As the end of the year approaches and we reflect on and celebrate all the excellent work done by our teams, it is important to be aware that people experience gratitude and recognition differently. 

Depending on a person’s values and motivations, some forms of recognition may be more relevant than others. For some, celebratory social gatherings like office potlucks or pizza parties are viewed as valuable opportunities to connect. For others, such events may feel insubstantial and perceived as a replacement for pay raises. 

As important as compensation and job titles are for attracting, retaining, and rewarding faculty and staff, they are only part of the things that matter when it comes to keeping employees motivated, engaged, and satisfied with their career. Furthermore, opportunities for raises and promotions are limited and often outside of a supervisor’s control, so focusing on other career development strategies may be more effective.

Salaries and bonuses are often the first thing that come to mind as ways to reward good performance.

Spoiler alert: Intrinsic rewards—personal enjoyment and satisfaction—are a bigger driver of motivation and engagement than money. In fact, money can actually reduce intrinsic motivation.