“I can live for two months on a good compliment.” ~ Mark Twain
Recognition is the lifeblood of any movement. Whether its for-profit or non-profit, whether you team members have financial compensation or not, recognition is the fuel your movement runs on.
In the for-profit world, we tend to default to financial rewards (which are useful and needed). We tend to forget to fully leverage recognition, because it can take more time and requires a personal involvement. For an example, Mike Abrashoff, the captain of the USS Benfold, increased the retention rate of his ship from 8 percent to almost 100 percent by recognizing crew members for their contribution.
In addition, public recognition is especially magical. If you have an annual conference, do NOT miss the opportunity to recognize as many of your contributors as possible in front of the rest of your team.