Accolades / Awards are a recognition of your work.
But more importantly, these are a recognition of your work in an established fashion, following some criteria chosen by the administrators of the award. Because the criteria is defined, because the award is known, your hard work, your caliber, your contribution is automatically granted a certain amount of legitimacy.
The more prestigious the award, the higher the recognition, the higher the recall and the higher the chances of your resume being shortlisted.
You have to remember though, the award should hold meaning to the company/organization you are applying to and in some cases may work against you. I know of some employers who are very reluctant to take someone on who has many awards or had gained recognition in the fields of social service - their logic? They think the employee will work less and spend more time in those endeavors which are supposed to be personal in nature.
If you do have an award that is relevant, has a wide acceptance or reach or popularity and you know demonstrates your capabilities and your key skills, I would advice you very strongly to put it right at the top of the resume.
Maybe even add it to the objective of your resume.
e.g. 'An XYZ(name of the award) awardee, year OO, seeks managerial position in the fields of ABC'
It adds to your application from the word go.
If you have an award, if you have been felicitated, do not be shy or humble and not put it on the resume. The resume is critical to get the interview. You may chose to talk about it or not mention it all in an interview, but it must go in the resume.