Recently, it has been shown that extrinsic rewards are not as motivational as we once believed them to be. Rather, they perform well to earn material compensation for their efforts. According to this logic, employees don’t perform well because they enjoy a certain sense of satisfaction or want to help the business thrive. It is also worth noting that the form of an extrinsic reward is usually determined by someone else, such as the employee’s manager.Įssentially, extrinsically motivated people do things primarily to receive a reward. As you can tell, these rewards are external to the work itself. They generally come in the form of an increased salary, a bonus, a company car, or a promotion.
Extrinsic motivators tend to be financial or tangible. In fact, companies have been trying to motivate their employees extrinsically for a long time.Įxtrinsic motivation is the motivation that comes from the external world.
This brings us back to intrinsic and extrinsic motivators: Keeping employees happy, motivated, and productive requires first understanding the effects different types of motivators can have on staff members.Įxtrinsic motivation is easy to understand. In fact, happy employees are 12 percent more productive. Addressing this issue by deploying the right motivators can really turn things around for your organization. According to one source, unhappy employees cost the US $550 billion in lost productivity yearly. However, you can seriously boost productivity levels and improve your bottom line once you figure it out. In that case, you’ll not only waste time and money but also lose the interest of your top performers.įinding out what motivates employees is no easy feat. Suppose you spend all your time trying to incentivize great performance through external motivators when an employee’s motivation lies within. Understanding intrinsic and extrinsic motivation is key to performance management.
This is where the subjects of intrinsic motivation and extrinsic motivation come into play. To truly engage our workforce, we must determine exactly what makes our employees tick.
By understanding both types of motivation, you can create a workplace best suited to your employees’ needs. However, extrinsic motivators can also be useful in certain situations. ideally, you want to create an environment that fosters intrinsic motivation, as intrinsically motivated employees are more likely to be productive and happy with their work. Intrinsic motivation comes from within an employee, while extrinsic motivation comes from external factors, such as rewards or punishments. If you’re an employer, it’s important to understand the difference between intrinsic and extrinsic employee motivation.
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