CPA firms of all types and sizes increasingly are recognizing that compensation alone isn't always enough to achieve and maintain the level of employee motivation that is required to build a truly superior business. Additional forms of recognition and rewards — from gifts, plaques, travel, bonuses and even additional professional training in exotic locations — are being used even more to successfully reinforce the motivational attitudes and behaviors that drive a firm to a higher level of success.

In general, these types of rewards are subject to the same limitation that applies to any external form of reinforcement — that is, the desired behavior ends when the reward ends. Intrinsic motivators that people derive from their own accomplishments — like the ones previously mentioned — are more important to long-term success. That said, supplemental rewards can be powerful if they are the following:

• A surprise

• Personalized

• Delivered in person

• Timely

• Given in recognition of a specific behavior

• Given frequently but in small amounts

• Creative

• Given in public

• Accompanied by the reasons for the reward

At my old financial advisory firm, we had great success with a rewards program we called Bowen Bucks. Each time an employee did a great job or was complimented by a client, we gave out $5, $10 or $20 in Bowen Bucks. Then for our annual Christmas party we would purchase DVD players, TVs, high-end kitchen mixers and other items from a local wholesale club, and the staff would bid on this merchandise using their accumulated Bowen Bucks. These rewards therefore worked on several levels. The initial presentation of the Bowen Bucks created a good feeling. Later, the Bowen Bucks enabled employees to attain gifts. In addition, those gifts would remind our workers and their spouses of our firm every time they used them.

The upshot: Your employees are just as vital to your success as that huge client you hope to land, so you've got to make sure you're keeping them motivated to do their best at all times. Your goal, therefore, must be to create an entrepreneurial spirit throughout your firm that will drive everyone to reach the next level of success. Let your employees share in the risks and rewards of creating a world-class advisory business. If you do, they'll help ensure your success today and for decades to come.

John Bowen is the Founder and CEO of CEG Worldwide, LLC, a leading research, publishing and consulting firm serving independent financial advisors, CPAs, insurance representatives and registered investment advisors. Download the latest research from CEG Worldwide or learn more about our coaching programs for financial advisors.