Recognition and rewards
“Recognition and Rewards” is a tool/technique for the process “Develop project team”.
Part of the team development process involves recognizing and rewarding desirable behavior. The original plans concerning ways in which to reward people are developed during the Plan Human Resource Management process.
It is important to recognize that a particular reward given to any individual will be effective only if it satisfies a need which is valued by that individual. Award decisions are made, formally or informally, during the process of managing the project team through project performance appraisals. Cultural differences should be considered when determining recognition and rewards.
People are motivated if they feel they are valued in the organization and this value is demonstrated by the rewards given to them. Generally, money is viewed as a tangible aspect of any reward system, but intangible rewards could be equally or even more effective. Most project team members are motivated by an opportunity to grow, accomplish, and apply their professional skills to meet new challenges. A good strategy for project managers is to give the team recognition throughout the life cycle of the project rather than waiting until the project is completed.
This definition was found in the PMBOK V5
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