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Business Awards Can Attract and Retain Employee Talent

GotVMail.com is a business that has been racking up awards and recognitions right and left. For instance, recently they were named a “Rising Star” in Deloitte & Touche’s Technology Fast 50.  Earlier this year they were named to the Inc 500.  The company also won a 2006 Best Technology award from Small Business Technology magazine.

I have noticed what seems to be an upsurge in business awards and recognitions in recent years, especially awards for small businesses. For instance, Google Trends shows an increase in search volume for the phrase “business awards” over the past two years, as this graphic illustrates:

I asked David Powers, GotVMail’s Vice President of Communications, aside from the PR boost that businesses get from winning an award, what value do business awards bring? Why do successful companies spend time and effort (and sometimes money) applying for them?His response surprised me. At the top of the list of reasons that business awards are important, is this one about the psychological impact that awards have on employees: 

“Awards are a huge motivation for our employees. Everyone puts in long hours. Our people are here a lot. Awards are one of the ways of reinforcing that their hard work is paying off. Also, it helps in attracting great talent for open positions. Talented people learn about your company through awards. They feel you are offering important work. It’s the old story of the company you keep. People want to be part of successful companies. They are attracted to success.”

To the companies involved, business awards not only speak to the outside world, but may have even more importance internally. They reward employees for a job well done and help lure the best talent. In a tight labor market, that can be a competitive advantage.

[Source: Anita Campbell - smallbusinesstrends.com - Sept 2007]