In every corporation I have worked in, there have always been some sort of award system whereby a person nominates you, and some "group" picks a winner. This process is ripe for favoritism, and is generally insulting to the winners and non-winners alike .
If you were to graph the importance an award versus the size of the company, you are certain to see a negative correlation. Big companies offer awards on pieces of paper, with no actual reward to go along with them. Smaller companies awards are usually for something meaningful and come with an actual reward.
I have first hand experience with how an award system de-evolves from something of value into something grotesque where you will only get something on a sheet of paper that's says "good job". Each time it's because the company grows in size and bureaucracy.
The final nail in the coffin is when the award becomes something that is mandated. Somebody thinks it's a good idea for a certain number of awards to be given, so a certain number of nominations is mandated. Nothing is more insulting than winning an award because they had to meet a nomination count requirement.
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