You might not be in the position to summon Armani for a custom fitting or sport a bejeweled look on-loan from Harry Winston, but there will come a time when you’re called on for your version of an Oscar acceptance speech. Maybe you'll be recognized for executing a lengthy, well-planned strategy. Or perhaps it will come as a result of a surprising breakthrough your team discovers. Whatever the circumstances, it’s important for all managers to have a plan for how to deal with recognition -- especially in this era of teamwork.

“Very few people work by themselves, and achieve results by themselves—a few great artists, a few great scientists, a few great athletes. Most people work with others and are effective with other people,” notes Peter Drucker in Managing Oneself.

So when the time comes to take the stage, remember that you didn’t get here alone: go ahead, grab the microphone and acknowledge your team. Do it before a crowd and in e-mail. Say it with bonuses and baked goods -- but be sure to say it. No one likes to be left out. By sharing the credit the right way, you won't diminish your own accomplishments, you'll add to them by building a reputation as the kind of person people want to work for and for your focus on developing others.

Not sure whom to credit? In their book, Becoming a Resonant Leader, Annie McKee, Richard Boyatzis and Frances Johnston suggest keeping running lists of peers who have helped you along your route to success -- along with notes about what you actually learned from them. Keeping such a list will likely help ensure that you don’t forget them in your acceptance speech.

But don’t forget yourself either. You’ll be judged on your victories at some point, so you’ll need to make sure not to deflect credit too effectively. In his book What Were They Thinking? Jeffrey Pfeffer talks about the importance of actively taking credit for a job well done. He refers to a class on Power and Influence taught by John Kotter at Harvard Business School in which Kotter teaches students that it’s their responsibility to bring their accomplishments to light, otherwise their boss might never hear about them.

So in the midst of acknowledging others, don’t forget to acknowledge yourself. If you do, you’ll have only yourself to blame when you aren’t called up to the stage with the rest of your team the next time.

What has your experience been when trying to both give and take credit? How has this worked for you in a team-based environment? Was it smooth, or did toes get squashed?