INSTANT MBA: Get To Know What Your Team Wants

"Traditionally, companies turn to monetary rewards to incentivize their teams to produce quality results...The first step to instilling a sense of community and teamwork and motivating employees is to acknowledge that each team member's idea of a reward is different, so managers should offer each individual something that is of value to her personally."

Swartz says money is a reward that does not hold lasting appeal. Furthermore, each person is different. While one person might be content with a cash bonus, another person might prefer more vacation time. She suggests getting to know your team members so you learn what incentives they actually care about and will work hard to obtain.

"By digging into what your team members want and like, you can offer personalized rewards beyond just monetary ones, that motivate and encourage them. Not only will this make for more productive employees, but it will also make for a better work environment and higher morale."

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