, during lunch, etc. This will help reinforce the company's sincerity in recognizing effort, results, and talent. In the long run, the company will be able to see the benefits of giving awards to employees.