A hard answer is: you won't please everyone. Well, in small team you actually have a chance, but you have to run an extra mile and learn what every individual in the team cares about.

Depending on cultural differences events like parties would be treated differently. I pretty much expect they're received differently in Far East than they are in Western Europe. Another thing is how much people are paid. We got used to think that in IT industry we are typically paid over our healthy minimum so just a bunch of money isn't that motivating. However if you work for someone who is struggling to make ends meet (for whatever reason) you can't go better than just handing them cash/check. But it's all about individual drivers.

One idea which comes to my mind - you may want to set up a budget for everyone to spend on anything they really need or really want which will be bought by the company. You can adjust the mechanism to your specific needs if you want, e.g. it can be a budget to spent on books or such but not on partying. Then, it's individual, it's not money and you can show a bit of company's commitment taking all the logistics (orders, delivery, etc.) out of people heads. And then you can add some small thing to spice the present up.

If the team has great comradery, mutual respect, and teamwork, then perhaps the best reward would be to have a party in celebration of the past year's accomplishments.

There is more to life than gifts and money, and celebrating the success of members of the team in front of their peers is a great way for a company to show it's appreciation in a less-tangible, less-materialistic manner.

Of course, the company could just cut you a check, hand it to you, and send you on your way, but somehow that seems less exciting, less unique, less creative.

One year at my company, they took us all out to a fancy dinner with an open bar, a meal, and motivational speeches about the coming year. It was great to socialize outside of the office environment and watch everyone "let down their hair."

Everyone is different, and some people will of course complain and will have eyes filled with dollar signs, but the less-materialistic people and the majority of Type Y employees will appreciate the recognition.

Amazon gift card or equivalent for online or physical retailer.

Some time ago my company did a great party to the employees with a nice celebration.

Some employees had a band and there were invited to play to us.

As it was impossible to give money to everybody (+400 employees), the company did a drawing of cash prizes. It worked fine!

Things that seem to have worked:

  • A party, or picknick, with significant other also invited.
  • Luna Park - all expenses paid - for the entire team and their families. Include lunch.

Make sure to include a short speech on the agenda, which names each team member and something special about them.

Also make sure to cater for particular dietary needs. (Find out, don't guess.)

  • Debit Card or Gift Card with a note that you want them to buy themselves a gift and not use it on groceries (hence, not cash).

    • Don't get it from somewhere specific, not everybody enjoys shopping at "X".

  • I once worked at a place where each team member got a framed certificate after each successfully completed project.

  • Gadgets can be great gifts, and aren't a big deal to carry on public transport. From the latest flashlights, memory/power sticks, pocketknives, and other everybody wants one gadgets.

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