The primary distinction between a prize or award and a reward is that a prize or award is given in honor of outstanding achievement in a particular sector. In contrast, a reward is a payment or incentive for a specific action.
Awards and rewards are precious things that are inextricably linked to feelings of respect and pride. In most cases, a person will get acquainted with these phrases while attending school. This is because schools encourage children, and one method schools encourage children is by awarding prizes and trophies to winners of different contests.
Therefore, it is unnecessary to give awards to your staff members many times throughout the year. Because of this, the significance of rewards may be diminished. Nevertheless, there might be various circumstances in which your staff members merit awards. It is essential not to be bashful about praising and recognizing individuals who have earned such a positive attitude.
Many of us are confused by difference between award and reward, even though we understand the notion that underlies them. It is generally agreed that all these things refer to the same entity. However, the prize and the rewards are the same; the distinction depends on how tips are defined.
Award
A person may be honored and have their accomplishments acknowledged and appreciated with the presentation of a prize or an award. The awards are given out in recognition of the individual’s achievements.
They could contribute to society, or they could not. A reward may come in various forms, such as a medal, trophy, diploma, etc. A panel of judges will deliberate and conclude to award the multiple awards that are available.
Reward
A reward is not the same as pay or an incentive for doing something, although they are all similar concepts. When we say that “a person was awarded for his honesty,” they mean that the awards were given to the individual to demonstrate appreciation for the honesty that the person showed.
In most cases, awards are also presented in the form of promotions. It is considered a reward for an employee who has put a lot of effort into their job if their employer decides to give them a promotion ahead of schedule. Since now other workers will also work harder to earn the rise, the firm can also inspire other employees to work hard, which benefits both parties.
Conclusion
It would help if you now had a better understanding of the fundamental difference between award and reward, and the significance of developing an all-encompassing awards and rewards system as a result of reading this article.
Generally, an award is bestowed to express appreciation for a work well done, while a reward is presented to incentivize a specific action or behavior. A distinction is given to a recipient to acknowledge and celebrate their accomplishment, while a bonus is given to a person who completes a task. People’s lives may become more upbeat due to rewards, and their attitudes about their work can also improve.
