Rewards and Incentives: Team Performance, Motivation and Productivity

This report delves into the crucial role of rewards and incentives in enhancing team performance and employee motivation. It emphasizes that rewards, whether financial or non-financial, are essential for motivating employees and improving their work ethic. The report highlights how team rewards can acknowledge outstanding contributions, boosting morale and encouraging teamwork. It also discusses a grading procedure to assess the quality of work, which increases productivity. Furthermore, the report outlines the benefits of rewards, including increased motivation, improved work quality, and enhanced efficiency. It concludes by stressing the importance of leaders recognizing and rewarding hard work to boost employee self-confidence and drive. The report also includes references to relevant research supporting its claims.

REWARDS AND INCENTIVES

INTRODUCTION
 Rewards and Incentives are the motivating factor in a workplace.
 Rewards can be financial or can be non-financial in nature such as points,
materialistic gifts or gift cards or vouchers.
 Incentives are monetary in nature, there is no non-financial aspect in
incentives.
 It improves morale of the employee to work even more harder in the near
future.

TEAM REWARD
 Team reward helps to recognize outstanding work done by someone to achieve
goals and target.
 It helps to motivate the person who have done well along with all the other
members of the team to do well (Anik et al., 2013).
 The grading procedure will be divided into different scores from 1-5 as per the
persons involvement and work.
 The grading will be judged as per the quality of work which will increase the
productivity of all the members (Hoch & Kozlowski, 2014).

REASON FOR THE REWARD
 The reward will motivate the members to work hard.
 The quality results will be delivered.
 The efficiency as well as accuracy will be increased which will
help to increase productivity.
 As a leader it is important for the leader to acknowledge the hard
work put in by the members.

BENEFIT OF REWARD
 It will motivate the other members.
 It will help them to work efficiently and together in a team to
achieve a common target.
 Reward encourages to work as this provide a recognition.
 Quality production is done if reward is given.

CONCLUSION
 It can be concluded that rewards motivate the members to work
harder and efficiently.
 The productivity is increased due top rewards.
 Leaders should acknowledge the hard work by producing rewards
to the hard working member which boost his/her self-confidence.

REFERENCES
 Anik, L., Aknin, L. B., Norton, M. I., Dunn, E. W., & Quoidbach,
J. (2013). Prosocial bonuses increase employee satisfaction and
team performance. PloS one, 8(9), e75509.
 Hoch, J. E., & Kozlowski, S. W. (2014). Leading virtual teams:
Hierarchical leadership, structural supports, and shared team
leadership. Journal of applied psychology, 99(3), 390.