Awards and Prizes

What is Awards and Prizes?

Awards and prizes are financial and non-cash rewards provided to employees in HR and Payroll for actions they have taken (recognition) or actions they may take in the future (incentivization).

Why Awards and Prizes Matters

Awards and Prizes plays a key role in an organization’s total compensation strategy. Getting this element right helps attract qualified candidates, retain top performers, and maintain internal pay equity.

HR and payroll teams should regularly benchmark against market data and review calculations to ensure accuracy, fairness, and compliance with applicable wage and hour laws.