Share this page
Rewarding Your Team
The benefits of rewarding teams for their successes.
Table of contents
Rewarding a team goes a long way. What you get back in return far outweighs what you give.
Rewards can either be financial or non-financial – depending on if you are in position where you possess enough power to control pay. You have to find a certain recognition that suits all members of one team. This can be challenging as we all know teams are made up of individuals which will each have different extrinsic motivators. Get involved, get to know your team – discover how to reward them as a team and at the same time build trust and loyalty.
High-performance teams most commonly have employees that master the skill of multi-skilling so, therefore, work over multiple teams at the same time. As a result, measuring specific team achievements can be difficult. However, to get around this, just simply get your team together and come to an agreement of what the teams’ objectives and goals are, what success looks like and what reward would the group want to work towards.
- Improves team performance
- Improves individuals experience
- Enhances your own performance as a manager
- Simply just feels good
- Increased rate of employee retention
Feeling appreciated and valued is arguably the principal motivator for employee performance. A genuine THANK YOU does not require much effort. In the long run, it is significantly more beneficial for you as manager to reward your team. By this we mean - acknowledging team efforts will enhance team performance and therefore will reflect well on you being a successful and effective manager – leading a High-Performance Team. YES employees are paid for the work they do – however a thank you has no cost.
In sum, as a team manager you are in a position where you can support the right behaviours with rewards within your control – take advantage of this to show appreciation. Overall – the smallest gestures go the furthest. Additionally, stay focused on collective efforts and avoid acknowledging individual contribution and behaviours during team meetings. Keeping the right people is crucial for a business, rewarding them at no cost is one simple way of doing so. Rewarding team members refers to incentives beyond their set pay and benefits package – something extra.
Gallo. (2016). How to Reward Your Stellar Team. Harvard Business Review, 2013. Web. 19 August 2016.
Ratings are brand new to BusinessBalls, let us know what you think!