I learned from a superb mentor Laurie Litwack who was a great program manager at microsoft that you should learn about each of your reports "heart, tree, star".

heart: what do you love? tree: what / where do you want to grow? star: how do you feel rewarded?

especially in an environment where you can juggle awards, this can be really helpful, if someone values a bonus and someone else values titles & public recognition, you can balance them out and make everyone happy. and hit a budget. ideally...