Week 4 Discussion
Discuss the differences between extrinsic and intrinsic rewards and provide examples.
Which type of reward do you feel more motivated by? If you could choose one motivational theory from the chapter, Foundations of Employee Motivation, which one would it be and why?
Week 4 Discussion
Extrinsic rewards are the tangible benefits given to the employees by the managers on achieving desired performance. This type of reward is from the external for completing the work. This type of reward is given to the person for achieving something. This type of reward has an impact on a lesser number of times if the reward has not been increased. In this case, the reward is given to the person for his or her good so that they can be motivated for the things they have done. With motivation, the person will be keen to do more work in the future as well. So mainly it is to motivate the people around it. Some examples of extrinsic rewards are financial gains such as bonuses, pay raises, etc. It is termed as external as what rewards and when they will be given is decided by managers which are external to employees.
Intrinsic rewards are mostly intangible benefits and usually are psychological. It is a sense of achievement, recognition, or conscious satisfaction. It usually rises inside of employees. This type of reward the employees get in the organization by doping the good and meaningful work as well as for performing well in the organization. This reward is given here because the person has earned the reward by herself and from his or her effort in the work. This award is given to them so that they can able to do more self-managing work and bring out more innovation and their problem-solving method (Kim, Lee & Kim, 2020, p.5). The awards are given to the employees in the organization itself. This award is essential for sustainable behavior change. Some of the examples are the praise of words, the opportunity provided for problem-solving, helping other employees, etc.
According to me, the more motivated award is the intrinsic reward. The reason for choosing intrinsic reward is because in the organization several people work and due to more pressure in the work, they sometimes fall behind and get demotivated to work. To motivate them in the work one should always make sure to reward their hard work and performance so that they can acknowledge what are the things that have been done to them. If the proper motivation is there then they can also perform well in the future and can bring out more innovation and problem-solving methods for the difficulties which take place in the organization as well.
The motivational theory from the chapter, Foundations of Employee Motivation, which I will choose is Theory X and Theory Y are two motivation theories developed by Douglas McGregor.
Theory X – This theory assumes that employees are inherently lazy and will avoid work if they can. So regular supervised and comprehensive control systems are essential for people to work up to their capabilities.
Theory Y – This theory is opposite to theory X. It assumes that employees are ambitious, self-motivated, and anxious to accept greater responsibility and exercise self-control, self-direction, autonomy, and empowerment. Employees enjoy their work. Theory Y is the positive theory that gives positivity to the work. The theory is special about the positive environment in the workplace. It explains the positioning and the motivation in the organization. Theory Y explains that the people at work are more motivated and enjoy the challenges at work as well. Here the manager gives the power to their employees to make decisions at work and motivate them to do better at work so that the people can take the initiative to work properly in the organization without any issues.
The motivational theory of my choice is Theory Y is one motivation theory that provides an environment of creativity and a positive work culture among employees. According to my perspective, I can say that theory Y is good as compared to theory X and there are several reasons for that-
Firstly, theory X does not give positivity to work whereas theory Y gives positivity to employees and motivates them as well to do better at work so that they can feel motivated at work and do their work with more innovation (Wallace, 2020, p.2).
Secondly, theory Y gives the power to the employees to make the necessary decisions for the work. This motivates the employees to make the necessary decisions for themselves and their work. Here the employees are free which helps them to create a positive environment in the organization and they work properly without any issues.
Thirdly here the manager had good communication with their employees and tried to take their recommendations in the work as well which made them feel more motivated toward the work and they worked more effectively in the organization.
Kim, J., Lee, Y., & Kim, M. L. (2020). Investigating ‘Fear of Missing Out’(FOMO) as an extrinsic motive affecting sport event consumer’s behavioral intention and FOMO-driven consumption’s influence on intrinsic rewards, extrinsic rewards, and consumer satisfaction. PloS one, 15(12), e0243744.
Wallace, D. (2020). On the Plurality of Quantum Theories: Quantum Theory as a Framework, and its Implications for. Scientific realism and the quantum, 78.