If you run or manage any kind of business or organization, you might want to consider creating competitions or incentives for those you oversee. People tend to be competitive, so giving them something to compete over is a great way to boost morale. Here are two ways to reward the winners of the competitions you set up.
For a cheap but trustworthy reward, look no further than traditional ribbons, medals, and trophies. These awards are a good way to make your employees or students feel like they have won something valuable without giving them much at all. You can get personalized awards, such as golf tournament trophies, cheaply online. However, if you want to go above and beyond, you can invest in higher quality prizes if you feel that the competition was worth that. The competitors will be so hyped on adrenaline that they will not care what the prize is worth.
If you are in a position of power within a company, and you think your employees can handle stiff competition between each other, you might want to consider sweetening the reward pot with some kind of cash prize. If you have the money in the budget, this can be a great way to boost morale. A tangible end goal is the single best motivating factor for many people. If you are worried about wasting money, consider making the challenge merit-based dependent on job performance. For example, whoever hits a certain milestone first gets the prize.
No matter what the reward is, if the competitors are invested in the competition and the organization you belong to, they will be grateful for whatever they receive when they triumph. Friendly competition is good for helping sustain a healthy environment, and rewards only make people more likely to participate.