Definition of Cash awards:
A singular cash payment given to employees or contestants. Companies may use cash awards to recognize people or compensate them for ideas or concepts. This money does not affect the pay rate of individuals, but it is considered taxable income.
A cash award is intended to show employees appreciation for their work and time at the company. While a commendation or acknowledgment of a job well done in a company newsletter or meeting is a nice gesture, the impact falls far short of cash bonuses. It doesn’t cost a company anything to verbally express its thanks, so handing over actual cash is perceived as a far more concrete measure of appreciation, loyalty, and stability.
Cash awards are awards given to employees in the form of money or another asset, such as stock options, that can be turned in for cash. Cash awards are given to employees for meeting or exceeding goals for a special project or their regular job functions, on an anniversary date, or even the holidays.
How to use Cash awards in a sentence?
- Cash awards are taxed for the recipient and can be deducted as a business expense for employers.
- Items that can be cash awards include stock options, gift cards, or profit-sharing plans.
- Cash awards are given for meeting or exceeding performance goals, work anniversaries, or during the holiday season.
- The use of cash awards is intended to incentivize employees and retain top-performing and knowledgeable personnel.
- Cash awards are awards given to employees in the form of money or other assets that can be turned in for cash.
Meaning of Cash awards & Cash awards Definition