What are the best ways to recognize and reward high performers?

1 Align recognition with goals

One of the key principles of effective recognition is to align it with the strategic goals and values of the organization. This way, you can reinforce the desired behaviors and outcomes, and show how high performers contribute to the bigger picture. For example, you can recognize high performers for achieving specific targets, completing challenging projects, or demonstrating core competencies. You can also link recognition to the individual's career aspirations and development plans, and provide opportunities for growth and learning.

2 Customize rewards to preferences

Another important aspect of recognition is to tailor it to the preferences and needs of each high performer. Not everyone is motivated by the same type of reward, and some may even find certain rewards demotivating or irrelevant. For example, some high performers may prefer monetary rewards, such as bonuses, raises, or stock options, while others may value non-monetary rewards, such as flexible work arrangements, extra time off, or public recognition. You can use surveys, feedback, or conversations to find out what rewards your high performers value most, and offer them accordingly.

3 Provide timely and specific feedback

Recognition is not only about rewards, but also about feedback. High performers need to know how they are doing, what they are doing well, and what they can improve on. Feedback should be timely, specific, and constructive, and should focus on the actions and outcomes of the high performer, not on their personality or traits. For example, you can provide feedback on a regular basis, such as weekly or monthly, or after a significant event, such as a presentation, a launch, or a milestone. You can also use different channels, such as face-to-face meetings, emails, or online platforms, to deliver feedback.

4 Involve peers and leaders

Recognition is more meaningful and impactful when it comes from multiple sources, not just from the direct manager. High performers appreciate the recognition and support of their peers and leaders, as it shows that their work is noticed and valued across the organization. For example, you can create a culture of peer recognition, where colleagues can nominate, praise, or thank each other for their achievements, either informally or through a formal program. You can also involve senior leaders, such as executives or directors, to recognize high performers personally, or to showcase their work to a wider audience.

5 Celebrate successes and failures

Finally, recognition is not only about celebrating successes, but also about acknowledging failures. High performers are often willing to take risks, experiment, and learn from their mistakes. They need to know that their efforts and initiatives are appreciated, even if they don't always lead to positive results. For example, you can celebrate failures as opportunities for learning and improvement, and encourage high performers to share their insights and lessons with others. You can also provide constructive feedback and support to help them overcome challenges and bounce back.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?