If rewards are used to motivate faculty, they must be available to ALL faculty members. The reward should be clearly visible, not just a promise of things to come.
Accolades can often be all the motivation needed for some faculty members.
It may be wise to have two categories, Satisfactory and Unsatisfactory. A standard form could be used to make life more simple for everyone. This form could include all of the aspects important to faculty work. A check mark system on the farm makes it less time consuming. Mentoring and Graduate study work should be considered in faculty workload because of the intensity of the work.