Rewarding Teams

Last class we thoroughly discussed what teams should be rewarded for and the different types of rewards they should receive. Rewarding your employees is a great way to motivate them to work harder and continue the good job they have been doing. There are many things that teams should be rewarded for. Progress, cooperation, and failing less are definitely important behaviors that should be rewarded. Failing less, is especially important because many managers do not acknoledge this. If an employee is still failing, but improving, give them credit for showing the effort. When a team tries new things, and brings something new to the company, this is an important behavior to give an incentive to. Saving money for the company is also very important.
There are two types of rewards. One, is a monetary reward system. This consists of gain sharing system, team bonus plans, or a skill based pay. On the other hand, a non-monetary reward is a more personal way of rewarding the employee or team. This consists of a note from the CEO article in the company newsletter, or any personal incentive to the employee(s). Both types of rewards can be very gratifying.

Which type of reward would you find more graifying? A monetary reward system or a non-monetary reward?