The importance of reward and recognition system in the leadership of virtual project teams: a qualitative research for the financial services sector

Abstract

One “new normal” in the global business environment is the establishment of virtual teams to accomplish specific tasks. This trend makes leading project teams challenging. There was insufficient research focusing on the effect of reward and recognition systems on virtual team effectiveness in financial services sector. To fill the research gap, a qualitative research was conducted to investigate the preferred types of reward, and their effect on virtual project team effectiveness from the perspective of project team leaders in the financial services sector. The research sheds light on how to design and implement reward systems to enhance team effectiveness.

Keywords:

• Financial services
• project management
• reward and recognition system
• virtual project team