SETTING BENCHMARKS
Building relationships
Monisha Abraham
Q: How can companies that win awards leverage the admiration that follows – in the context of stakeholders?
A: Winning awards provides organisations with valuable recognition and puts them in a positive light. Awards and recognition are tools that enable companies to cultivate trust, elevate reputation and bolster credibility. A key fruition of this is strengthened relationships with various stakeholders.
Businesses with such recognition are also magnets for top talent as they’re naturally drawn to recognised institutions. It also enables organisations to be future fit with a long-term purpose whilst developing long-term sustainable relationships in the business community.
Q: And how would you compare awards bestowed by media and awarding institutions overseas with those that originate from local sources?
A: There are several distinguishing factors between local and foreign awards. However, at the core, they both provide corporates with opportunities to showcase their high standards across diverse measures.
International awards often carry broader global prestige while local counterparts may hold a deeper resonance within the community, and establish a more identifiable reach and relevance.
The choice between the two depends on the organisation’s objectives as international recognition can open doors on a global scale, enhance reputation and create networking opportunities.
In their entirety, all awards have the potential to make an impact, and the ability to enhance a corporate’s reputation and standing – both locally as well as globally.
Q: How should award winners manage the expectations that come with being an award winning organisation – both internally and externally?
A: A multifaceted approach is needed.
Internally, it’s essential to ensure that employees are not only proud of the achievement but also motivated to maintain and exceed standards that led to the award.
Externally, organisations must remain committed to upholding these qualities, and parallelly explore new ways to elevate standards and set higher benchmarks.
Staying true to values and practices that garnered the award are pivotal.
Ultimately, managing expectations both within and beyond the organisation is about consistent excellence, ethical conduct and clear communication, to maintain trust and confidence in the award winning brand. Winning an award is never the goal; it is a beneficial by-product of the success of an organisation in everything it does.
Q: Does the recognition received through awards and accolades contribute to enhanced business success? If so, what are the underlying factors responsible for this impact?
A: Recognition often leads to an upturn in credibility. Awards pave the way for increased shareholder confidence.
If awards are related to culture or even environmental, social and governance (ESG), they enhance an organisation’s reputation and credibility even more.
Accolades also motivate employees, fostering a culture of excellence and innovation, which results in increased organisational effectiveness.
Q: And how should transparency and ethics be pursued when it comes to rankings that lead to awards?
A: In the context of rankings that lead to awards, transparency and ethics should be rigorously maintained. To uphold these principles, it’s essential to establish clear and impartial evaluation criteria that are openly communicated to all participants.
Additionally, the judging process should be unbiased, involving a diverse panel of experts to ensure fairness and avoid conflicts of interest.
A robust appeals process should be in place to address challenges, and ensure that the rankings and awards are founded on fairness and ethics. Regular reviews of the methodology should also be carried out with provision for feedback from participants. These approaches build trust among participants, upholding the reputation and credibility of the awarding body.
Awards are a culmination of integrity and ethics. The goal is to do the right things the right way, which ultimately paves the way to gaining recognition.
