Add This Creative Spin to Your Next Employee Award Contest

The North American division of HSBC Bank does a neat twist on its annual awards. Employees are asked to identify what they would like to receive should they win. The value is capped at $10,000, and can’t be cash, but beyond that, each employee is free to pick a prize. “You can imagine the impact these personalized prizes have on employees,” writes Marcus Buckingham in The One Thing You Need to Know. “It’s one thing to be given yet another plaque. It’s another when you receive the Harley-Davidson motorcycle you’ve always dreamed of.” Could you offer a scaled-down version of such a prize scheme?