Is recognition important to you?
Recognition is important and has its place. If you have responsibility over people you should be giving proper recognition when recognition is due.
However, if you want highly motivated people in your team, you should choose people that accept recognition thankfully, but do not depend on it for doing a great job and exceeding expectations.
(Something similar can be said about incentives.)
Seth Godin, writing about work as a form of art, in The Icarus Deception: How High Will You Fly? Read more...
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