Rewarding Individual and Team Performance - Assignment Example

The role played by individuals and teams in the organizational setting is vital. These organizational components enhance the process of realizing the set business goals and objectives. In order to ensure that individuals and teams discharge their duties and responsibilities effectively and efficiently, it is important to establish reward systems that foster individual and team performance. Doing so enables individuals and teams to persistently work on the desired results.The rewarding individual performance takes a number of systems, among them individual pay, performance-based pay, performance measurement, individual incentive pay, and self-actualization (Levi, 2010).

A system of pay that targets an individual is based on the accomplishments of only one person. In this case, rewards are determined by the results put on the table. Pays based on performance do not necessarily account for knowledge and competence. High performance is rewarded while low performance is ‘punished’. Moreover, the progressive performance given in levels can determine what reward is earned at what performance. Where different incentives are used on different individuals, the reward becomes incentive-based, and it is complemented by self-actualization.