Our need to rate everything around us has always existed. Today the world of awards and ranking has become incredibly rich and varied. It is also becoming increasingly complicated to objectively evaluate and sort through the different awards, faced with solicitations from the organisations that grant these them.

In the finance sector, the phenomenon is impressive. “In recent years there has been an explosion in the number of awards programmes and ceremonies in all walks of life. This is as true in the financial arena as it is in entertainment, law or dog grooming. Their popularity springs from the halo effect they can confer on recipients and the opportunity for a good old industry knees-up," says Rachel Fokes , Global Director of Awards at ClearView Financial Media, one of the leading companies in the field. 

The Clearview organisation, through the WealthBriefing, WealthBriefing Asia and Family Wealth Report awards currently runs 12 such programmes in numerous financial centres around the world, including Geneva, London, New York, Dubai and Singapore. 

Other publications that focus on wealth management offer similar programmes, but each has a slightly different emphasis, as differentiation is as important in the awards industry as in any other.

Why are awards and rankings so popular?
In some fields, such as education, rankings are critical. 

"In fact, according to student surveys, university rankings are the most important decision-making factor when it comes to choosing their university," explains Lucile Muller, head of external communications at EHL Hospitality Business School , which is no stranger the world's education podiums.

There are several other very positive aspects to rankings and awards. First, they fulfil their primary role of providing public recognition of a form of excellence. This recognition is directly correlated to the credibility and prestige of the awarding organisation and can serve as a valuable marketing tool throughout the year following the award.

Then, there is obviously a narcissistic dimension that everyone will deny firmly. A prize flatters the ego, pleases, and builds confidence. In the end, even if it's embarrassing to admit, winners should take the win because there are few opportunities to congratulate ourselves for our efforts, our creativity or our determination.

Finally, entering an award or ranking programme presents a unique opportunity to introspect, define and articulate one’s identity, strategy and achievements in a succinct and compelling way. It's an intellectual exercise that is often difficult to make room for in a day-to-day saturated with long emails and deadlines that require a Doctor Strange-like mastery of space-time.

Food and drink
In education, for example, and more broadly in the knowledge economy, there are a multitude of awards and rankings, but not all are equal. Indeed, methodologies vary greatly. While some are of high quality, others stand out for their opacity. 

"It is therefore important to make a distinction and to approach these awards and rankings with a critical eye," warns Lucile Muller. A rigorous and transparent methodology makes it possible to distinguish credible awards from those that are less so. "Sometimes it is necessary to do some real investigative work to ensure the relevance and quality of the rankings and awards. Like some quality labels , awards do not always deliver on their promises and can sometimes reveal a corrupt system where money comes first and paying is sometimes enough to win the award," she adds.

"The most important part of a credible awards programme is being able to communicate that awards can never be bought and all are won on merit. All our participants understand this and this means they are keen to enter year after year and are proud to share their success with colleagues, clients and prospects," says Rachel Fokes, for whom global financial centres hold no secrets.

A driver of positive change
Awards and public recognition are often a box marketing and communications teams must check. But these sometimes high-profile public events can become a powerful machine for promoting important values, such as inclusion or social responsibility.

For Lucile Muller, awards also highlight ESG initiatives led by academic institutions. She explains that "the methodologies behind the awards and rankings encourage managers to measure the impact of their actions and to question existing practices.”

And if the winners benefit from the spotlight, the entire industry benefits from the knowledge and best practices that are shared and showcased. 

"Recently at EHL, we won the PIE Awards in the Sustainability International Impact category for our efforts in reducing the carbon footprint of our F&B offering. During the event, we were able to exchange with many education professionals on this project and we hope that this initiative will inspire other academic institutions," she concludes. 

In finance, this is also the case. The Banker media awards, owned by the Financial Times, as well as the WealthBriefing awards, have developed categories to address ESG issues more strongly. Rachel Fokes explains: "We have categories that salute diversity and inclusion, ESG, the advancement of women, and excellent service in all our global awards programmes. We even have a set of awards entirely dedicated to this area `Wealth for Good’. This has proved incredibly popular, and we like to think that we are part of a movement that is encouraging the holders of wealth to be more thoughtful in the application and uses of their assets for the benefit of the many, not just the few.”

“We can shine a light on areas which might be overlooked and our awards also give the WealthBriefing team a chance to boost the esprit de corps of a sector that can sometimes draw criticism, not always fairly. Looking after wealth creators is important, and the awards give us a chance to say so."

In conclusion, the world of awards and rankings plays an important role for companies, both internally and externally. However, it is important not to try to overdo it, and to be selective in your choice of entries. Especially if you have won an award that you did not enter!