Hi Wyasser,
Perhaps you can categorize awards such as performance-based rewards, longevity/loyalty awards, etc. Company culture also affects the kind of rewards/awards provided by the company, so you might want to consider this as well.
As for the kind of award, it also depends on the budget, but you can vary rewards to monetary/non-monetary kinds. Nisha's suggestion is a good way of giving recognition to employees without hurting the company budget too much.
Good luck on your planning for a Rewards & Recognition program!
Regards,
sher_hr