It is unfair to reward cross-functional teams solely on the basis of results because they are often put into positions that move organizations forward by taking risks. A team may be unsuccessful because of company does not pay for individuals. Money is not everything, even when you reward teams. There is still a lot of psychic power in giving plaques, trophies, small gifts, vacation trips, and dinners with company officers. Managers can use giving with sincerity to encourage a genuine sense of closeness to the recipient in expressing appreciation for his or her performance.
Timing is important.
We have to give teammates recognition in a way that is timely and to make sure we do not do it only in public. We first have to give the recognition in private, then in public. We begin to know the hidden power of recognition. The companies that merely give dollars to reward team performance are discovering that it does not always work. We need to recognize the accomplishments of the team as well as the achievements of individual team members.