Week Three Discussions
Instructions (Minimum of one page to include references)
Discuss Intrinsic and Extrinsic Rewards and their relation to employee compensation and benefits.
Instructions (Minimum of one page to include references)
View the Module 3 Video. Discuss the importance of transparency and open dialogue from HR Managers to employees as it relates to Performance Management.
In today’s workplace, it’s becoming more important than ever to reward employees for their efforts. However, there are two different types of rewards: intrinsic and extrinsic. Intrinsic rewards are internal motivators that come from within an employee and can’t be quantified by outside factors; they’re typically tied to personal satisfaction or a sense of accomplishment. Extrinsic rewards are external motivators that come from outside sources—from a higher-up who wants something done quickly or a customer who wants immediate feedback on their experience with your product or service—and they rely on numbers like sales figures or profit margins; they’re typically quantifiable and easily measured by outside parties
Intrinsic rewards are internal, personal and individualized. They can be positive or negative and are based on the worker’s own performance, which means that they are largely dependent on the worker’s ability to do the job properly.
Intrinsic rewards can include:
Extrinsic rewards are things like money, benefits, and perks that are external to the job. These rewards can be monetary (like a raise) or non-monetary (such as being awarded for meeting specific goals). They may also come in the form of things like recognition and praise from your employer.
For example: If you worked hard on a project at work and it was successful, your boss might give you some kind of reward for this effort. This could include higher wages or other forms of compensation such as increased flexibility within your schedule; however it doesn’t have to be something financial – it could simply be an award such as being named Employee Of The Month!
Extrinsic motivators can be powerful when used correctly because they create an environment where employees feel valued by others around them regardless if they’re performing well or poorly at their jobs
Intrinsic rewards are internal, while extrinsic rewards are external.
Intrinsic rewards are more long-lasting, while extrinsic rewards are more short-term.
A person may work hard for an intrinsic reward such as a promotion or a raise in salary because it’s something that makes them feel good about themselves and their work. Extrinsic rewards such as money can be used to motivate employees only up to a certain point; after that point, they may not feel motivated any longer because the extra cash won’t make much of a difference on their lives (remember how much money you had when you were younger?).
It’s important to note that the decision to reward employees with extrinsic or intrinsic rewards is a personal one. You may have different preferences than the next person, so it’s important not only to understand the difference between these two types of rewards but also your own motivation for making this choice.
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