A locally developed teaching excellence recognition scheme in an Australian Business School is the focus of this chapter. Such schemes are not uncommon but Michael Berry and Ross Guest contend that universities have historically given token awards for teaching as pacifiers while putting real resources behind research in order to increase marginal income. Such a culture endorses the idea of teaching and learning as the domain of early career academics and they found that very few staff members were promoted on the basis of their teaching. The Teaching Excellence Recognition Scheme was implemented in the Business School to promote the notion that teaching is valued to the same extent as research in order to incentivize investment of staff time in teaching and drive up standards. It sets out indicators of teaching excellence which reflect desired behaviours according to the strategic learning and teaching objectives of the institution, and provides rewards in proportion to achievement against the indicators. Feedback from staff suggests that despite some teething problems, which have been addressed, the scheme has been well received, and has inspired a drive for excellence and continuing professional development.