Awards are a powerful tool that organizations use to recognize outstanding individuals or groups, increase brand visibility, and promote their brand. However, the process of managing awards can be complex, time-consuming, and expensive. This is where awards management software and platforms come into play.
In this article, we will explore awards management statistics, highlighting the trends, challenges, and benefits associated with awards management, and how organizations can leverage technology to streamline the awards management process.
Key Awards Management Statistics 2023 – MY Choice
- According to a survey conducted by Awards Intelligence, 91% of companies see awards as a major PR opportunity, while 89% consider awards important for employee recognition and morale.
- In 2019, the International Design Awards received over 3,100 entries from 95 countries, with the majority coming from the United States, followed by China, Germany, Italy, and the United Kingdom.
- The Cannes Lions International Festival of Creativity, one of the most prestigious awards in advertising and creative communications, received over 30,953 entries from 89 countries in 2019.
- The Emmy Awards, which recognize excellence in television, received over 4,000 entries in 2019.
- The Academy Awards, also known as the Oscars, received over 9,000 entries for the 2020 awards.
- The Webby Awards, which recognize excellence in online content and creativity, received over 13,000 entries in 2021.
- The Pulitzer Prize, which recognizes excellence in journalism and literature, received over 2,800 entries in 2021.
- The National Book Awards received over 1,700 entries for the 2020 awards.
- In 2019, the James Beard Foundation Awards received over 20,000 entries, with over 1,000 nominees and 225 winners in various categories.
- The Nobel Prize, which recognizes outstanding achievements in the fields of physics, chemistry, medicine, literature, peace, and economics, received over 300 nominations for the 2020 awards.
Awards Management Statistics
- The global award management software market size was valued at USD 552.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2028.
Global Award Management Software Market
- In 2020, the global Awards Management market size was estimated at $5.5 billion, and it is expected to reach $9.6 billion by 2026, growing at a CAGR of 9.1%.
- 87% of organizations have an Awards Management program in place.
- 71% of employees feel that recognition and rewards have a significant impact on their job satisfaction.
- Companies that have recognition programs in place are 12 times more likely to have strong business results.
- 54% of employees want to receive recognition from their managers at least once a week.
- 70% of employees say that motivation and morale would improve if managers recognized their work more often.
- 82% of employees say they would work harder if they were recognized more often.
- 82% of companies that have recognition programs in place report a positive impact on employee engagement.
- 57% of organizations that use recognition programs report a decrease in turnover.
- 59% of organizations have increased their budget for recognition programs over the past 5 years.
Table 1: Challenges and Common Features in Grant Management Software
|Challenges / Features||Percentage|
Table 2: Awards Management Statistics
|Federal government distributed to states & local gov. in 2019||16%|
|Grants for health care||61%|
|Grants for income security programs||16%|
|Grants for transportation||9%|
|Grants for education||9%|
|Grants for training||9%|
|Grants for employment||9%|
|Grants for social services||9%|
|National Institute of Health’s research project grants||54,903|
|Acceptance rate of NIH research project grants||20%|
|Federal grants to states rise between 2008-2019||42%|
|Total foundation giving in 2019||$75.7B|
|Foundation giving as a percentage of total giving||17%|
|Individual donations as percentage of all giving in 2016||87%|
|Nonprofit income derived from grants in 2020||20%|
|Foundations providing general operating support to grantees||32%|
|Foundations providing capacity building grants to grantees||18%|
|Donors who report technology affected their giving in 2020||27%|
|Fulbright Student Grant acceptance rate in 2019||18%|
|Average Fulbright Student Grant award in 2019||$3,800|
|Grant writer success rate for combination of new & existing funders||50-60%|
|Grant writer success rate for new grants||30-40%|
|Grant writer success rate for existing grants||80%|
|Grant seekers who submitted an application and won an award in 2019||75%|
|Grant seekers who submitted 3-5 grant applications and received at least one award in 2019||94%|
|Grant seekers who submitted 6-10 grant applications and received at least one award in 2019||98%|
|Grant research, submission, and reporting time per grant in 2019||3+ days|
|Time to make a plan and write a grant in 2019||5+ days|
|National Cancer Institute’s total commitment for up to 5 awards in FY 2014||$35M|
|Percentage of grant seekers that relied on only 1-2 people in the grant writing and submission process||61%|
|Grant seekers and writers who are internal employees of the applicant organization||74%|
|Assets represented by grantmaking entities||7%|
|Total number of grantmaking entities||86,000|
|Nonprofits that reported private foundations as their largest source of funding||95%|
|Health sector’s share of all federal grants to state and local governments||>60%|
Awards Management Facts
Awards Management is not only a way to show appreciation and recognition for employees, but it also has significant impacts on employee motivation, engagement, and retention. Here are some facts about Awards Management:
- Companies that implement recognition programs have a 31% lower voluntary turnover rate.
- Peer-to-peer recognition is 35.7% more likely to have a positive financial impact than manager-only recognition.
- Non-monetary recognition is 36% more likely to have a positive impact on financial results than monetary recognition.
- Companies that provide recognition programs have a 23.4% lower employee turnover rate.
- Employees who receive recognition are 5 times more likely to feel valued and appreciated, and 7 times more likely to stay with the company.
Awards Management Benefits
Awards Management has numerous benefits for both employees and organizations. Here are some of the key benefits:
- Improved employee motivation and morale.
- Increased employee engagement.
- Better retention rates.
- Higher productivity and quality of work.
- Improved customer satisfaction.
- Enhanced brand reputation.
Awards Management Trends
Awards Management is a dynamic process, and it is continuously evolving. Here are some of the key trends in Awards Management:
- The adoption of technology to streamline the Awards Management process.
- The integration of Awards Management with other HR processes.
- The use of data analytics to measure the impact of Awards Management.
- The focus on employee experience and personalization of rewards.
- The rise of non-monetary rewards and recognition.
Awards Management Adoption
Awards Management is widely adopted across various industries and regions. Here are some adoption statistics:
- The adoption of Awards Management is highest in the technology, healthcare, and finance industries.
- 96% of companies with over 1000 employees have an Awards Management program in place.
- The adoption of Awards Management is highest in the US and Canada, followed by Europe and Asia.
Industry Trends and Insights
- The global awards management software market is projected to reach $935.6 million by 2026, growing at a CAGR of 9.6% from 2021 to 2026. (Source: MarketsandMarkets)
- The awards and recognition industry is expected to reach $10.7 billion by 2026, growing at a CAGR of 5.7% from 2021 to 2026. (Source: Market Research Future)
- The majority of organizations (63%) use an awards management software solution to manage their awards programs. (Source: SurveyGizmo)
Benefits of Awards Management
- Organizations that use an awards management solution report saving an average of 50% of the time they previously spent managing awards programs. (Source: SurveyGizmo)
- 82% of organizations that use an awards management software solution report that it has improved the overall efficiency of their awards program. (Source: SurveyGizmo)
- Awards management solutions provide a centralized platform for managing awards programs, enabling organizations to track submissions, review entries, and communicate with participants in one place. (Source: Technavio)
Challenges of Awards Management
- One of the biggest challenges in awards management is ensuring a fair and unbiased judging process. (Source: The Balance Small Business)
- Managing large volumes of data, including submissions, evaluations, and awards history, can be overwhelming and prone to errors if not managed effectively. (Source: Award Force)
- Ensuring the security and privacy of sensitive information, such as personal data and confidential business information, is a critical challenge in awards management. (Source: Digital.com)
Technology in Awards Management
- The use of artificial intelligence (AI) in awards management is gaining popularity, with AI-enabled solutions helping to streamline judging and evaluation processes. (Source: The Tech Advocate)
- The integration of blockchain technology in awards management can help to ensure transparency and security in the judging process, as well as reduce the risk of fraud. (Source: PR Newswire)
- Mobile applications and platforms are increasingly being used in awards management, enabling participants to submit entries, track progress, and receive notifications on the go. (Source: TechTarget)
Impact of COVID-19 on Awards Management
- The COVID-19 pandemic has led to a significant increase in the number of virtual and online awards programs, as organizations seek to maintain recognition and engagement while adhering to social distancing guidelines. (Source: Forbes)
- Virtual and online awards programs have made it easier for participants to submit entries, reduced travel costs, and enabled organizations to reach a broader audience. (Source: Hubilo)
- The COVID-19 pandemic has highlighted the importance of flexibility in awards management, as organizations must adapt to rapidly changing circumstances and shifting priorities. (Source: Awards Intelligence)
Best Practices in Awards Management
- Clearly define the criteria and guidelines for each award to ensure that the judging process is fair and transparent. (Source: Award Force)
- Establish a clear and consistent communication plan for all participants, including deadlines, guidelines, and feedback. (Source: Technavio)