IMO this is a bad idea. You do not want to create extra competition between your employees. The best solution I have used to promote work ethic is to push everyone to work as a team, working for each other to reach a common goal. I find it best to reward the team as a whole. If they meet the goal, they ALL get a reward, bonus, extra vaca time, etc. This makes the work environment more efficient and pushes them to work together. If someone is lagging far enough behind to drop the team to an inefficient level, that persons job position will go up for review.
As far as listening to what lower, mid and even high level employees have to say as far as the company goes. I find having a company wide meeting, including those employees, works very well. You are involving them, their managers, and upper level. Every one is able to give and take feedback, and use the information wisely.