How to Reward Your Team for a Job Well Done

Eight Effective Ways to Improve Your Team Engagement [Infographic]
May 9, 2018
Panalitix Update
May 21, 2018

Rewarding your team is an important aspect of company culture that should be a year-long focus for your firm. If you create a great culture where people are challenged, learning a lot and having fun, they will stay with you regardless and within reason of the base salary. Team recognition and incentives help drive motivation, engagement, innovation and productivity within your business.

When it comes to rewarding your team, many think cash is king. While yes, everyone would love a salary raise, money isn’t a long-term motivator. In terms of engagement and motivation, it’s proven profit-share systems and commissions don’t work for anyone other than salespeople. While money is important, remember it’s more than that. It’s about the work environment and experience. Finding other ways to engage and reward your team rather than paying them off will result in more loyal, hardworking and long-term employees.

So, how can you reward your team to best nurture team engagement and productivity? Well, rewards come in many formats that don’t require breaking the budget. The following incentives will demonstrate to your team that you acknowledge, appreciate and value them as well as their work and dedication to your business.

  • Public recognition is a powerful motivator - a clap, a mention or a card goes a long way
  • Work half-day from home reward - ask team members when they would like to work from home and assign designated days
  • Flexible hours - flexibility is one of the best rewards you can give your team
  • Office party - lunch with team members is fun, breaks up the routine and allows for team bonding
  • Dress code policy - incentivize team with a dress down Friday or business-casual attire instead of business-professional attire
  • The reward of formal learning - special projects or on-the-job learning experience team members want to take on and provide them the opportunity to do so
  • Extra PTO - it will amaze you how quickly your team will reach a target or finish a project when extra time off is rewarded
  • Breakfast from the boss - pick a morning and cater breakfast for your team
  • Team member of the month - recognize and reward member with the day off, gift card, longer lunch or flexible hours
  • Monopoly Money - reward fake company money that they can redeem for gifts at the end of each month or quarter
  • Celebrate birthdays - everyone likes to be remembered or recognized on their day
  • Appreciate Personal Wins - if a team member achieves a milestone outside work (i.e. engagement or running a marathon), celebrate in office

The list of rewards, incentives and recognition goes on and on. It’s up to you to test some out and determine which work best for motivating your team. As you commit to team recognition year-round, you’ll notice a more engaged, cohesive, competent and accountable team. After all, recognized team members are happier team members, appreciative leaders are appreciated leaders and acknowledged team members are loyal team members.


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About the Author

Colin Dunn

Director & Co-founder at PANALITIX

Colin is a Chartered Accountant who, having spent almost 10 years with one of the fastest growing and most innovative firms in the UK, has since invested over 20 years helping business owners to improve their businesses with a focus on attracting new clients, better managing existing clients, developing new products, building an engaged team and strengthening internal business processes.

Colin's primary focus at PANALITIX is on product development and business improvement content. He is the author of the bestselling book “Accountants: The Natural Trusted Advisors".

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