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We have this at my job and like you, no one here cares at all. The winner gets their picture put up on a wall for a month, a $10 gift card and a mention in the company email, and that's about it. If the prize was actually good, I might care about winning, but as is, I don't care one bit.
We do have that and I never thought about winning it. I'm not sure I'd like to, you wind up with a pretty dorky photo on the wall and I think a certificate. Now that I think of it, it seems like it often goes to people the upper management feels sorry for. Or people who didn't get a raise, so they got that instead.
I think companies should have a strategy for recognition. One of my former employers was Hyland Software, and any employee, partner or customer could recognize an employee for living a core value. They had an all-company Monday morning meeting every week and the CEO (or c-suite leader if the ceo was out of town) would read these letters. Each person your get on a little stage and get to spin a prize wheel. It had stuff from a Starbucks gift card to a decent size cash prize. It was pretty cool. At the end of the year these would be used in an annual award that would be announced during the annual shareholder meeting or company party (sorry it’s been a long time - I forgot). I think that led to a multi thousand dollar bonus. There was 1 winner per core value.
It was cool. Back then it was a 200-500 person company. I wonder if that scaled.
At me current company we have a few ways to recognize people and there are no rewards. And no one really cares or knows about them.
My preference is give employees a way to give spot recognition wit either cash or PTO as the reward. Align them to a core value or strategic initiative and use them for performance ratings.
OK, well I want the reward and the recognition for the managers but it is embarrassing when you win employee the month and your coworkers learn about it or they put your picture up in the kitchen. That’s weird. It makes me uncomfortable, but my employer gives us $100 gift card and we get a good parking spot for a month so I like it but I also hate it. Does that make sense?