We meta-analysed 146 studies (n = 31,861) to examine the effects of individual and team-based financial incentives on peoples' performance and to explore potential moderators. The overall effect size of the individual incentives (116 studies) was positive (g = 0.32). Moderator analyses revealed effect sizes to be larger for field studies (g = 0.34) than for laboratory studies (g = 0.29), larger for qualitative (g = 0.39) than quantitative performance measures (g = 0.28), and smaller for less complex tasks (g = 0.19). Results on team-based incentives (30 studies) indicated a positive effect regarding team-based rewards on performance (g = 0.45), with equitably distributed rewards resulting in higher performance than equally distributed rewards. This relationship was larger in field studies and smaller for less complex tasks. In addition, our results show that the effect of team-based rewards depends on team size and gender composition. Implications for organizational rewards and suggestions for future research are discussed.