The Value of Awards & Trophies
We all want recognition for our hard work. If we don’t get it, we’ll leave. A 2017 survey by staffing firm OfficeTeam found that two-thirds (66%) of workers surveyed would likely leave their job if they didn’t feel appreciated. To retain talent, businesses are leaning on recognition programs. According to research firm Deloitte, those with effective programs lower their voluntary turnover rate by 31%.
According to Globoforce, only 14% of organizations provide managers with the necessary tools for rewards and recognition. Recognition impacts employee satisfaction and company culture. Organizations with ongoing recognition programs experience 29% lower frustration levels than those without.
Recognition also influences employee loyalty. According to the Society for Human Resource Management, 79% of Millennials surveyed said an increase in rewards would make them more loyal to their employer. These fast-paced Millennials are more likely to stay if they feel valued which is important in today’s tight labor market.
In January, Gad Levanon, head of The Conference Board’s Labor Market Institute, said, “We saw labor shortages driven by the pandemic, but now we are seeing labor shortages driven by a very low unemployment rate. Now, it is 3.9% and we could probably reach 3% by the end of the year, which will be a 70-year low. I think this is the new normal—even after the pandemic—a very tight labor market for the foreseeable future.”
Awards and recognition not only prop up the labor market, but also Hollywood. With masks, social distancing and Zoom acceptance speeches, last year’s award shows were lackluster. This year is not looking much better. NBCUniversal did not broadcast the 2022 Golden Globes in January over ethical concerns with the Hollywood Foreign Press Association. Then, December’s Omicron spike postponed the American Film Institute Awards and The Critics’ Choice Awards.
Despite the many changes to the award season, one thing remains the same: All the winners receive a promotional product. An Oscar statuette is the most recognized trophy in the world. This trophy is a treasured product, sitting in the homes of the greatest filmmakers, actors and actresses since 1929.
Hollywood’s annual season of self-congratulation is crucial. Nancy Utley, a former co-chairman of Fox Searchlight, told The New York Times, “For the box office—when there was a fully functioning box office—those award shows were everything. The recognition there became the reason to go see a smaller movie.” Now with streaming services, these smaller films simply aren’t getting seen.
A recent study by film research company Quorum found that about 49% of pre-pandemic moviegoers are no longer buying tickets. For 8% of consumers, they may never again. Only the blockbuster spectacles are being seen in theaters. The Batman is the highest-grossing movie of 2022 and the second-highest grossing movie in the pandemic era behind last year’s Spider-Man: No Way Home.
Less people are watching award shows, too. Without a host, musical numbers and a little-seen best picture winner in Nomadland, last year’s Oscars hit an all-time low with 10.4 million viewers. Created in 1929, The Academy Awards drew 55 million viewers at its pinnacle. This year, The Oscars flipped the script and had three hosts—a sign that Hollywood is desperately trying to rebuild its popularity and can’t do it without award shows.
Products like trophies and awards are meaningful mementos for the recipient and invaluable tools for businesses and organizations. With these prestigious and classic products, promo pros can help their clients create memorable and effective recognition initiatives.
Different Kinds of Trophies
In a 2017 survey by OfficeTeam, employees polled were asked to share the strangest form of recognition they’ve received at work. Answers included:
- a custom statuette of me,
- a large carving of a polar bear,
- and edible flowers.
Together we'll look at some additional award ideas.
While monetary rewards like gift cards are popular, unique gifts stand out. Skateboards are another example of unique awards that can be hung on the wall or placed in an office to garner attention.
Made in the USA, this fully customizable skateboard is fully functioning. The bottom of the deck has a full canvas for art and branding. Given their popularity as an action sport and youthful association, branded skateboards make for a prized premium item or eye-catching display enhancer.
Diamonds have value in whatever form you find them. This diamond award is the perfect way to recognize excellent work and commitment. The multiple facets of the diamond shimmer in light and command attention in every setting. The base color is green. Imprint may be placed on the front and base.
A Loving Cup
When people do great work at their jobs or perform at a championship-level in the sports, it only makes sense to show how much you appreciate them and clients can do that with a branded trophy cup. Great for sports tournaments, retirement gifts and corporate award programs, this ornate trophy cup features a separate wood base (not attached) and a customized silver plate.
Branded Baseball Bat
Power hitters from all walks of life appreciate a custom branded baseball bat. This USA-made bat is beautifully crafted with flame hardened ash for an authentic look, making it the perfect recognition trophy or gift to mark a special occasion. Recipients can mount this baseball bat in their home or office.
For clients who want to highlight someone who shines, a version of a star award is a bright idea. This award is crafted out of optically perfect crystal and features a gleaming, polished metal star set atop a tapered base. This trophy will stand as a symbol of accomplishment that can be admired for years to come.